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...
Problem/Solution: Generic Indexes
Problem: Find Pension Liabilities in any Generic Bond Index Solution: Custom Liability Index (CLI) Pension liabilities are unique to each plan sponsor… different salaries, benefits, expenses, contributions, mortality, inflation assumptions,...
The Pension Crisis of 2000-02
In my 2013 book “The U.S. Pension Crisis” I detailed the causes of the 2000-02 pension crisis where funded ratios deteriorated significantly from a surplus position in the 1990s. This...
Things To Ask Your LDI Manager
LDI is the acronym for Liability Driven Investment. It is better explained as Asset Liability Management which we promote at Ryan ALM. It has developed into two main strategies either...
Ryan ALM, Inc. Celebrates 20th Anniversary
Ryan ALM, Inc. Celebrates 20 th Anniversary Mission: Protecting and Preserving Pensions Ryan ALM, Inc. was incorporated in Delaware on June 15, 2004. Ronald J, Ryan, founder, says that “we...
The Evolution of Asset/Liability Management
CEO, Ryan ALM, Inc. What Is Asset/Liability Management (ALM)? The objective of most institutions in the United States with assets to invest is to fund some sort of liability, (banks,...
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...
NIRS Innovative Pension Funding Strategies
The NIRS pension objectives for this paper are: Reduce contribution volatility Promote intergenerational equity Keep plan on sound funding trajectory Cash Flows (Future Values versus Present Values) Pensions are all...
Pension Confusion - The Problem with Averages
Pension Confusion: The Problem with Averages Most pension have assets managed to generic market index benchmarks and/or liabilities. In both cases, the focus of these assets is to match or...
Duration vs. Cash Flow Matching
Pension Solutions: Dollar Duration Matching and Cash Flow Matching Ryan ALM believes that the objective for a defined benefit pension is to fund and secure benefits in a cost-effective manner...
Cash Flow is King!
Executive Summary Pensions are all about cash flows. They require asset cash flows including projected contributions to fund projected benefits + expenses.Retired Lives are the most imminent and certain liability...