Towers Perrin - Thought Leadership

Downturn Deals Help Companies Outperform the Market Overall

13 Jul 2009

Companies completing deals after Lehman collapse outperform peers by 6.3% globally.

Recorded Webcast: A Qualified Commitment to DB Plans: Risk Management Amid a Steep Downturn

1 Jul 2009

Battered by the prolonged financial crisis, defined benefit (DB) plan sponsors are reassessing retirement financing and expanding their use of financial instruments to manage risk, according to the third annual CFO pension risk research conducted by Towers Perrin and CFO Research Services.

Towers Perrin Experts Available to Discuss Risk and Capital Management Issues Addressed by New Offering - RiskCapital Solutions

1 Jul 2009

Aiming to provide a holistic approach to these issues, Towers Perrin has created RiskCapital Solutions, which offers clients a full, integrated suite of complementary products and services from the firm’s risk and financial services experts.

BP and Barclays Make Scheme Changes

30 Jun 2009

June saw further evidence of significant changes being made to major employers’ pension schemes. The inexorable shift away from final salary schemes gained momentum with Barclays closing its scheme to existing members for future accrual, while BP closed its currently well-funded scheme to new members.

Glossing Over Difficulties

30 Jun 2009

While the Regulator’s statement is likely to be a welcome reminder for many schemes that it intends to take a flexible approach to the current economic difficulties, the comments about employer covenants are less helpful.

Managing Capital and Risk for Better Performance

30 Jun 2009

To help property & casualty insurance companies take a more comprehensive approach to today's capital and risk management challenges, Towers Perrin is offering RiskCapital Solutions, a full, integrated suite of complementary products and services.

Older Age Mortality Study: Combined Results

29 Jun 2009

Combined 2008 and 2005 Tillinghast Older Age Mortality Studies (TOAMS) — reveal U.S. data and insights based on $6.5 trillion of life insurance exposures, considering factors such as gender and smoking.

TOWERS PERRIN AND WATSON WYATT TO COMBINE TO FORM TOWERS WATSON

28 Jun 2009

Combined Company Positioned for Sustainable Growth and Profitability with a Broader Portfolio and Wider Geographic Footprint

Recorded UK Webcast -- Optimising Global Oversight of Total Reward Programmes

25 Jun 2009

Our global research conducted in late 2008 provided new insights into the key ingredients of global programme management and governance covering global reward philosophies, guiding principles, roles and responsibilities, key metrics and monitoring, targets, tolerances and supporting controls and processes.

Human Capital Metrics: A (R)evolutionary Step in Workforce Analytics

24 Jun 2009

Building on more than a decade of research, Towers Perrin has developed a rigorous and actionable framework using human capital metrics to make better HR decisions.

Towers Perrin Announces Updated RiskAgility™ P&C Risk and Financial Modeling Solution for Insurers and Reinsurers

24 Jun 2009

Towers Perrin, a global professional services firm, has announced RiskAgility™ P&C Version 1.2, a financial modeling solution for both property & casualty insurers and reinsurers.

Health Care Reform: Coming Your Way

23 Jun 2009

Congress is making rapid progress on health care reform legislation that could bring sweeping changes in the way employers structure their group health plans and share the costs with employees.

No Recession in HR Tech Spending

19 Jun 2009

The recession does not appear to be putting much of a dent in company spending on HR technology, according to Towers Perrin’s annual survey on HR service delivery trends and practices.

2009 Reporting Season - All Issues

18 Jun 2009

2009 is going to be particularly important for companies and remuneration committees to be aware of any developments in the market practice or shifts in investor attitudes that might affect the response to their own remuneration arrangements.

Embedding ERM in Insurance: Making It Happen

18 Jun 2009

Challenging times for insurers highlight the importance of embedding enterprise risk management (ERM) into strategic decision-making. Towers Perrin thought leaders offer practical approaches for integrating ERM into key business processes in this series of videos and articles.

Faced with Economic Downturn, Employers Choose to Reform Their Benefit Offerings From Within

17 Jun 2009

Despite a challenging economic environment, U.S. companies continue to view health care benefits as a vital part of their workplace "deal" with employees and are enlisting their active participation in efforts to improve workforce health and control program costs, according to a survey of close to 500 HR and benefit executives.

