8 pages. "While lumping out term-vested plan participants is perhaps the lowest cost strategy for reducing pension plan risk, it is one component of an overall de-risking strategy.... A plan engaged in an asset optimization strategy is to some degree undermining its own strategy by reducing assets under management, and giving up the potential for positive investment returns. This is particularly the case for plan sponsors delaying de-risking strategies based on anticipated increase in interest rates. Under the current low interest rate environment, costs of settling benefits now may turn out to be relatively high."

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