A pension system's primary objective should be to secure the promised benefits at low cost and prudent risk. Seems obvious, but regrettably that objective has NOT been the primary focus for most public and multiemployer plans for decades now. We...

I am tired of writing about the problems within our retirement industry, of which there are many. I need something positive to write about, but I'm having difficulty during this chaotic time finding such a topic. Perhaps we can get...

The following quote was from my November 5, 2019 blog of the same name. I had just returned from speaking at the IFEBP in San Diego on Enhanced Asset Allocation. "I certainly don’t know when the next recession might occur,...

“When it is obvious that the goals cannot be reached, don't adjust the goals, adjust the action steps.” Confucius It should be fairly clear at this time that chasing return has created an environment of great uncertainty for Pension America....

AP Photo/Mike Groll, File I continue to be amazed by the asset allocation decisions of Pension America. The laser-like focus on the return on asset (ROA) assumption has placed pension plans on the asset allocation roller-coaster to hell! The picture...

The Great Financial Crisis of 2007-2009 highlighted the need for liquidity in pension plans. The lack of liquidity that was witnessed as the result of moving significant assets into private market investments spawned the growth of the secondary markets, while...

I saw a brief article today in the WSJ regarding conversations that are taking place about possibly restricting the ability to short stocks in the U.S. I was extremely fortunate to be leading Invesco's quant group during the Great Financial...

Ron Ryan and I will be participating in a new webinar series hosted by the Opal Group. The series, titled "Pension Lessons Learned" will have at least 2 episodes. The first session slated for 2pm DST on Wednesday, April 15,...

We've suggested for years that the pursuit of the return on asset (ROA) assumption as the primary goal of pension America was misguided and the latest market events certainly support our point. As plan sponsors and their asset consultants chased...

For those of you who are perhaps wondering why I've become so passionate about pension reform, there is a social and economic crisis impacting American retirees within the multiemployer universe of Critical and Declining plans (roughly 125) that is about...