Ryan ALM
Blog
DB Pensions Are NOT Ponzi Schemes!
I recently stumbled onto an article that was highlighting the impending pension crisis (disaster) that is unfolding in Florida. The author's primary reason for concern is the fact that there are now more beneficiaries collecting (659,333) than workers paying in...
Not Crunch Time, But the Program is Nearing Its End
I frequently get terrific questions following the publishing of one of my blog posts. Today's question of the day was related to the ARPA pension legislation. I was asked, "Russ when does this legislation expire and when is the final...
ARPA Update as of January 31, 2025
Somewhat shockingly, one month of 2025 is now in the books. That said, the PBGC continues to implement the ARPA legislation, which will soon celebrate its fourth anniversary since being signed into law on March 11, 2021. By all measures,...
20+ Years in the Making!
For the first time since the dot.com bubble burst, the equity risk premium on the S&P 500 has fallen below 0. If you are concerned that U.S. large cap equities are looking frothy, this graph certainly supports that sentiment. Is...
What A Challenging Job!
I'm going to divert from my normal focus on cash flow matching (CFM) and the defeasing of pension liabilities to write about a subject that I love and one that doesn't get nearly the air time that it should. I...
ARPA Update as of January 24, 2025
We are pleased to bring you our weekly update of the PBGC's implementation of the ARPA legislation. What has been a busy start to 2025 came to a screeching halt during the last week. The freeze gripping much of the...
That Step Isn't Necessary!
By: Russ Kamp, CEO, Ryan ALM, Inc I recently stumbled over a brief article that touched on LDI. I'm always interested in absorbing everything that I can on this subject. I was particularly thrilled when the author stated, "since LDI...
It May Not Be the Iron Gwazi, But...
I was fortunate to enter the investment industry in October 1981. The 10-year Treasury note's yield was around 15% at that time. U.S. interest rates would fall (collapse?) for most of the next four decades until they bottomed during the...
ARPA Update as of January 17, 2025
I hope that you enjoyed the long holiday weekend. For many of us on the East coast, the holiday's days and nights were likely spent inside given the frigid temps. Unfortunately, the upcoming week is not going to provide any...
Hey, Pension Community - We Have Liftoff!
Not since October of 2023 have we seen long-dated Treasury yields at these levels. Currently, the 30-year Treasury bond yield is 5% (12:47 pm EST) and the 10-year Treasury Note's yield has eclipsed 4.8%. Despite tight credit spreads, long-dated (25+...