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Everything changes for the pension world’s $20 billion club

Assets rise and liabilities fall, transforming the outlook for the biggest pension plans and
their sponsors


Three years ago, we introduced the $20 billion club, which consists of 19 corporations that together represent roughly 40% of the pension assets and liabilities of all U.S. publicly-listed corporations. Their combined pension deficit had been growing in recent years as interest rates have fallen. But 2013 saw a sharp reversal of that pattern, with more than $100 billion wiped off of the deficit thanks to strong asset performance and a rise in interest rates of almost 0.9%. In a stronger position, new choices are being made in the management of these plans.


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Authored by

Bob Collie
Bob Collie, FIA
Chief Research Strategist, Americas Instituitional


Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns.