18 pages. "Many DB plans are fully funded, in aggregate, and sponsors have developed the expertise to manage pension assets to out-earn liabilities while imposing minimal financial risk.... Commonly used measures of pension risk are flawed, leading sponsors to overstate the benefits of getting rid of their pension plans through pension risk transfer (PRT) transactions, and to understate the potential benefits of maintaining prudently invested plans.... Closing, freezing and terminating plans may offer far less value than the conventional wisdom would suggest."  MORE >>