PT - JOURNAL ARTICLE AU - John M. Mulvey AU - Frank J. Fabozzi AU - William R. Pauling AU - Koray D. Simsek AU - Zhuojuan Zhang TI - Modernizing the Defined-Benefit Pension System AID - 10.3905/jpm.2005.470580 DP - 2005 Jan 31 TA - The Journal of Portfolio Management PG - 73--82 VI - 31 IP - 2 4099 - https://pm-research.com/content/31/2/73.short 4100 - https://pm-research.com/content/31/2/73.full AB - 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.