14 pages. "This paper examines the current defined benefit pension risk transfer market and offers potential new solutions for companies to consider. Specifically, [the authors] discuss: [1] How a separate account pension risk transfer product can be used to provide a structure for transferring pension risk while providing credit protection and maintaining control over investment strategies. [2] U.S. life insurance regulations that set risk-based capital levels, and the compatibility of these regulations with the need to assess total asset requirements for pension liabilities and ensure that the liabilities are sufficiently funded. [3] A case study that lays out the risk and reward drivers of a representative pension risk transfer transaction and illustrates how investment strategies and mortality underwriting affect deal economics."