"Many plan sponsors find themselves in the fortunate position of approaching the end of their plan's glidepath.... Two primary 'in-plan' hibernation alternatives have emerged: completion and 'custom credit' programs. [1] [A completion program] ... typically retains traditional active managers against published benchmarks and adds a completion manager who uses U.S. Treasuries and interest rate derivatives to keep plan-wide exposures on target across interest rate and yield curve movements. [2] 'Custom credit' ... uses investment grade credit securities and seeks to hedge the market exposures of a liability without relying on published bond indices.... [This article] provides some guidance around when one may be preferred over the other."  MORE >>