PLANSPONSOR - September/October 2024 - 20
CONFERENCE COVERAGE
DB Plan Maintenance
MAINTAINING a healthy defined benefit
plan provides a competitive advantage for
plan sponsors, along with a steady income
stream for retirees, noted speakers in the
" DB Plan Maintenance " panel.
Plan sponsors with an overfunded DB
plan they mean to terminate might want to
consider reversing course, said Rob Massa,
managing director and retirement practice
leader at Qualified Plan Advisors. A
DB plan today can be a competitive differentiator
for workforce recruitment and
retention.
Having a pension plan " is incredibly
competitive, [because] very few remain, "
Massa said. " It's a huge advantage in
competition for talent to say, 'We provide
some kind of monthly income benefit in
retirement through a pension plan. "
Milliman and Principal Asset
Management research on pension plan
funding found that plan sponsors in the
current market have a singular opportunity:
to preserve their current high or
overfunded pension funds by terminating
or accelerating de-risking before interest
rates fall and, with them, funded levels.
But instead of continuing to de-risk
or terminate the plan, sponsors could use
it to improve their participants' income
in retirement, suggested Brian Donohue,
a partner in October Three, an actuarial
services provider. " You currently have
a mechanism for providing retirement
income that's unbeatable. " The pooled
pricing of risk attainable in DB plans has
no equal in a defined contribution plan,
he added.
" Actuarial 101 [says] if you're going to
underwrite one life, there's a wide range
of potential ages of death, [but] get 100
lives, you'll see that that expected average
age really narrows down, " he said.
Donohue said he is " skeptical
that
any DC income solution ever will be
competitive-how [do] they get past the
individual versus pooled pricing? ... I've
seen 20 years of DC retirement solutions:
They can't compete. "
Before terminating a DB plan, sponsors
should try to discern the total value
it provides, he said. " Employers [with one]
should understand that [it] provides this
mechanism to deliver higher retirement
income than people can find elsewhere. "
This is especially true for women, he
said. " They're going to get dinged in the
clockwise from top left: Jean Chatzky, founder and chief
financial and executive officer, HerMoney.com. Brad Arends,
co-founder and CEO, intellicents; Kelli Send, Francis LLC;
Landon Barnes, Principal Financial Group; and Peter Kapinos,
Empower. Attendees enjoy cocktail hour. Shaynan Garrioch, chief
human resources officer, The Culinary Institute of America.
20 PLANSPONSOR.COM September - October 2024
http://www.HerMoney.com
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PLANSPONSOR - September/October 2024
Table of Contents for the Digital Edition of PLANSPONSOR - September/October 2024
insights
Rules and regulations
Participant analysis
Upfront
Calls to Action
2024 PLANSPONSOR National Conference
The Intensity of Implementation
Frontier of the New QDIAs
The Great Debate
Time for a Welfare Fiduciary Checkup
Loper Bright Reshapes The Regulatory Landscape
Managing Stress in HR
PLANSPONSOR - September/October 2024 - C1
PLANSPONSOR - September/October 2024 - FC1
PLANSPONSOR - September/October 2024 - FC2
PLANSPONSOR - September/October 2024 - C2
PLANSPONSOR - September/October 2024 - 1
PLANSPONSOR - September/October 2024 - insights
PLANSPONSOR - September/October 2024 - 3
PLANSPONSOR - September/October 2024 - Rules and regulations
PLANSPONSOR - September/October 2024 - 5
PLANSPONSOR - September/October 2024 - 6
PLANSPONSOR - September/October 2024 - Participant analysis
PLANSPONSOR - September/October 2024 - Upfront
PLANSPONSOR - September/October 2024 - 9
PLANSPONSOR - September/October 2024 - 10
PLANSPONSOR - September/October 2024 - 11
PLANSPONSOR - September/October 2024 - Calls to Action
PLANSPONSOR - September/October 2024 - 13
PLANSPONSOR - September/October 2024 - 14
PLANSPONSOR - September/October 2024 - 15
PLANSPONSOR - September/October 2024 - 2024 PLANSPONSOR National Conference
PLANSPONSOR - September/October 2024 - 17
PLANSPONSOR - September/October 2024 - 18
PLANSPONSOR - September/October 2024 - 19
PLANSPONSOR - September/October 2024 - 20
PLANSPONSOR - September/October 2024 - 21
PLANSPONSOR - September/October 2024 - 22
PLANSPONSOR - September/October 2024 - 23
PLANSPONSOR - September/October 2024 - 24
PLANSPONSOR - September/October 2024 - 25
PLANSPONSOR - September/October 2024 - The Intensity of Implementation
PLANSPONSOR - September/October 2024 - 27
PLANSPONSOR - September/October 2024 - 28
PLANSPONSOR - September/October 2024 - 29
PLANSPONSOR - September/October 2024 - 30
PLANSPONSOR - September/October 2024 - 31
PLANSPONSOR - September/October 2024 - Frontier of the New QDIAs
PLANSPONSOR - September/October 2024 - 33
PLANSPONSOR - September/October 2024 - 34
PLANSPONSOR - September/October 2024 - 35
PLANSPONSOR - September/October 2024 - The Great Debate
PLANSPONSOR - September/October 2024 - 37
PLANSPONSOR - September/October 2024 - Time for a Welfare Fiduciary Checkup
PLANSPONSOR - September/October 2024 - Loper Bright Reshapes The Regulatory Landscape
PLANSPONSOR - September/October 2024 - Managing Stress in HR
PLANSPONSOR - September/October 2024 - C3
PLANSPONSOR - September/October 2024 - C4
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