In our recent post , "Right Idea, Wrong Implementation" we discussed the fact that using STRIPS in lieu of coupon bonds would neither reduce the cost of de-risking nor work more effectively than a cash flow matching portfolio. We believe...

I'm happy to share with you today a wonderfully written article by Eleanor Laise, Reporter, Barron's Group, who effectively captures the human toll inflicted by MPRA legislation that saw 18 multiemployer pension plans slash promised benefits to their participants. Highlighting...

There recently appeared an article in FundFire that suggested that plan sponsors, particularly corporate sponsors, were using their allocation to fixed income inefficiently. We absolutely agree! However, we find that the suggested implementation cited in that article to be just...

I was extremely pleased to be asked to participate in a Barron's Live interview today. Eleanor Laise and I discussed ARPA and other matters related to DB plans. With regard to ARPA we discussed the SFA calculation and discount rate...

We've written from time to time about individual pension plans whose unique situation has surprised us. Here is another example of a plan and the current asset allocation that just floored us! Here are the details: Closed plan, 150% funded...

I've been as much a critic of the PBGC's Interim Final Results (IFR) as anyone. I was disheartened by how the PBGC decided that the Special Financial Assistance (SFA) should be calculated. That said, struggling multiemployer pension systems are still...

There are many definitions of risk, but the one that we think is appropriate for pensions is that risk is the UNCERTAINTY of achieving the objective. In the case of a defined benefit pension plan, risk is not the volatility...

I penned a post in July 2017 lamenting the fact that asset consultant performance reviews failed in nearly all cases to highlight the most important comparison a pension plan sponsor needs to see on a regular basis. I am speaking...

The Inclusive Wealth Building Initiative is out with a study that provides a shocking picture of the US retirement landscape. "The Initiative, a project of The Economic Innovation Group, derived its data from various surveys, including the Census Bureau’s Survey...

We are just days away from the end of the PBGC's American Rescue Plan Act (ARPA) comment period on the "Interim Final Rules". We hope that the PBGC takes seriously the comments received related to the calculation of the Special...