Commercial Property & Casualty Insurance Prices Experience Smallest Decline in Four Years, According to Towers Perrin Survey

15 Jun 2009

The smallest decline in commercial property & casualty (P&C) insurance prices in four years – less than 1% – provides increasing evidence that the soft market is reaching its end, according to Towers Perrin’s most recent commercial lines insurance pricing and profitability trends survey (CLIPS).

On-Demand Webcast: Managing Total Rewards Programs Globally

11 Jun 2009

Join Towers Perrin Principals Martine Ferland and Janet Fuersich as they review recent trends in global benefit and compensation program governance and what global organizations can do to ensure sound business practices.

Towers Perrin Annual Study Shows Human Resource Technology Spending Mostly Holding Steady Or On the Rise in 2009

11 Jun 2009

Despite the need to cut costs in a challenging economy, a Towers Perrin survey released today on human resource (HR) service delivery trends and practices found that while overall spending on HR technology has decreased in 2009 compared to 2008, the reductions are far less than expected and, in fact, HR technology spending actually increased for a significant number of companies.

Five Issues That Can Sour Your HR Outsourcing Deal

10 Jun 2009

Towers Perrin’s recent study, Progress and Performance: The Continuing Evolution of HR Outsourcing Effectiveness, reveals five recurring issues that impede successful outsourcing efforts worldwide.

Governance and Compliance Advisory Update: June 2009

10 Jun 2009

June was an important month for same-gender partnership and economic hardship relief legislation.

Ronald Kozlowski to Lead Towers Perrin's Property & Casualty Insurance Consulting Practice in Southeast Asia

10 Jun 2009

Global professional services firm Towers Perrin has named Ronald Kozlowski to lead its Property & Casualty insurance consulting practice in Southeast Asia.

Towers Perrin Experts Available to Speak About Recent Upward Trend in Pension Plan Funded Ratios

9 Jun 2009

Generally favorable capital market results continue to fuel a recovery that began nearly three months ago, according to the latest Capital Market Update from global professional services firm Towers Perrin

Global News Brief: International

4 Jun 2009

Companies have stepped up oversight of global benefit programs, and tightened their cost and risk controls in response to the global recession, according to a Towers Perrin survey.

Global News Brief: United Arab Emirates

4 Jun 2009

Employers operating in Dubai must have in place a government-approved health insurance plan for all employees by the end of the year.

Babcock Pension Schemes Hedge Longevity Risk

3 Jun 2009

Babcock International has become the first UK company to hedge its mortality risk by agreeing the terms of a longevity swap.

Budget Discontent Rumbles On

3 Jun 2009

The dust is still settling following the Chancellor’s understated Budget announcement that “tax relief on pension contributions will be restricted to basic rate for individuals with an annual income of £150,000 or higher”.

Cost-Cutting Strategies in the Downturn

3 Jun 2009

Companies are struggling to balance pressures to cut costs with ongoing talent management needs in response to the sour economy, according to a Towers Perrin pulse survey of nearly 700 HR executives in the U.S.

New Towers Perrin Data Show Mixed Results on Key Workforce Indicators that Can Impact Performance Over Time

2 Jun 2009

As the global recession wears on, employees are feeling increasing stress in the workplace that, if left unchecked, could impact business performance, according to Towers Perrin’s Workplace Watch, a newly launched quarterly look at employee opinions across a set of large global organizations.

Towers Perrin Experts Available to Speak to Business Impact of 2009 Hurricane Season

2 Jun 2009

Experts from Towers Perrin are available to discuss issues surrounding the 2009 U.S. hurricane season.

Update: EEV/MCEV -- Coping with Extreme Financial Conditions

1 Jun 2009

How is the life insurance industry approaching MCEV given current dislocated market conditions? Towers Perrin reviews and offers an opinion relevant to MCEV, EEV and potentially Solvency II.

Employee Stress Can Add to Performance Risk

29 May 2009

Employees are feeling increasing stress in the workplace that, if left unchecked, could impact business performance, according to Towers Perrin’s Workplace Watch, a new quarterly report on employee opinions across a set of large global organizations.

New Relationship with Innovative HR Technology Provider Workday

27 May 2009

Towers Perrin is delighted to have forged a services provider relationship with Workday, an exciting new HR service delivery solution.

