Ryan ALM
Blog
ARPA Update as of June 20, 2025
Despite the chaotic nature of our markets and geopolitics, it is comforting that I can report weekly on the progress being made by the PBGC implementing the critical ARPA legislation. That is not to say, that the 2nd Circuit's recent...
$6 billion - Is That All?
A recent ruling by the 2nd Circuit has opened the door for roughly 100+ multiemployer plans to pursue Special Financial Assistance (SFA) that were originally deemed ineligible because the plans had terminated. The PBGC's inspector general, in a "risk advisory",...
Why? - Revisited
My 44-year career in the investment industry has been focused on DB pension plans, in roles as both a consultant and an investment manager (I've also served as a trustee). I've engaged in 000s of conversations related to the management...
Ryan ALM: Problem/Solution
By: Ronald J. Ryan, CFA, Chairman, Ryan ALM, Inc. Problem: Pension Liabilities… MIA Solution: Cash Flow Matching (CFM) The true objective of a pension is to secure and fully fund benefits (and expenses) in a cost-efficient manner with prudent risk....
Eligible For SFA
Regular followers of this blog know that I provide a weekly update on the ARPA pension legislation and the PBGC's progress implementing this critical support for multiemployer pension plans. We reported way back in January 2023 that the Bakery Drivers...
The Power of Bond Math
By: Ronald J. Ryan, CFA, Chairman, Ryan ALM, Inc. Bonds are the only asset class with the certainty of its cash flows. That is why bonds have always been used to cash flow match and defease liabilities. Given this certainty,...
ARPA Update as of June 13, 2025
I hope that you and/or the men in your life had a wonderful Father's Day. Regarding the ARPA legislation and the PBGC's oversight, last week was fairly tame in terms of activity. There weren't exciting developments such as approvals or...
One Can Only Hope!
The title of this post could be used to discuss any number of uncertainties that we are currently facing including geopolitical risk, economic risks associated with potentially disruptive policies, to the economic burdens faced by many Americans. I've chosen to...
HF Assets Hit Record - Why?
I touched on the subject of hedge funds a few years ago. Unfortunately, results haven't gotten any better. Yet, P&I is reporting that Hedge Fund assets have reached an all-time high of $5.7 trillion. My simple question - WHY? I...
ARPA Update as of June 6, 2025
Pleased to provide you with another weekly update on the PBGC's implementation of the critically important ARPA pension legislation. We are roughly 1 1/2 years from the completion of this program and yet, more pension funds are seeking to be...