WINNER: Ernst & Young
This paper establishes a framework for the examination of de-risking strategies that are available in today’s market. The authors examine the tools available for pensions risk management, setting out the range of risk transfer techniques, as well as insurance/investment options available to sponsors of DB plans. They then develop a decision-making model and demonstrate its effectiveness for decision making by taking the CFO of two mid-size plans through the process.
The Economics of Providing 401(k) Plans: Services, Fees, and Expenses, 2014 by Investment Company Institute
This paper explores the economics related to providing 401(k) plans - fees, expenses and services. Specific themes include current trends, why employers offer 401(k) plans, etc.
Not many responsibilities are as important to DC plan sponsors as choosing a default glide path that best increases the odds of a participant retiring on time and with adequate retirement income. The goal, simply put, is to raise returns on assets while reducing volatility relative to the retirement liability – exactly what Objective-Aligned Glide Paths seek to accomplish.
Many companies have decided to reduce pension benefits as a result of the increasing cost of DB plan maintenance. In spite of greater knowledge of risk management alternatives, the market has not yet seen large organizations devise de-risking strategies, particularly risk transfer solutions. While a number of plan sponsors are currently examining their de-risking alternatives, a gap very clearly exists between the plans and actions of some companies with regard to defined benefit risk reduction.
Corporate Finance and Pension Risk Management: Bridging the Gap between Pension Risk Management Theory and Practice by Society of Actuaries
This report by the Society of Actuaries addresses some key questions: How does a company's pension plan affect the stock price? How does the pension plan impact the company's credit rating / credit spread? How does a US company manage its pension liabilities in the light of pension insurance ( i.e. the Pension Benefit Guaranty Corporation)?
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