Historically, details of the 'liability benchmark' [i.e., the crux of pension risk management strategies] have been somewhat irrelevant since plans contain so much risk. In the new pension paradigm, private plan sponsors are considering immediate reductions in risk and/or developing dynamic de-risking strategies that reduce risk as their plan becomes better funded. In either case, sponsors need to build their strategies around a 'liability benchmark' because it drives both risk allocation and de-risking decisions. Although accounting and funding measures have migrated toward 'mark-to-market' liabilities, the rules are still somewhat arbitrary and do not necessarily facilitate efficient risk management. In fact, the methodologies used to develop hypothetical spot curves, the survivor bias, the credit spread duration and the smoothing mechanisms embedded in these measures are often impossible to hedge. At this presentation from Session 41 PD of the SOA 2011 Annual Meeting & Exhibit, speakers debate whether liability benchmarks used for making risk management decisions should contain credit spreads and/or other types of risk premiums. Then, the implications their views have on hedging strategies, allocations to 'risky assets,' and dynamic de-risking strategies are discussed. Furthermore, the compatibility of accounting and funding rules is evaluated against these views.