"[A] large majority of plan sponsors indicated that they have already adopted, or they plan to adopt, a liability-driven investment (LDI) strategy as an element of reducing or mitigating risk for their plan(s) or immunizing their portfolio(s), including dynamic asset allocation strategies or increasing their allocations to fixed income. Additionally, quite a few plan sponsors have indicated that they are planning to include lump sum offers to vested former workers and/or retirees as part of their strategy.... Underfunding of Liabilities continues to be the most important risk factor[.]"

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