Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Retirement Income Conference
    • 2022 Managing Pension Risk & Liabilities
    • 2022 WorldPensionSummit
Breadcrumb
  1. Home
  2. Special Report: Corporate balance sheet
April 30, 2021 10:03 AM

Strong recovery amid pandemic produces small gain in funding

Trilbe Wynne
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Tom Meyers
    Photo: AJ Kane
    Tom Meyers said 2020 allowed plans to see a full cycle in a short period of time and adjust as needed.

    Despite a 71-basis-point drop in the average discount rate contributing to a 7.7% rise in aggregate liabilities, Pensions & Investments' annual analysis of SEC filings showed a 1-percentage-point increase in the average funding ratio of the 100 largest U.S. corporate defined benefit plans in 2020.

    "If you didn't know what happened in between, you wouldn't have seen too much change year-over-year from 2019 to 2020, with funded status ending right around where it started. But a lot did happen," said Tom Meyers, executive director and head of Americas client solutions at Aviva Investors Americas LLC in Chicago.

    As of March 31, 2020, Wilshire Consulting estimated the aggregate funding level of S&P 500 company-sponsored pension plans at 79.2%, a 9.4-percentage-point decrease from the end of 2019. However, the aggregate funding ratio of P&I's universe was 88.4% as of Dec. 31, which Mr. Meyers said "reflects the magnitude of the capital markets recovery."

    The average funding ratio of the 100 largest plans was 92%, up from 91% the year before.

    As plans recovered from the drop in funded status and the market dislocations that followed the onset of the pandemic last spring, Mr. Meyers said well-positioned plans made opportunistic moves, such as selling Treasuries to increase corporate bond exposures at higher spreads and investing in alternative asset classes like commercial real estate, private credit or high yield that were under pressure during the crisis.

    "Plans that had the ability and the governance in place to tactically invest, and the consultants to guide them there, did that," Mr. Meyers said.

