Corporate defined benefit plans

Drawing on broad multi-asset capabilities and deep LDI specialization, we work to address the evolving needs of corporate plans.

PARTNERING WITH CORPORATE PLANS ON LDI SOLUTIONS

Each corporate plan has unique challenges. Our dedicated LDI team of actuaries, multi-asset strategists, and fixed income investors consults with plans on the design and implementation of plan-specific solutions, bringing to bear innovative research and investment ideas.

We combine this deep LDI specialization with our firm’s multi-asset capabilities, including a full spectrum of investments for liability-matching and return-seeking allocations.

Visit our LDI page to meet our team, access award-winning content, and check out our video, “Everything you want to know about LDI in 30 minutes.”

LET’S TALK LDI

featured research and implementation ideas

Inflation’s big comeback: Should corporate pensions care?
It's been a long time since anyone worried about inflation getting off the ground. That seems to be changing, and for corporate plans, we think the risk is greater for return-seeking portfolios than liability-hedging portfolios. But we also believe that falling inflation is more worrisome than rising inflation. In this paper, we consider the implications and the potential role of different return-seeking allocations in preparing for various inflation outcomes.
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Archived insights remain available on the site. Please consider the publish date while reading these older insights.
publish
June 2021
Inflation’s big comeback: Should corporate pensions care?
,
publish
Amy Trainor
 FSA
Cash-balance liabilities: A new investment framework
A cash-balance plan is very different from a traditional pension plan, and the differences can have a major impact on the interest-rate sensitivity of the plan’s liability. In this paper, we consider the implications of a cash-balance plan’s design and propose an investment framework focused on capital preservation, consistent income, and liquidity.
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Archived insights remain available on the site. Please consider the publish date while reading these older insights.
publish
June 2021
Cash-balance liabilities: A new investment framework
,
publish
Amy Trainor
 FSA
Louis Liu
 PhD, CFA, ASA, MAAA
Fighting downgrade drag to reduce pension liability lag
Even robustly constructed liability benchmarks can struggle to keep pace with the liabilities they are meant to represent, and credit-rating downgrades of issuers in the benchmark are a primary culprit. In this paper, members of our LDI Team define the problem and offer ideas to help plan sponsors and LDI managers work together to fight back.
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Archived insights remain available on the site. Please consider the publish date while reading these older insights.
publish
November 2020
Fighting downgrade drag to reduce pension liability lag
,
publish
Amy Trainor
 FSA
Bill Cole
 CFA, CAIA
Louis Liu
 PhD, CFA, ASA, MAAA
Expanding the liability-hedging tool kit: A securitized solution?
Concerned about concentration risk, liquidity issues, and other factors that can affect long corporate bond allocations, derisking pension plans are seeking opportunities to diversify their liability-hedging allocations. In this paper, members of our LDI Team share their research on securitized assets as a potential alternative.
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Archived insights remain available on the site. Please consider the publish date while reading these older insights.
publish
September 2020
Expanding the liability-hedging tool kit: A securitized solution?
,
publish
Multiple authors
Setting ROAs for 2021: A guide for US public and corporate plans
How are pension plans adjusting their ROA assumptions? How do those assumptions line up with our long-term capital market assumptions? Find out in this annual update.
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Archived insights remain available on the site. Please consider the publish date while reading these older insights.
publish
September 2020
Setting ROAs for 2021: A guide for US public and corporate plans
,
publish
Amy Trainor
 FSA
Jacqueline Yang
Ian Spencer
Ryan Randolph

LET’S TALK LDI

To learn more about our LDI capabilities and offerings, please contact us.

Ryan Randolph

Corporate Pension Strategist
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