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.”
featured research and implementation ideas
As corporate plans approach their fully funded "end state," new goals will need to be set. Members of our LDI team share their research on this transition and the required realignment of asset allocation strategies, including changes in return-seeking and liability-hedging portfolios and key liquidity considerations.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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April 2022
Nearing the finish line: Ideas on end-state investing for corporate DB plans
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Faced with extreme market volatility in the early months of 2022, what can corporate DB plan sponsors do to potentially provide stability in their portfolios while still pursuing longer-term funding aspirations? Multi-Asset Strategist Amy Trainor offers thoughts on rerisking, hedge ratios, and liability-hedging and return-seeking allocations.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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March 2022
LDI Alert: Preserving funded-ratio stability in volatile markets
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How should corporate defined benefit plan sponsors think about the private allocation decision? Members of our LDI and Alternatives teams propose a “start where you want to end up” approach that incorporates liquidity and return requirements.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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February 2022
Start at the end: How to size and structure private allocations for corporate plans
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Our LDI Team offers insights for the coming year, addressing some of the most commonly asked questions on funded ratios, securitized assets, intermediate credit, alternatives, and other return-seeking and liability-hedging topics.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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December 2021
LDI in 2022: Nine questions corporate plan sponsors are asking
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After hitting derisking triggers in 2021, many plans are looking ahead to the next trigger and thinking about how expensive the investment-grade credit market is currently. LDI Team members Connor Fitzgerald and Bill Cole offer metrics to aid the decision-making process and consider potential alternatives.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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November 2021
LDI Alert —
Time to buy credit or Treasuries? Ideas on calibrating the trade-off
Time to buy credit or Treasuries? Ideas on calibrating the trade-off
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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.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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November 2021
Setting ROAs for 2022: A guide for US corporate and public plans
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As defined benefit plans contemplate the best path to their eventual "end state," members of our LDI team update their liability-hedging research with a blend of traditional benchmark ideas and new opportunities to capitalize on changing market conditions and a broader investment universe.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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October 2021
The evolution of derisking: Assessing new and time-tested liability-hedging ideas
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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.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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June 2021
Inflation’s big comeback: Should corporate pensions care?
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