Back Testing of Investment Performance by Asset Class

The Society of Actuaries’ Pension Section is pleased to make available a research report studying the impact of market performance on a pension plan’s ability to meet its obligations. The report was authored by Maneesh Sharma of Indiana-Purdue University, and Thomas Totten and John Cierzniak of Nyhart.

To access the report, click on the link to the right.

If you have any questions or comments regarding the report, please contact Steve Siegel, Research Actuary at

The SOA’s Pension Section would like to thank the following individuals for their input on the project:

  • Kevin Binder, Chair
  • Igor Balevich
  • Edson Edwards
  • Rene Martel
  • Ed Martin
  • Matt McDaniel
  • Joe McDonald
  • Aaron Meder
  • Antonio Silva
  • Andrew Peterson, SOA Staff Fellow
  • Steven Siegel, SOA Research Actuary
  • Barbara Scott, SOA Research Administrator