    The funded status of corporate pension funds
    The largest corporate pension plans ranked by funding ratio — plan assets as a percentage of projected benefit obligation — as of Dec. 31, 2020, unless otherwise noted. Dollars are in millions. For a printable version of this chart, click here.
    RankPlan sponsorFair value of plan assetsBenefit obligationFunded statusFunding ratioExpected long-term rate of return
    1NextEra Energy$5,314$3,607$1,707147.3%7.35%
    2Truist Financial$14,635$10,277$4,358142.4%6.90%
    3Bank of America$21,776$16,427$5,349132.6%6.00%
    4BNY Mellon$6,132$5,030$1,102121.9%6.00%
    5PNC Financial Services$6,073$5,174$899117.4%5.50%
    6Honeywell International$20,396$18,054$2,342113.0%6.15%
    7Macy's1$3,359$3,030$329110.9%6.25%
    8Kraft Heinz2$4,627$4,191$436110.4%4.70%
    9Cummins$3,429$3,122$307109.8%6.25%
    10DXC Technology3$11,090$10,150$940109.3%5.80%
    11Duke Energy$9,337$8,634$703108.1%6.85%
    12Travelers$4,631$4,326$305107.1%6.75%
    13Eastman Kodak$3,707$3,476$231106.6%6.00%
    14CVS Health$6,845$6,462$383105.9%6.30%
    15IBM$54,386$52,237$2,149104.1%4.50%
    16WestRock4$5,370$5,265$105102.0%6.25%
    17Wells Fargo$12,061$11,956$105100.9%5.74%
    18American Electric Power$5,557$5,545$12100.2%5.75%
    19Ameren$5,510$5,510$0100.0%7.00%
    20Target5$4,588$4,594-$699.9%6.10%
    21Pinnacle West Capital$3,887$3,903-$1699.6%5.75%
    22Kroger1$3,569$3,615-$4698.7%5.50%
    23Conagra Brands6$3,820$3,873-$5298.7%4.77%
    24United States Steel$6,035$6,186-$15197.6%6.47%
    25Deere7$14,574$15,021-$44797.0%6.40%
    26Ford Motor$44,253$45,672-$1,41996.9%6.50%
    27Emerson Electric4$4,383$4,525-$14296.9%6.75%
    28Schlumberger$4,776$4,940-$16496.7%6.60%
    29Dominion Energy$10,979$11,363-$38496.6%7.80%
    30Citigroup$13,309$13,815-$50696.3%6.70%
    31Prudential Financial$14,897$15,483-$58696.2%6.00%
    32U.S. Bancorp$7,498$7,805-$30796.1%7.25%
    33PPL$4,068$4,251-$18395.7%7.25%
    34Pfizer$16,094$16,940-$84695.0%7.00%
    35Goodyear$4,970$5,235-$26594.9%4.22%
    36Chubb$3,739$3,967-$22894.3%7.00%
    37Altria Group$8,911$9,465-$55494.1%6.60%
    38Charter Communications$3,462$3,688-$22693.9%5.00%
    39Southern California Edison$4,171$4,476-$30593.2%6.00%
    40Textron8$9,080$9,833-$75392.3%7.55%
    41Southern Co.$15,367$16,646-$1,27992.3%8.25%
    42PepsiCo$15,465$16,753-$1,28892.3%6.80%
    43International Paper$12,018$13,020-$1,00292.3%7.00%
    44HP9$10,463$11,344-$88192.2%6.00%
    45J.P. Morgan Chase$17,619$19,137-$1,51892.1%4.00%
    46General Motors$61,077$66,468-$5,39191.9%5.88%
    47Kellogg8$5,211$5,675-$46491.8%6.80%
    48Coca-Cola$8,639$9,414-$77591.8%7.50%
    49Caterpillar$17,589$19,177-$1,58891.7%5.10%
    50Abbott Laboratories$12,018$13,129-$1,11191.5%7.50%
    51General Mills6$6,993$7,640-$64791.5%6.95%
    52American International Group$4,931$5,410-$47991.1%6.75%
    53Xcel Energy$3,599$3,964-$36590.8%6.87%
    54Verizon Communications$20,128$22,236-$2,10890.5%6.50%
    55Allstate$6,987$7,763-$77690.0%7.08%
    56Consolidated Edison Co. of New York$17,022$18,965-$1,94389.8%7.00%
    57PG&E$20,759$23,172-$2,41389.6%5.10%
    58The Hartford$4,363$4,875-$51289.5%6.00%
    59FedEx6$26,978$30,199-$3,22189.3%6.75%
    60Union Pacific$5,016$5,658-$64288.7%7.00%
    61Huntington Ingalls$7,710$8,706-$99688.6%7.25%
    623M$17,127$19,376-$2,24988.4%6.75%
    63Johnson & Johnson10$38,195$43,300-$5,10588.2%8.12%
    64AT&T$54,606$62,158-$7,55287.9%7.00%
    65Sysco11$4,409$5,040-$63187.5%5.00%
    66Raytheon$62,318$71,257-$8,93987.5%6.50%
    67MetLife$11,256$12,873-$1,61787.4%5.50%
    68DTE Energy$5,497$6,304-$80787.2%7.10%
    69Merck$12,672$14,613-$1,94186.7%7.30%
    70Lumen Technologies$10,546$12,202-$1,65686.4%6.00%
    71Northrop Grumman$34,452$40,182-$5,73085.7%8.00%
    72Public Service Enterprise Group$6,368$7,507-$1,13984.8%7.70%
    73Unisys$3,848$4,545-$69884.7%5.50%
    74L3Harris Technologies12$9,301$11,045-$1,74484.2%7.68%
    75Eaton$3,463$4,121-$65884.0%7.25%
    76Boeing$68,696$82,415-$13,71983.4%6.50%
    77Cigna$4,623$5,600-$97782.6%6.75%
    78AbbVie$9,702$11,792-$2,09082.3%7.10%
    79Corteva$17,835$21,682-$3,84782.3%6.25%
    80Exelon$20,344$24,894-$4,55081.7%7.00%
    81Weyerhaeuser$3,230$3,971-$74181.3%6.50%
    82United Parcel Service$52,997$65,922-$12,92580.4%7.77%
    83Eli Lilly$14,579$18,226-$3,64780.0%7.30%
    84Baxter International$3,434$4,313-$87979.6%6.50%
    85Motorola Solutions$4,083$5,226-$1,14378.1%6.85%
    86Alcoa$5,356$6,904-$1,54877.6%6.28%
    87General Electric$58,843$76,298-$17,45577.1%6.25%
    88Eversource Energy$5,409$7,045-$1,63676.8%8.25%
    89FirstEnergy$8,968$11,935-$2,96775.1%7.50%
    90Walt Disney13$15,598$20,760-$5,16275.1%7.00%
    91Entergy$6,854$9,144-$2,28975.0%7.00%
    92Lockheed Martin$38,481$51,352-$12,87174.9%7.00%
    93General Dynamics$14,751$19,692-$4,94174.9%7.41%
    94Dow$26,406$35,309-$8,90374.8%7.95%
    95Marsh & McLennan$5,100$6,914-$1,81473.8%5.31%
    96Delta Air Lines$16,541$22,626-$6,08573.1%8.97%
    97Exxon Mobil$15,300$21,662-$6,36270.6%5.30%
    98American Airlines $13,557$19,812-$6,25568.4%8.00%
    99Chevron$9,930$15,166-$5,23665.5%6.50%
    100United Airlines$4,069$6,525-$2,45662.4%7.31%
    Totals/averages$1,413,994$1,600,180-$186,18688.4%6.57%
    Notes: 1 As of Jan. 31; 2 As of Dec. 26; 3 As of March 31, 2020; 4 As of Sept. 30; 5 As of Jan. 31; 6 As of May 31, 2020; 7 As of Nov 1; 8 As of Jan. 2; 9 As of Oct. 31; 10 As of Jan. 3; 11 As of June 27; 12 As of Jan. 1; 13 As of Oct. 3.
    Source: Company reports

