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The Retirement Hack Hiding Inside Most DC Plans
by Sean Klein, Rene Martel of PIMCO, 5/31/26

Many debates in defined contribution (DC) circles focus on fees, new asset classes, and ever more complex solutions. But the biggest improvement available to plan participants may come from something far simpler: how their fixed income is managed.

Understanding the Completion Mandate Value Proposition
by Aaron Smith, Rene Martel of PIMCO, 8/25/22

The value of completion mandates for defined benefit plans depends on the stage of the de-risking journey.

The New Defined Contribution Landscape
by Rene Martel, James Bentley, Richard Colasuonno, Lauren Tracy of PIMCO, 3/18/22

The pandemic hastens the evolution of the DC plan landscape and challenges plan sponsors to evolve.

LDI Programs: Finding a Better Replacement for Treasury STRIPS
by Rene Martel, Vijendra Nambiar of PIMCO, 1/22/21

A holistic LDI portfolio may provide a superior liability hedge.

Don’t Drop the Baton in Retirement: Managing the “Handoff” From Saving to Spending
by Rene Martel, Avi Sharon of PIMCO, 1/14/21

PIMCO’s “Income to Outcome” framework offers strategies to navigate retirement’s stumbling blocks.

Bundled LDI Portfolios: An Antidote to Historically Low Treasury Yields?
by Rene Martel of PIMCO, 11/13/20

Bundling may help plan sponsors unlock alpha potential and supplement low returns from long Treasury bonds.

Worried About Retirement? PIMCO’s Plan to Help Retirement Savings Last a Lifetime
by Emmanuel Roman, Rene Martel of PIMCO, 7/27/20

PIMCO’s CEO and its head of retirement outline the firm’s approach to generating retirement income.

Manager Diversification in LDI Portfolios: Consume in Moderation
by Rene Martel, Jonathan Harari of PIMCO, 6/5/20

Over diversifying an LDI manager roster may have important hidden costs.

Financial Advisors and Retirement: The Decumulation Dilemma
by Eric Mogelof, Rene Martel, Avi Sharon of PIMCO, 10/30/19

Our Income to Outcome framework seeks to deliver a simpler, more intuitive approach to investing for retirement.

Getting More From Your LDI Portfolio
by Michael Cudzil, Mohit Mittal, Rene Martel of PIMCO, 9/8/17

Our approach to investing in long duration and long credit portfolios has delivered meaningful alpha over most market cycles.

Targets and Tactics: Overcoming Lower Return Expectations
by Michael Cudzil, Rene Martel, Mohit Mittal of PIMCO, 8/3/16
As consensus grows on the prospect of lower asset class returns, investors are taking a fresh look at the potential consequences and solutions.

Liquidity Management and Arbitrage: An Opportunity for Defined Benefit Plans
by Rene Martel of PIMCO, 5/25/16
Markets offer the prospect of defeasing near-term liabilities at a discount.

Rising Insurance Premiums: A New Impetus for Voluntary Funding of Corporate Defined Benefit Plans
by Markus Aakko, Rene Martel, Kate Tan of PIMCO, 12/21/14
?The Pension Benefit Guaranty Corporation will hike variable-rate premiums on unfunded liabilities in corporate defined benefit plans in 2015 and 2016. The increases along with muted return potential on stocks and bonds and aging plan demographics could make borrowing to reduce or eliminate funding shortfalls less expensive than paying PBGC variable-rate premiums. For efficient execution, we believe it is important to consider appropriate investment strategies before any funding decisions are made.

De-Risking Pensions in a Time of Tapering
by Rene Martel, Markus Aakko of PIMCO, 4/30/14
Despite improved funding in corporate defined benefit pension plans, some sponsors concerned about rising rates may be tempted to delay glide path prescriptions to boost fixed income allocations. For these sponsors, a better approach might be to break de-risking into two steps, potentially allowing for significant risk-reduction benefits yet preserving tactical flexibility in timing purchases of long-duration bonds. Any reduction in equity and other return-seeking assets should be implemented in short order to lock in recent market gains. ?

Understanding Derivative Overlays, in All Their Forms
by Markus Aakko, Rene Martel of PIMCO, 2/14/13
Passively managed overlays are typically based on a simple formula, while active approaches involve more complex algorithms or decision-making. Overlay examples include portable alpha, LDI, currency, completion, rebalancing, and tactical asset allocation overlays -- as well as tail-risk hedging and hedge fund replication. Potential benefits include the ability to effectively manage cash, reduce costs and risk exposure, simplify manager transitions and express tactical views.

Delayed LDI Implementation: Making it Worth Your While
by Rene Martel of PIMCO, 12/28/11
With interest rates so low, many defined benefit plan sponsors have delayed implementing or expanding LDI programs, often using intermediate duration bond portfolios instead. Traditional intermediate duration portfolios may not offer the most attractive yields or the best credit match for pension liabilities, and may make the transition to long-term bonds difficult later. We believe plan sponsors in a waiting mode should consider switching to long duration portfolios with a synthetic overlay in an effort to reduce duration exposure.
16 results found.