Pension Lessons Learned from the Pension Crisis
Over the past 3 decades, the fiscal health of U.S.-based defined benefit plans has deteriorated to the point in which the funded ratios of corporate, multi-employer, and public plans now stand at approximately 85%, 82%, and 66%, respectively. This is in stark contrast to the surpluses and nominal contribution rates that many major pension funds maintained back in the 1990s.
How did we get to this situation? A “lost decade” in equities, the decline in bond yields, quantitative easing, and unchecked pension benefits have been widely considered contributing factors, but pension accounting rules and asset allocation may have also played significant roles.
Join us for a presentation by Ron Ryan, CFA, CEO of Ryan ALM, Inc. Ron will provide an overview of the circumstances that have pushed the pension industry to the brink of insolvency today as well as discuss policy solutions that may help stave off a potential systemic crisis.
Ronald J. Ryan, CFA
Founder, Chief Executive Officer, and Senior Fixed Income Manager
Ryan, ALM, Inc.
CEO and founder of Ryan ALM, Inc. in 2004. Ryan ALM provides a turnkey system for pensions that reduces cost and risk including ASC 715 discount rates, custom liability indexes, and liability beta portfolios. The index division of Ryan ALM also provides custom indexes for ETFs.
Prior to creating Ryan ALM, Mr. Ryan founded Ryan Labs, Inc. in 1988 which became one of the largest Enhanced Bond Index Fund managers in America. In 1982, he founded the Ryan Financial Strategy Group (RFSG) which was a fixed income quantitative firm focused on helping bond managers outperform bond Indexes. At RFSG, he and his team created many unique financial models and index innovations. Mr. Ryan is the former Director of fixed income research at Lehman Bros. Kuhn Loeb from 1977–1982 where he designed most of the popular Lehman bond indexes. Prior to Lehman, he was the head of fixed income for the First in Dallas from 1973-1977, the largest bank holding company in Texas. From 1966-1973 he was a security analyst at Pan-American Life Insurance company, the largest institutional investor in Louisiana.
Mr. Ryan has many index and financial model innovations in his career. He was awarded the William F. Sharpe Indexing Lifetime Achievement Award, the MML lifetime Achievement Award, the Bernstein Fabozzi/Jacobs Levy Award and the Capital Link Most Innovative ETF Award. He authored the book “The U.S. Pension Crisis” which won the IP best financial book award in 2014. Mr. Ryan is a CFA charterholder, and holds a MBA and BBA from Loyola University.
Members | Complimentary
Non Members | Complimentary
Professional Learning Credits
CFA Boston has determined that this event qualifies for 1 PL credit hour under the guidelines of CFA Institute's Professional Learning Program. If you are a CFA Institute member and a CFA Society Boston member, PL credit for your participation in this event will be automatically recorded in your PL tracking tool. Otherwise, you may upload 1 PL credit to your CFA Institute account in the PL tracking tool.
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