Ryan ALM
Blog
You Don't Say!
Morgan Stanley has published the results from their Taft-Hartley survey , in which they have to provided "insights into how Taft-Hartley plans are managing priorities and navigating challenges to strengthen their plans". I sincerely appreciate MS's effort and the output...
PBGC Increases Premium Rates - Why?
The demise of the defined benefit (DB) plan, most notably within the private sector, is harming the American worker and significantly reducing the odds of a dignified retirement. The Federal government should be doing everything that it can to protect...
ARPA Update as of October 31, 2025
I hope that you had the chance to enjoy some beautiful Fall weather and some fun on Halloween. I'm having a tough time believing that we are already 5/6s through 2025. Regarding ARPA and the PBGC's implementation of this critical...
Cash Flow Matching: Bringing Certainty to Pension Plans
Imagine a world, or at least the United States, where pension plans are no longer subject to market swings and the uncertainty those swings create. What if you could "guarantee" (outside of any corporate bond defaults) the promises made to...
Uncertainty versus Change
Seems like we have a conflict within the management of defined benefit plans. On one hand, human beings (plan sponsors) despise uncertainty . But nearly all public DB pension plans are embracing uncertainty in how they are managed. How? Through...
Envy? Not Quite!
I happened to stumble over this quote in a recent Linkedin.com posting: The US retirement system is the envy of the world, and it is largely thanks to the continued success of 401(k)s! Wow, that pronouncement isn't close to being...
ARPA Update as of October 24, 2025
If it is a Monday, it is ARPA/SFA update day. I'm bringing you this update from Fort Lauderdale, FL, where I'm attending and speaking at the NCPERS Fall conference. It looks like a wonderful agenda for the next few days....
Illiquidity is a Risk - Not a Reward!
Thank you, Ian Toner, Verus CIO, who is quoted in a P&I article stating that " illiquidity is a risk, not a premium". I couldn't agree more! This notion that you get rewarded for reducing liquidity is silly! Pension plan...
And Now Utility Bills!
Electric payment company Payless Power released a report showing how Americans are being forced to choose between keeping the lights on, buying groceries, or paying for medicine. They conducted a survey of 1,069 people, including nearly half of whom came...
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...