    The crisis period brought challenges, he said, but it also gave sponsors valuable perspective into their portfolios.

    "It was an opportunity to almost view the world in terms of a full cycle within a very short period of time," he said. "What plan sponsors and consultants then had the ability to do was sit back in the fall and say, from a liquidity perspective or from a performance perspective, did my portfolio and the underlying managers do as we expected? We saw clients starting to make portfolio adjustments holistically, on the basis of the lessons learned through 2020, as a result of those observations."

    The aggregate funding deficit increased 2.4% to $186.2 billion in 2020, while aggregate assets in P&I's universe rose 8.4% to $1.414 trillion, buoyed by an average return of 12.8%.

    The Russell 3000 index returned 20.88% in 2020, the S&P 500 index had an 18.39% return and the MSCI World ex-U.S. index gained 7.59%.

    High returns

    In fixed income, the Bloomberg Barclays U.S. Long-Government Bond index ended 2020 with a 17.55% return. The Bloomberg Barclays U.S. Long-Duration Corporate Bond index gained 13.56%. The Bloomberg Barclays Global Aggregate ex-U.S. Bond index returned 10.11% and the Bloomberg Barclays U.S. Aggregate Bond index had a 7.51% return as of Dec. 31.

    The Federal Open Market Committee cut the federal funds rate twice in March 2020, ultimately to the zero to 0.25% range.

    The Federal Reserve established the Secondary Market Corporate Credit Facility on March 23 to provide stability and liquidity in the corporate bond market. In addition to buying investment-grade corporate bonds, the Fed also bought U.S.-listed ETFs, "to provide broad exposure to the market for U.S. corporate bonds," according to the Federal Reserve's website.

    In an environment of lower interest rates, the average discount rate of the plans in P&I's universe fell to 2.59% at the end of 2020, from 3.3% one year earlier.

    Zorast Wadia, the New York-based principal and consulting actuary and co-author of Milliman Inc.'s corporate pension funding study, said 2021 has started with an "almost perfect scenario" for the funded status of corporate plans.

    "It's a win-win scenario for pensions because we've seen discount rates rise tremendously in the first quarter and assets seem to be holding pace," he said. "They are underperforming based on monthly expectations. But really, it's the discount rates that are carrying and really driving funded status."

