RT Journal Article SR Electronic T1 U.S. Corporate DB Pension Plans—Today’s Challenges JF Special Issues FD Institutional Investor Journals SP 54 OP 66 VO 2016 IS 1 A1 Martin L. Leibowitz A1 Antti Ilmanen YR 2016 UL https://pm-research.com/content/2016/1/54.abstract 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.