PT - JOURNAL ARTICLE AU - Martin L. Leibowitz AU - Antti Ilmanen TI - U.S. Corporate DB Pension Plans—<em>Today’s Challenges</em> DP - 2016 Sep 21 TA - Special Issues PG - 54--66 VI - 2016 IP - 1 4099 - https://pm-research.com/content/2016/1/54.short 4100 - https://pm-research.com/content/2016/1/54.full AB - This article analyzes the multiple considerations facing a corporate sponsor making decisions about its defined-benefit pension plan. First, the authors examine why so many plans have closed and/or shifted to more conservative asset/liability allocations. Second, they discuss the challenging balancing act for underfunded plans when making their asset class allocation, duration-matching, and contribution choices, as well as the risks and costs associated with each choice.