The Full Picture on Partial Buyouts

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Plan sponsors may be disappointed if they expect to eliminate most of their pension risk with a partial buyout. Unless a buyout is paired with a hibernation strategy, the sponsor may spend time and money arriving at an outcome that leaves a lot of pension risk unmanaged. A hard look at these different de-risking strategies suggests that the lion’s share of pension risk can be eliminated by simply changing asset allocation. For plan sponsors determined to go down the partial buyout path, in order to get their money’s worth they must be deliberate about both the participants they give up and the allocation of the remaining assets.

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