US Pension Funds

Best Pensions Paper 2016 (North America)

Savvy Investor Awards 2016 US Pensions stars and stripes

WINNER: Citi

The Coming Pensions Crisis
According to estimates from Citi, total unfunded/underfunded government pensions liabilities worldwide exceed $80 trillion (almost double the published figure for national debt). In addition, DB pensions plans are showing huge deficits. What are the implications? In this report, Citi examines the scale of the global pensions problem, and recommends a number of solutions. In particular, the authors identify the opportunities that this situation creates for corporate plan sponsors, asset managers and insurers, and makes some recommendations to help keep the global pensions system afloat.

HIGHLY COMMENDED

Best Practices for U.S. Pension Plan Fiduciaries by Vanguard
This 73-page document by Vanguard provides a detailed look at best practices for plan fiduciaries. Fiduciary duty is a philosophy of stewardship, much more than just a checklist. Plan fiduciaries are held to an exceptionally high level of duty and care under the law. This document helps clarify what it means to be a fiduciary. It also offers real-world insights on the challenges faced by plan sponsors every day.

Reducing Pension Risk: Five Myths Holding Back U.S. Plan Sponsors by Prudential
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 to seen large organisations 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.

Pension Sponsors: Don't Forget the Credit Spread! by Cambridge Associates
While corporate plan sponsors are keenly aware of interest rate risk within their defined benefit plans, few fully appreciate the complex and significant risk posed by credit spreads.

LDI Implementation - Managing Surplus Volatility by Reducing the Drawdown Risk of Growth Assets by QMA
Market and regulatory changes are challenging corporate pension plans to find inventive ways to manage the health of their plans and drawdown risk. This paper by QMA recommends that plan sponsors prioritize the trade-off between surplus volatility and funded status, and examine their growth assets for ways to reduce surplus volatility.
 

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About the Savvy Investor Awards

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We curate the best pensions and investment white papers from around the world, and having uploaded more than 15,000 white papers in 2015, have a unique platform from which to host these Awards. The Savvy Investor Awards are judged on the basis of the quality and readability of the paper and its appeal to our institutional investor audience.

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