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A quick and precipitous drop in financial markets, rising Pension Benefit Guaranty Corporation (PBGC) rates and longevity risk has been a strain on pension plans and their ability to maintain their funding ratio. Plan sponsors are increasingly looking for solutions to adapt their investment allocation and reduce their obligations, including transferring risk to insurers.

The Pension Plan De-Risking, North America 2020 Report features first-hand accounts from pension professionals, as they discuss the obstacles that they face in today's market and the many solutions that they are turning to as a means of reducing their risk exposure.

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FOREWORD

Volatility II: For Plan Sponsors, A Sequel More Powerful than the Original
- Sean Kurian, FSA, CAIA, FIA, FRM, Managing Director and Head of Institutional Solutions, Conning

SECTION 1


FINANCIAL MARKETS

1.1 INTERVIEW: The coronavirus fallout: What does it mean for LDI strategies?
- Amy Trainor, FSA, LDI Team Co-Chair, Multi-Asset Strategist, and Portfolio Manager, Wellington Management
- Bill Cole, CFA, CAIA, LDI Team Co-Chair and Fixed Income Investment Director, Wellington Management
- Jake Brown, CFA, Investment Director, Wellington Management

1.2 INTERVIEW: In the hot zone: Reacting to the shock market disruption of the coronavirus
- John Streun, Director of Public Equities, Employees Retirement System of Texas

1.3 INTERVIEW: Supply chain shocks, coronavirus and market disruption: Where do we go from here?
- Donald Lindsey, Chief Investment Officer, American Institutes for Research

SECTION 2


ASSET STRATEGIES

2.1 INTERVIEW: Where are investors left to turn with bond yields at new lows?
- Joaquin Lujan, Co-Head of Alpha Team & Director of Rates and Credit, New Mexico Public Employees Retirement Association

2.2 INTERVIEW: How pension funds view private equity in the post-market correction era
- Chris Schelling, Director, Private Equity, Texas Municipal Retirement System

2.3 INTERVIEW: How do ESG strategies fit into today’s bond investment strategies?
- Andrew Russell, Director of Fixed Income, Pensions Board – United Church of Christ

2.4 WHITE PAPER: Constructing next-gen return-seeking portfolios
- Amy Trainor, FSA, LDI Team Co-Chair, Multi-Asset Strategist, and Portfolio Manager, Wellington Management
- Jake Brown, CFA, Investment Director, Wellington Management

SECTION 3


OUTSIDE THE BOX

3.1 INTERVIEW: What are plan sponsors doing to protect in-plan annuity holders against longevity risk?
- Martin McInnis, Executive Director, CSS Pension Plan
- Brent Godson, Director, Investments and Financial Management, CSS Pension Plan

3.2 INTERVIEW: Is the accelerated pace of risk transfers and windups of healthier plans putting the PBGC in peril?
- Aliya Robinson, Senior Vice President, Retirement and Compensation Policy, ERISA Industry Committee

Andrew Russell

Director of Fixed Income, Pensions Board – United Church of Christ

Martin McInnis

Executive Director, CSS Pension Plan

Brent Godson

Director, Investments and Financial Management, CSS Pension Plan

John Streun

Director, Global Equities, Employees’ Retirement System of Texas

Donald Lindsey

Chief Investment Officer, American Institutes for Research

Joaquin Lujan

Co-Head of Alpha Team/Director of Rates and Credit, Public Employees Retirement Association of New Mexico

Chris Schelling

Director, Private Equity, Texas Municipal Retirement System

Sean Kurian

FSA, CAIA, FIA, FRM, Managing Director and Head of Institutional Solutions, Conning

Amy Trainor

FSA, LDI Team Co-Chair, Multi-Asset Strategist, and Portfolio Manager, Wellington Management

Bill Cole

CFA, CAIA, LDI Team Co-Chair and Fixed Income Investment Director, Wellington Management

Jake Brown

CFA, Investment Director, Wellington Management

Aliya Robinson

Senior Vice President, Retirement and Compensation Policy, ERISA Industry Committee

Lead Sponsor


Wellington Management has been partnering with defined benefit plans on liability-driven investing for 20 years and glidepath mandates for nearly a decade. Since 1928, when founder Walter Morgan launched the first US balanced fund, we have accumulated experience — through depressions, wars, stagflation, countless market cycles, and now through today’s global health pandemic — that we apply every day to inform our investment thinking.


We believe our unique strength is our ability to add value at every decision point in a plan’s life cycle – from plan design to implementation. Our dedicated LDI team of actuaries, multi-asset strategists, and fixed income investors develops 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.

Foreword Sponsor


Conning (www.conning.com) is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including pension plans, with investment solutions and asset management offerings, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America.


The cornerstone of Conning’s LDI philosophy is disciplined pension risk management. We believe that a robust LDI strategy should be designed to minimize the downside risk associated with a plan’s funded status. Every plan should have a clear understanding of its risk appetite in order to develop a risk budget that reflects the considerations of the plan’s various stakeholders, anticipated contribution amounts and where the plan may be in its de-risking glidepath. As a result, we believe each plan requires a customized solution that addresses its unique needs.

All our sponsorship packages are ‘tailor made’ to ensure complete success for our clients, so you can feel assured that your specific aims are being addressed. If you’re interested in any of the above benefits then please contact us below about sponsorship:

Call +44 (0) 207 1931 487 or send a message

By listening to those in the industry, we create a shortlist of individuals who most influence and inspire those around them and invite them to contribute to our reports and events by:

Contributing a thought piece on an issue raised in the market research

Participating in or moderating a roundtable with other industry leaders

Participating as an interviewer or interviewee

Producing a case study white paper written with a client or supplier

Taking part in a head to head debate with another respected industry professional.

Clear Path Analysis is always open to suggestions of suitable contributors for future topics.

Call +44 (0) 207 1931 487 or send a message

All our sponsorship packages are ‘tailor made’ to ensure complete success for our clients, so you can feel assured that your specific aims are being addressed. If you’re interested in any of the above benefits then please contact us below about sponsorship:

Call +44 (0) 207 1931 487 or send a message

All our sponsorship packages are ‘tailor made’ to ensure complete success for our clients, so you can feel assured that your specific aims are being addressed. If you’re interested in any of the above benefits then please contact us below about sponsorship:

Call +44 (0) 207 1931 487 or send a message