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• W3182077400 abstract "It is the afternoon of 15 October 2020 and Dan Woodbridge, 50, CIO of Cenland’s in-house management organization for the Defined Benefit (DB) plan, just finished a Zoom call with Denise Liu, Cenland’s CFO. During this regular update meeting, Dan and Denise reviewed the recently released Q3 reports. Despite a volatile year, Cenland’s well-diversified DB portfolio is again performing well, and better than peers. However, Denise’s big news was that given the “lower-for-longer” market environment, the Board decided to accelerate the de-risking of the DB plan by freezing the plan at the end of 2020.In recent years, Cenland’s CEO has been zealous about reducing pension cost and enhancing the company’s competitiveness. Cenland is a legacy telecommunications company facing intense price pressure from start-up companies that do not sponsor any DB plans. Last year’s decision to close the DB plan was the first step to address this issue. In addition, Dan recalled the CEO recently expressed his annoyance about the volatility in funding DB obligations due to fluctuating equity markets and increasingly lower interest rates, which, in turn, affect the company’s earnings volatility.After the decision to close the DB plan, Dan knew Cenland would at some point take further actions to align the company’s benefits with current industry standards. But, freezing the plan just a year later came as a bit of a shock as firms typically take a few years after closing to make this next step.Denise also asked Dan to start putting together an agenda for the yearly asset allocation review which will be a one-day virtual conference in early December. For this year’s meeting, given the large allocations to illiquid private assets in the DB portfolio, Denise asked Dan to discuss their DB plan’s risk from a cash flow risk perspective (i.e., always having enough cash from pre-defined liquidity sources to meet liquidity demands such as pension benefit payments, GP capital calls, etc.) instead of the traditional volatility risk angle. This is important as a liquid asset and an illiquid asset could have the same volatility, but the cash flow properties of these two assets might be very different.1 In addition, Denise expects Dan to show the tradeoff between liquidity and performance of the DB portfolio under possible alternative asset allocations that are currently under consideration.After rushing into the living room to help his youngest son log in to his algebra class, Dan sat outside with his laptop and home-made coffee. Surveying his backyard, Dan took a moment to enjoy this precious quiet moment and began to reflect on this past year.Dan thought turning 50 would be the year’s biggest event, but he always knew that life is never with a lack of surprises. Since the pandemic in early March, his team switched to remote working mode. He’s been juggling between managing a newly-closed DB plan and helping his three sons keep up with their remote class schedules, especially the little one. Fortunately, his investment team quickly adjusted to the new normal and has been performing as efficiently as before.Dan sent his investment team a Zoom invite for tomorrow afternoon to break the news about freezing the DB plan and to discuss preparing analyses and recommendations for the yearly asset allocation review meeting. Before meeting with his team, Dan spent some time putting his thoughts together and gathering some plan information to facilitate tomorrow’s conversation." @default.
• W3182077400 created "2021-07-19" @default.
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• W3182077400 date "2020-01-01" @default.
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• W3182077400 title "Cenland Corporation: The CIO and the Freezing of the DB Plan" @default.
• W3182077400 doi "https://doi.org/10.2139/ssrn.3782053" @default.
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