"One company that entered into a pension de-risking transaction cited the upside to include the following: Enhancing the sponsor's long-term financial position; Removing a 'volatile' pension liability from the balance sheet; Reducing cash flow and income statement volatility; and Improving financial flexibility. It is not known yet whether someone will challenge this kind of rationale as being too shareholder heavy or instead primarily in the best interest of plan participants who are impacted by a particular transaction."

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