Market Consistent Valuation and Funding of Cash Balance Pensions

Research Projects in Pension

The Society of Actuaries’ Pension Section is pleased to make available a research report analyzing cash balance pension plans using the methods and principles of financial economics. The report was authored by Mary Hardy, David Saunders, and Xiaobai Zhu of Waterloo University.

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:

  • Gavin Benjamin
  • Kevin Binder
  • John Deinum
  • Ian Genno
  • Eric Keener
  • Cindy Levering
  • Steven Siegel, SOA Research Actuary
  • Barbara Scott, SOA Research Administrator