Ryan ALM
White Papers
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...
The Flaws of Bond Indexes…Benchmark, Bogey or Bogus?
The first bond indexes were born June 1973 created by Art Lipson (my boss) at Kuhn, Loeb. As my mentor, I owe Art much for his educational leadership. When Lehman...
Best way to hedge pension inflation
Ronald J. Ryan, CFA, CEO July 2020 Executive Summary Pension inflation is what a plan sponsor agrees to as a cost of living adjustment (COLAs) benefit increase for retired lives...
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...
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...
The Role of Bonds in Pension Asset Allocation
Custom Liability Index (CLI) The first step in prudent pension management is to install a Custom Liability Index (CLI) to calculate and monitor the present and future value term structure,...
April Fools: Misleading Indicators
The Commerce Department reports with some glee that sales and income figures show an easing up of the rate of which business is easing off, which is taken as proof...
Becoming Liability Aware
A Strategy For Improved Pension Funding The Objective in managing a defined benefit plan is to fund benefit payments (liabilities) in a cost effective manner and to reduce risk over...