Modernizing the defined-benefit pension system

John M. Mulvey, Frank J. Fabozzi, William R. Pauling, Koray D. Simsek, Zhuojuan Zhang

Research output: Contribution to journalReview articlepeer-review

10 Scopus citations


The defined-benefit pension system may not survive into the future absent changes in the current regulatory environment. A risk-based and anticipatory approach to evaluating pension trusts is proposed as a way to diminish the probability that large and insolvent companies will transfer their pension trusts to the Pension Benefit Guaranty Corporation. Because current difficulties are concentrated in a few industries, there will be severe problems in the future if the healthiest companies reduce their exposure to defined-benefit pensions.

Original languageEnglish (US)
Pages (from-to)73-82
Number of pages10
JournalJournal of Portfolio Management
Issue number2
StatePublished - 2005

All Science Journal Classification (ASJC) codes

  • Accounting
  • General Business, Management and Accounting
  • Finance
  • Economics and Econometrics


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