Ryan ALM
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FV Benefits Reduced by -56.1% - Really!
I truly relish getting feedback related to my blog posts. I wasn't surprised that there was more activity, and a little skepticism, related to my recent post that discussed the output from a current project. You may recall the post...
ARPA Update as of December 12, 2025
Unlike the Northeast, access to the PBGC's e-Filing portal is thawing. According to the PBGC's website, "the e-Filing Portal is open only to plans at the top of the waiting list that have been notified by PBGC that they may...
Bond Math and A Steepening Yield Curve - Perfect Together!
We are in the midst of a project for a DB pension plan in which we were asked to model a series of liability cash flows (benefits and expenses) using cash flow matching (CFM) to defease and secure those liabilities....
Something Has Got to Give
Not surprisingly, the U.S. Federal Reserve's FOMC lowered rates another 25 bps today. The new target is 3.75%-4.0%, down from 4.5%-4.75% during the last 3 meetings. Currently, the 10-year Treasury yield (4.145% at 3:21 pm EST) is only marginally greater...
Time to Get Serious!
This blog focuses most often on issues related to defined benefit pension plans or other retirement-related programs/issues. However, sometimes an issue (in this case "affordability") captures my attention leading me to respond. As you may recall, last week the WSJ...
And The Beat Goes On!
Once again, Milliman has released its monthly Milliman 100 Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. During November, the PFI funded ratio rose from 107.0% at the end of October to 107.1% as of...
ARPA Update as of December 5, 2025
Welcome to the first review of December 2025. We aren't quite at the beginning of winter, but you could sure fool me, as New Jersey is gripped by cold front and we saw our first modest snowfall just in time...
Do the Analysis! Remove the Guess Work.
I am truly blessed working for an organization such as Ryan ALM, Inc. I am awed by the folks that I get to work with and the product/strategy that I get to represent. As a reminder, we've created a cash...
ARPA Updated as of November 28, 2025
We hope that you enjoyed a fabulous Thanksgiving holiday with your family and friends. This update is the last one for November. Wow, that month went by quickly. Regarding the ARPA legislation, have we entered the last month for new...
Happy Thanksgiving!
I want to wish you and yours a Happy Thanksgiving holiday from my family and me. May the beginning of this holiday season be truly special! I wish that I could thank each person individually who has played such an...