"[U]nlike traditional pensions ... tontine pensions would always be fully funded. Second, unlike a traditional pension -- where the pension plan sponsor must bear all the investment and actuarial risks, with a tontine pension, the plan sponsor bears neither of those risks.... [T]ontine pensions would provide significantly higher retirement benefits than commercial annuities.... [This article] ... shows how such a model tontine pension could be used to replace a typical, large traditional pension plan like [CalSTRS]."

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