New Towers Perrin Data Show Mixed Results on Key Workforce Indicators That Can Impact Performance Over Time

27 May 2009

As the global recession wears on, employees are feeling increasing stress in the workplace that, if left unchecked, could impact business performance, according to Towers Perrin's Workplace Watch, a newly launched quarterly look at employee opinions across a set of large global organizations.

Governance and Compliance Advisory Insight: May 2009

26 May 2009

The IRS has proposed new regulations, effective for amendments adopted after May 18, 2009, that allow safe harbor plan sponsors to reduce or suspend their non-elective contributions without first terminating their plans.

Investment Perspectives – Stable Value Funds: How Plan Sponsors Can Mitigate Increasing Risk

26 May 2009

This article examines the myriad complex issues associated with stable value funds in 401(k) and 403(b) savings plans and details a prudent approach for plan sponsors to both mitigate risks and fulfill fiduciary obligations to plan participants.

Podcast: Deferred Member Transfer Exercises: Update on Developments and Current Perspectives

26 May 2009

In this update of last years successful podcast, David Bird and John-Paul Augeri consider how the recent economic turbulence has affected deferred members transfer exercises, and if they are still relevant, and actually possible, as a result.

Towers Perrin Testifies to House Panel on Government Regulation of Insurance

22 May 2009

Patricia Guinn, Managing Director of Towers Perrin and head of the firm’s Risk and Financial Services business, offers some recommendations on how the government should oversee the insurance industry in testimony to a House subcommittee.

Recorded UK Webcast -- Smart Reward in a Difficult Economic Climate

21 May 2009

In the current economic climate, companies are having to face tough business decisions to control or reduce costs. One key area identified for cost control or reductions is human capital.

Podcast Series: Hot Topics in Executive Compensation

20 May 2009

Companies around the world have confronted growing questions about how -- and how much -- their top people are paid. This podcast series is designed to help organizations think through these issues.

Webcast Series: Cost, Risk and Performance -- A Delicate Balance in Today's Tough Environment

15 May 2009

Our five-part Webcast series will help your company address critical reward and workforce issues in today's economy.

Governance and Compliance Advisory Update: May 2009

14 May 2009

In April, significant legislation focused on participants’ rights in defined contribution plans.

Towers Perrin Announces the Launch of a Global Human Capital Metrics Database To Support Human Capital Decisions

14 May 2009

Towers Perrin is launching a global Human Capital Metrics Database. This database will provide benchmarks and metrics in such areas as talent, rewards and the HR function, as well as industry-specific productivity measures, such as sales per square foot for retailers and premiums per employee for insurers.

Towers Perrin Announces the Launch of a Global Human Capital Metrics Database To Support Human Capital Decisions

14 May 2009

Towers Perrin, a global professional services firm, is launching a global Human Capital Metrics Database. This database will provide benchmarks and metrics in such areas as talent, rewards and the HR function, as well as industry-specific productivity measures, such as sales per square foot for retailers and premiums per employee for insurers.

2009 Health Care Cost Survey Reveals High-Performing Companies Gain Health Dividend

13 May 2009

Results from the Towers Perrin 2009 Health Care Cost Survey show that high-performing companies will pay, on average, 12% less in annual health care premiums in 2009 compared to low-performing companies.

Life Insurance Mergers & Acquisition Activity May Heat Up Over the Next 12 Months, According to Towers Perrin Study

12 May 2009

The number of mergers and acquisitions (M&A) in the life insurance industry could dramatically increase over the next year, as improving economic conditions release pent-up demand for both acquisitions and capital raising, according to data from the latest Towers Perrin survey, "Mergers and Acquisitions, and Capital Raising."

Employee Recognition: More Power for Your Organization

8 May 2009

A white paper series from Towers Perrin describes how companies can make better use of manager-delivered programs for recognizing employee performance to give their organizations additional lift.

Life Insurance CFOs Cite Major Barriers to M&A Activity and Raising Capital

8 May 2009

A Towers Perrin survey of life insurance CFOs explores their companies' experience with, and future plans for, M&A transactions and related issues. It cites widespread restraints on ability to raise capital.

Investment Perspectives – Priming Pension Plans for Today's Market

7 May 2009

This issue of Investment Perspectives focuses on investment strategies that can help pension plan clients reap gains from long-duration portfolios and investment-grade corporate bonds, and reduce small-cap exposure.