    Discount rates increased by 66 basis points in the first quarter of 2021, according to Milliman's April report.

    "In 2020, rates dropped about 67 basis points for the whole year. So in a sense, the rise in interest rates that we've just experienced so far in the first quarter is reversing all of the interest rate activity that we experienced in 2020 and as a result, it's really boosted the funded status," Mr. Wadia said.

    For the 100 plans that Milliman tracks, the average discount rate was 3.12% at the end of March, up 24 basis points from 2.88% in February. Milliman's report said this was the first time discount rates have exceeded 3% at month-end in the past year.

    According to the report, liability gains during March improved the funded status by $62 billion and lifted the funding ratio to 98.4% as of March 31.

    Related Article
    Strengthening markets affect contributions
    Corporate plan funding gets a boost from higher discount rates – Milliman
    Key takeaways

    "One of the takeaways has been how the nature of interest-rate hedging portfolios can change as the fixed-income market changes, and you constantly need to be adjusting your fixed-income hedge," said Brian McDonnell, head of the global pension practice at Cambridge Associates LLC in Boston. "That really is not a 'set it and forget it' strategy, particularly in times of market volatility."

    Mr. McDonnell said sponsors need to be aware of interest-rate moves along different parts of the yield curve to make sure the plan's hedge ratio is not moving in a counterintuitive direction.

    Liquidity planning was another key lesson of 2020, he said, as plans balance their liability-matched fixed-income portfolios with less-liquid compound growth opportunities in private markets.

    "If you're going to have a long-term investment strategy that is going to provide the compounding that underfunded plans need, that has to be complemented by very strong liquidity planning," Mr. McDonnell said. "How are you sourcing your capital for benefit payments in April or late March when everything is sold down? How are you sourcing benefit payments when planned contributions end up not having to materialize because there is a regulatory change?"

    He said capital investment opportunities arose during the period of market dislocation in spring 2020, giving nimble plans the ability to upgrade managers and take advantage of a window in which some closed funds briefly opened to new capital.

    Nimble sponsors were able to say, "we like the managers that we utilize, but there are two or three wish list, 'dream team' managers that have been closed to new capital for five or 10 years because of their capacity limitations, and they might open briefly during a market dislocation to allow new investors," Mr. McDonnell said.

    Plans with an outsourced CIO or another delegated process that doesn't rely on meeting individually with managers had an advantage, he said, because those plans were able to act quickly when opportunities arose.

    "I think any period like we've just had causes you to focus on what your core competencies might be, whether as a plan sponsor or an investment organization. I think from that perspective, this has been another example of nimbleness really being rewarded," Mr. McDonnell said.

    Bloomberg
    Unisys sees biggest gains

    A 14.5-percentage-point rise in the plans' funding ratio to 84.65% gave Unisys Corp. the largest increase in P&I's universe.

    According to a 10-Q filing in October, the Blue Bell, Pa.-based information technology company announced plans to transfer about $1 billion in global pension plan liabilities through "a combination of bulk lump-sum buyouts, annuity purchases and other actions."

    In January 2021, Unisys entered into an agreement to purchase a group annuity contract from Massachusetts Mutual Life Insurance Co. to transfer about $280 million in U.S. pension plan assets.

    Unisys made a $793 million contribution to its defined benefit plans in 2020 and had a 9% return on assets. The plan ended the year with $4.55 billion in liabilities and $3.85 billion in assets.

    An April 2020 merger of United Technologies Corp. and Raytheon Co. produced an 87.5% funding ratio for the new combined company, Raytheon Technologies Corp.

    With $71.3 billion in liabilities and $62.3 billion in assets, Waltham, Mass.-based Raytheon Technologies Corp. made a $1.2 billion dollar contribution to its defined benefit plans and had a 15.9% return for the year ended Dec. 31.

    At the end of 2019, United Technologies had a funding ratio of 94.9%, with $41.8 billion in liabilities and $39.7 billion in assets, while the former Raytheon Co. had a 73.5% funding ratio, with $29 billion in liabilities and $21.3 billion in assets.

