Ryan ALM
White Papers
When is a Pension Fully Funded?
The Funded Ratio tends to be the acid test and benchmark for funded status… but is it? We have written several research white papers (www. RyanALM/Research/White Papers) about the glaring...
Liability Beta vs. Market Beta
Beta is a term first pioneered by PhD. William Sharpe in his 1970 book “Portfolio Theory and Capital Markets”. Here he introduced his famous capital asset pricing model (CAPM) which...
Immunizing Pension Expense Volatility
Pension management is an Assets vs. Liabilities objective. Corporations tend to focus on pension expense since it is a direct hit to earnings and stockholder value. Corporations do not want...
Response to: Presidential Memo on Pensions
Response to: Presidential Memo on Pensions Mr. President, I applaud your memo of October 22 to the Secretaries of Treasury, Commerce and Labor. You gave them an order to review...
Pension Solutions Series Part 4 - Performance Measurement
Pension Solution: Performance Measurement Most pension assets are managed versus a market index as the objective or benchmark. However, the true objective of a pension is to fund the pension...
Pension Solutions Series Part 3 - Asset Exhaustion Test (AET)
Pension Solution: Asset Exhaustion Test (AET) The primary pension objective is to secure promised benefits (Retired Lives) in a cost- effective manner (stable to lower contribution costs) with prudent risk...
Pension Solutions Series Part 2 - Liability Beta Portfolio™ (LBP)
Pension Solution: Liability Beta Portfolio™ (LBP) The primary pension objective is to secure promised benefits (Retired Lives) in a cost- effective manner (stable to lower contribution costs) with prudent risk...
Pension Solutions Series Part 1 - Custom Liability Index (CLI)
Pension Solution: Custom Liability Index (CLI) Most pension assets are managed versus a market index as the objective or benchmark. However, the true objective of a pension is to fund...