Towers Perrin Experts Available to Speak About Increase in Funded Ratio Pension Plans in April

7 May 2009

A favorable trend that began in March continued into April, highlighted by both strong equity returns and increasing long corporate bond yields, according to the latest Capital Market Update from global professional services firm Towers Perrin.

Towers Perrin Wins Five IABC Gold Quill Awards

7 May 2009

The Gold Quill Awards are the mark of global distinction and represent the highest level of professional acknowledgment within business communication today. This year, Towers Perrin is the sponsor.

Global News Brief: India

6 May 2009

India has amended the country's pension and social security laws to cover a category of workers that has often been excluded in the past.

Global News Brief: United Kingdom

6 May 2009

The U.K. government's budget for 2009 includes a set of provisions raising taxes on high earners’ income and on amounts that they contribute to retirement plans.

Pension saving hit as Darling targets high earners

5 May 2009

The change to tax relief on pension saving is one of several punitive measures for individuals with higher incomes. From April 2010 higher rate income tax will be set at 50%, instead of the 45% on earnings over £150,000 from 2011 proposed in the pre-Budget report.

Regulator reveals funding target in Corporate Plan

5 May 2009

The Pensions Regulator has published its Corporate Plan 2009-12. It reveals that, in assessing the percentage of schemes meeting their recovery plans, the Regulator will measure ‘Technical Provisions as a percentage of s179 against a proposed target of 110%’.

Update: The Solvency II Directive Agreed - Where to Now?

5 May 2009

Towers Perrin, recognized leader in Solvency II consulting, comments on the changed Solvency II Directive that has been cleared, and with 2012 implementation approaching, how European insurers should prepare.

Pension Plans After the Meltdown

4 May 2009

Defined benefit pension plans are caught in a period of significant volatility that requires sponsors to better understand investment and cash flow implications while rethinking plan design.

Towers Perrin Risk and Human Capital Experts Available to Speak About Potential Impact of Swine Flu Pandemic on Businesses

4 May 2009

The raising of the pandemic alert level to 5 by the World Health Organization (WHO) as a result of the swine flu outbreak could have a dramatic economic impact on businesses throughout the United States, particularly if the threat expands.

Recorded Webcast: The Future of U.S. Pension Financing -- Lessons From Europe

1 May 2009

This recorded Webcast examined alternative risk financing techniques being implemented by companies in Europe with defined benefit (DB) pension plans.

2009 Proxy Statements Highlight the New Realities in Executive Compensation

30 Apr 2009

A detailed Towers Perrin examination of proxies filed by large corporations indicates that executive compensation has not been immune from the shocks to company performance brought on by the financial crisis and the recession.

Towers Perrin Adds Financial Risk Management Tool to Its Economic Capital Consulting Expertise For Insurers

28 Apr 2009

The global economic crisis has highlighted for insurers the importance of embedding an enterprise risk management (ERM) framework.

Perspectives: Value-Based Strategies Drive Down Costs by Improving Quality of Care

27 Apr 2009

This issue of our 2009 Perspectives series looks at how companies are working to address the disconnects between health care spending and results by assessing the varied needs of their employee populations and tailoring value-based strategies to address them.

Recorded Middle East Webcast -- Taking Costs Out of Your Business Quickly

27 Apr 2009

Towers Perrin's Human Capital Group has developed a thorough process to identify, prioritise and implement cost cutting measures in compensation, benefits, and the HR function itself. We call it 'Rapid Cost Take Out'.

Value-Based Strategies Drive Down Costs by Improving Quality of Care

27 Apr 2009

A Powerful Tool to Calculate Economic Capital: Don't Take Risks Without It

24 Apr 2009

Towers Perrin is offering a new software application that can give insurance companies the ability to make rapid decisions with a clear understanding of the impact of individual stresses on the economic value of the organization. It's called the RiskAgility™ Economic Capital Aggregator (RiskAgility EC).

Federal COBRA Subsidy: Changes and Challenges for Employers

24 Apr 2009

The American Recovery and Reinvestment Act of 2009 (ARRA) brings some important changes for group health plans with the introduction of new tax-free federal subsidies for certain COBRA beneficiaries.

Recorded Webcast: Enterprise 2.0 - Using Social Media to Address HR Priorities

22 Apr 2009

Learn how Web 2.0 tools have been used to enhance employee communications, spur cross-business collaboration and innovation, and get things done.

