Ryan ALM
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Here's Another Example - Why, Oh Why?
In October 2022, I wrote the following: "I believe that we have overcomplicated the management of DB pension plans. If the primary objective is to fund the promised benefits in a cost-efficient manner and with prudent risk, why do we...
What Topics Would You Pick?
I'm hopefully attending the FPPTA conference in Orlando beginning on Sunday, February 1, 2026. My attendance will be very much dependent on the path of the next winter storm takes as it migrates up the East coast. I've been asked...
Pension Reform or Just Benefit Cuts?
According to NIRS, at least 48 U.S. states undertook significant public pension reforms in the years following the global financial crisis (GFC), with virtually every state making some form of change to its public pension retirement systems. I've questioned for...
Milliman: Another good month for pension funding
Whether one is referring to public pensions or private DB plans, September was a continuation of the positive momentum experienced for most of 2025. Milliman has reported on both the Milliman 100 Pension Funding Index (PFI), which analyzes the 100...
When Should I Use CFM?
Good morning. I'm currently in Chicago in the midst of several meetings. Yesterday's meetings were outstanding. As you'd expect, the conversations were centered on DB pension plans and the opportunity to de-risk through a Cash Flow Matching strategy (CFM) in...
There Is No "Standard" Exposure
I recently attended a public pension conference in which the following question was asked: What is the appropriate weighting to emerging markets? There may be an average exposure that results from a review of all public fund data, but there...
The Benefits of Using Multiple Discount Rates in a Public Pension Plan
Public pension plan sponsors frequently ask us about the impact of investing in a cash flow matching (CFM) strategy on the fund's ability to achieve the ROA, which is also the discount rate used to value the plan's liabilities under...
Source Ryan - Question of the Day.
We often get comments and questions following the posting of a blog. We welcome the opportunity to exchange ideas with interested readers. Here is a recent comment/question from a LinkedIn.com exchange. Question: In reviewing the countless reports, reading past agendas,...
Verus: "LDI for Public Sponsors"
Dan Hougard, FSA and Associate Director, Actuarial Services at Verus has recently published an excellent thought piece on LDI for public pension plans . In this case, the LDI refers to Cash Flow Matching (CFM). We at Ryan ALM, believe...
Markets Hate Uncertainty
I've published many posts on the impact of uncertainty on the well-being of individuals and our capital markets. In neither case are the outcomes positive. What we are witnessing in the last several trading days is the direct result of...