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U.S. Corporate DB Pension Plans—Today’s Challenges

Martin L. Leibowitz and Antti Ilmanen
The Journal of Retirement Spring 2016, 3 (4) 34-46; DOI: https://doi.org/10.3905/jor.2016.3.4.034
Martin L. Leibowitz
is a managing director at Morgan Stanley in New York, NY.
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  • For correspondence: martin.leibowitz@morganstanley.com
Antti Ilmanen
is a principal at AQR Capital Management in London, UK.
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  • For correspondence: antti.ilmanen@aqr.com
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Abstract

This article analyzes the multiple considerations facing a corporate sponsor making decisions about its defined benefit pension plan. First, the authors examine why so many plans have closed and/or shifted to more conservative asset-liability allocations. Second, they discuss the challenging balancing act for underfunded plans when making their asset class allocation, duration-matching, and contribution choices, as well as the risks and costs associated with each choice.

TOPICS: Retirement, pension funds

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The Journal of Retirement: 3 (4)
The Journal of Retirement
Vol. 3, Issue 4
Spring 2016
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U.S. Corporate DB Pension Plans—Today’s Challenges
Martin L. Leibowitz, Antti Ilmanen
The Journal of Retirement Apr 2016, 3 (4) 34-46; DOI: 10.3905/jor.2016.3.4.034

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U.S. Corporate DB Pension Plans—Today’s Challenges
Martin L. Leibowitz, Antti Ilmanen
The Journal of Retirement Apr 2016, 3 (4) 34-46; DOI: 10.3905/jor.2016.3.4.034
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  • Article
    • Abstract
    • HOW DID WE GET HERE?
    • TRANSITION IN 2000s
    • CURRENT BEST PRACTICES
    • CHALLENGES FACING AN UNDERFUNDED PLAN
    • ENDGAME FOR A (NEAR) FULLY FUNDED PLAN
    • APPENDIX A
    • APPENDIX B
    • ENDNOTES
    • REFERENCES
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