Risk Governance and ERM: It's Time to Reassess

22 Apr 2009

Towers Perrin offers a suite of diagnostic services that assess the strengths and weaknesses of a company's risk governance system, and the quality, clarity and usability of risk information reported to senior management and the board.

Retirement Planning Still an Issue for Many Employees

21 Apr 2009

The need to prepare carefully and realistically for retirement endures, even in a slumping economy, according to a survey conducted by the Employee Benefit Research Institute (EBRI). Towers Perrin was a sponsor

Governance and Compliance Advisory Insight: April 2009

20 Apr 2009

ERISA fiduciaries are under tremendous pressure today. ERISA litigation, involving excessive-fee and stock-drop claims, continues its upward trend. While most of these cases settle, there are real dollars at stake.

Pension Risk: New Problems Require New Thinking

20 Apr 2009

Towers Perrin’s Retirement Risk Solutions practice closely monitors the global economic situation and its effect on pension plans. This white paper chronicles the impact of the financial crisis on pension funded status, reports on the use of valuable risk management techniques and offers guidance to plan sponsors on how to move forward in these difficult times.

Creating a Successful Risk Management Culture

17 Apr 2009

This Financier Worldwide article discusses the importance of a strong risk management culture and features commentary from Towers Perrin ERM Practice Leader Prakash Shimpi.

Governance and Compliance Advisory Update: April 2009

16 Apr 2009

After a flurry of activity in recent months, there were just a handful of significant legislative and regulatory developments in March.

Benefits in Crisis: Continuity Amid Change

15 Apr 2009

A Towers Perrin survey of close to 500 U.S. companies finds that, despite the recession and the ongoing pressures to cut costs, most employers continue to view their benefit programs as a vital part of their workplace relationship with employees.

Balancing Hard Choices on Pay and Benefits

14 Apr 2009

In a Webcast, Towers Perrin consultants discuss some low-cost and no-cost changes to reward programs that companies can consider to help balance cutbacks and minimize adverse employee reactions in the current economic slump.

Towers Perrin Survey Finds Most Companies 'Staying the Course' When it Comes to Employee Benefits

14 Apr 2009

Despite the pressures of the economic crisis, most U.S. companies continue to view their retirement as a vital part of their workplace relationship with employees, even as they struggle to balance cost and talent management issues, according to a survey of close to 500 HR and benefit executives conducted in February by professional services firm Towers Perrin.

Top Executive Survey

8 Apr 2009

Read More links for Top Executive Survey.

Towers Perrin Experts Available to Speak About Factors Affecting Funded Ratio of Pension Plans

8 Apr 2009

Equity returns were strong across the board and long corporate yields continued their recent upward trend during March, according to the latest Capital Market Update from global professional services firm Towers Perrin.

Jason Smith Joins Towers Perrin as a Senior Consultant for Pension Risk Management

7 Apr 2009

Underscoring its commitment to expanding its global pension risk management offerings and capabilities, professional services firm Towers Perrin has appointed Jason Smith as a senior consultant for pension risk management.

New Risk Management Software: Could the Timing Be Any Better?

6 Apr 2009

To help insurance companies of all sizes, Towers Perrin is now offering RiskAgility™, a robust software platform for enterprise financial modeling.

Ten Steps to Fix Risk Management

6 Apr 2009

While there are many actors to blame for the current financial crisis, poor management of risk is widely seen as an important culprit.

The Conference Board's 2009 Employee Health Care Conference Sponsored by Towers Perrin

6 Apr 2009

Join your colleagues for the 2009 Employee Health Care Conference to learn how leading companies measure and manage workforce health, and how they define and deliver a health dividend to their organizations.

Clawback Policies Now the Norm

2 Apr 2009

The percentage of major companies with some kind of clawback (or recoupment) policy in place beyond what’s required by law has jumped by more than half in just over a year, according to a recent Towers Perrin analysis.

Global News Brief: European Union

2 Apr 2009

French tax authorities have decided that they should not withhold taxes on dividend payments to European pension funds outside France.

Global News Brief: Netherlands

2 Apr 2009

The Dutch government has temporarily extended the period for pension plans to make up their funding shortfalls from three to five years. The decision made on February 20 reverses the stance that had been previously taken by the Ministry of Social Affairs and the Dutch pensions regulator, De Nederlandsche Bank (DNB).

