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The Journal of Portfolio Management

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Primary Article

Modernizing the Defined-Benefit Pension System

John M. Mulvey, Frank J. Fabozzi, William R. Pauling, Koray D. Simsek and Zhuojuan Zhang
The Journal of Portfolio Management Winter 2005, 31 (2) 73-82; DOI: https://doi.org/10.3905/jpm.2005.470580
John M. Mulvey
A professor at Princeton University in Princeton, NJ.
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  • For correspondence: mulvey@princeton.edu
Frank J. Fabozzi
An adjunct professor at Yale University in New Haven, CT.
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  • For correspondence: fabozzi321@aol.com
William R. Pauling
An asset consultant.
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  • For correspondence: bpauling_55@hotmail.com
Koray D. Simsek
An associate professor at EDHEC in Nice, France.
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  • For correspondence: koray.simsek@edhec.edu
Zhuojuan Zhang
A Ph.D. student at Princeton University.
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  • For correspondence: zhuojuan@princeton.edu
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Abstract

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.

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The Journal of Portfolio Management
Vol. 31, Issue 2
Winter 2005
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Modernizing the Defined-Benefit Pension System
John M. Mulvey, Frank J. Fabozzi, William R. Pauling, Koray D. Simsek, Zhuojuan Zhang
The Journal of Portfolio Management Jan 2005, 31 (2) 73-82; DOI: 10.3905/jpm.2005.470580

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Modernizing the Defined-Benefit Pension System
John M. Mulvey, Frank J. Fabozzi, William R. Pauling, Koray D. Simsek, Zhuojuan Zhang
The Journal of Portfolio Management Jan 2005, 31 (2) 73-82; DOI: 10.3905/jpm.2005.470580
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