@article {Mulvey73, author = {John M. Mulvey and Frank J. Fabozzi and William R. Pauling and Koray D. Simsek and Zhuojuan Zhang}, title = {Modernizing the Defined-Benefit Pension System}, volume = {31}, number = {2}, pages = {73--82}, year = {2005}, doi = {10.3905/jpm.2005.470580}, publisher = {Institutional Investor Journals Umbrella}, abstract = {The defined{\textendash}benefit pension system may not survive into the future absent changes in the current regulatory environment. A risk{\textendash}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{\textendash}benefit pensions.}, issn = {0095-4918}, URL = {https://jpm.pm-research.com/content/31/2/73}, eprint = {https://jpm.pm-research.com/content/31/2/73.full.pdf}, journal = {The Journal of Portfolio Management} }