Global News Brief: United Kingdom

2 Apr 2009

A recent U.K. High Court ruling opens up the possibility of new claims for early retirement benefits under some U.K. pension plans.

Towers Perrin Releases Risk Management Software Platform for Insurance Industry

1 Apr 2009

Faced with unprecedented market volatility in the global financial crisis, insurers need to improve their risk management processes. Responding to this need, global professional services firm Towers Perrin has developed RiskAgility™, a robust software platform for enterprise financial modeling.

Auto-enrolment sets tight deadlines

31 Mar 2009

The Department for Work and Pensions (DWP) has issued a consultation paper and draft regulations on the automatic enrolment process for personal accounts.

National Insurance changes take effect on 6 April

31 Mar 2009

The upper accrual point (UAP) will replace the upper earnings limit (UEL) from 6 April 2009.

Pension Plans After the Meltdown

30 Mar 2009

In a Webcast, Towers Perrin consultants discuss the actions companies should consider in 2009 in light of the impact of the capital market results on their pension plans and the funding rules set by the Pension Protection Act.

Towers Perrin Insurance Industry Experts Available to Speak About Solvency II and What the Approval of the Framework Directive Means for Companies and Consumers

30 Mar 2009

The European Parliament and Council of Ministers have agreed to the Framework Directive setting out the high level principles for the supervision of insurance companies across Europe, known as Solvency II.

Towers Perrin Opens Operations in the Middle East

30 Mar 2009

Towers Perrin has officially launched its Middle East operations with client events in Dubai and Abu Dhabi. The ‘Creating world class organisations’ events were attended by more than 200 delegates from leading multinational and local companies.

On-demand Webcast: Building the HR Function of the Future -- From Vision to Reality

26 Mar 2009

In this Webcast, we examine not just a vision for how HR will look and operate in the future, but a road map for getting there.

Update: ERM Survey 2008 – Findings on Solvency II

26 Mar 2009

Solvency II is viewed as a driving force for European insurers -- impacting actuarial, risk and finance functions plus executive management as it affects how capital requirements are calculated.

Recorded UK Webcast -- Managing Global Pension Costs in a Difficult Economic Climate

24 Mar 2009

With the capital markets reeling, global companies are struggling under the weight of rising pension deficits and costs. What steps can you take today to mitigate pension costs?

An Integrated Economic Approach to Insurance Risk Retention

20 Mar 2009

Most companies have heightened emphasis on conserving cash and on rooting out previously undetected sources of waste. Line items that were once perceived as immaterial and therefore insulated from executive-level review are being met with the same laser-like intensity as major strategic investments.

Ten Tips to Help Your Employees Manage Change in Uncertain Times

19 Mar 2009

Ten tips to keep your workforce engaged during the financial crisis and organizational change.

Towers Perrin Experts Available to Speak About IRS Interim Guidance on Asset-Smoothing Methods Under the Worker, Retiree and Employer Recovery Act

19 Mar 2009

The Internal Revenue Service’s March 16 release of Notice 2009-22, which provides interim guidance on permissible asset valuation methods for defined benefit plans under the Worker, Retiree and Employer Recovery Act (WRERA) of 2008, is an important move, according to Towers Perrin.

Global Governance: A Lot More Work Ahead

17 Mar 2009

Most companies still have a long way to go when it comes to having effective global governance and oversight of their compensation and benefit programs, according to a Towers Perrin white paper.

Towers Perrin Commercial Insurance Pricing Study Reports Smallest Decline in Two Years

16 Mar 2009

Commercial insurance prices saw a slight decline of 3% during the fourth quarter of 2008 compared to the same quarter a year ago – representing the smallest reduction in the past eight quarters – according to Towers Perrin’s most recent commercial lines insurance pricing and profitability trends survey (CLIPS).

Global News Brief: European Union

13 Mar 2009

Pension funds in European Union (EU) member states appear to be making progress in their drive to harmonize the tax treatment of investments in Europe and prevent uneven withholding practices by individual EU governments.

Towers Perrin Experts Available to Speak About February Plunge in Funded Ratio of Pension Plans

11 Mar 2009

Experts from Towers Perrin are available to discuss the implications of the current market on the Towers Perrin benchmark plan and the ongoing financial management of U.S. retirement plans.