    Bloomberg
    NextEra remains on top

    For the 16th consecutive year, NextEra Energy Inc., Juno Beach, Fla., had the highest funding ratio in P&I's universe. With $5.3 billion in assets, $3.6 billion in liabilities and a 13.6% return on plan assets, NextEra's funding ratio rose to 147.3% in 2020, up from 142.7% at the end of the previous year.

    Aggregate employer contributions across P&I's universe rose to $28.5 billion in 2020, up $2.4 billion from the previous year, as nine plans on the list contributed $1 billion or more to their defined benefit plans during the year.

    The Boeing Co., General Electric and United Parcel Service Inc. made the largest contributions in 2020. A fourth-quarter contribution of $3 billion in common stock and a 13.5% return on assets helped raise Chicago-based Boeing's funding ratio to 83.4%, up from 79.5% at the end of 2019.

    Boston-based GE contributed $2.8 billion to its principal U.S. plans and $509 million to its international and other plans in 2020. The company also transferred $1.7 billion of its U.S. GE Pension Plan obligation, representing the benefits of approximately 70,000 retirees and beneficiaries, through an annuity buyout in December with Athene Holding Ltd.

    GE reported a 15.2% return, $58.8 billion in assets and $76.3 billion in liabilities as the funding ratio of GE's principals rose to 77.1% at the end of 2020 from 73.4% a year earlier.

    Atlanta-based UPS saw its funding ratio fall to 80.4% in 2020 from 85.4% a year earlier despite an 11.1% return on plan assets and a $2.8 billion contribution to its DB plans. The plans ended the year with $65.9 billion in liabilities, up nearly $12 billion from $54 billion the year before, while assets increased to $53 billion from $46.2 billion.

    UPS refined the bond-matching approach used to determine the discount rate for its U.S. pension plans to "enhance the simulation of bond portfolios that match the plans' expected cash flows and result in a better estimate of the plan discount rates," according to the company's 10-K filing.

    As of Dec. 31, UPS estimates each 1-basis-point increase in the discount rate would decrease the projected pension benefit obligation by $110 million, while a 1-basis-point decrease would result in an increase of $118 million.

    The discount rate fell 70 basis points for UPS to 2.9% in 2020 from 3.6% one year earlier.

    Fixed-income exposures rise

    The aggregate allocation to fixed income in P&I's universe continued its upward trend in 2020, rising 40 basis points over the year to 47.7%, while the aggregate allocation to equities rose slightly to 31%, up from 30.9% in 2019.

    The aggregate allocation to alternatives fell 1 percentage point in 2020 to 15.4%, with the private equity allocation rising to 5.3% from 5.2% one year earlier.

    Plans' real estate allocations, meanwhile, dropped to an aggregate 3.6% from 3.9% at the end of 2019, and hedge fund allocations fell 60 basis points over the year to an aggregate 2.7%.

    The aggregate allocation to cash rose to 2.8% in 2020, up from 2.6% a year earlier.

    Aggregate assets, liabilities and funded status rose for the 100 largest plans in 2020 as the average discount rate plummeted.

    Related Articles
    Corporate pension funding up for month, quarter – 3 reports
    UPS delivers $3.1 billion to pension plans in 2020
    Recommended for You
    The funded status of corporate pension funds 2022
    The funded status of corporate pension funds 2022
    Royce Kosoff
    Corporate plans get boost from rising rates, returns
    Paul Colonna
    Rising rates benefit funding further in 2022
    Private Markets
    Sponsored Content: Private Markets

    Reader Poll

    August 10, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Gaining Momentum: Where Next for Trend-Following?
    The market opportunity in U.S. residential mortgage-backed securities
    Credit Indices Evolve with Enhanced Data Inputs
    Hedge Funds 2.0: Back to the future
    How Has 2022's Carnage Reshaped Global Stock and Bond Markets?
    Crossroads: Politics, Inflation, & Bonds
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    August 1, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Retirement Income Conference
      • 2022 Managing Pension Risk & Liabilities
      • 2022 WorldPensionSummit