Announcement: SOA congratulates the new ASAs and CERAs for May 2022.

Pension Risk Management: Derivatives, Fiduciary Duty and Process

The Society of Actuaries' Committee on Finance Research and Pension Section Research Team are pleased to make available the following report that explores pension risk management. The report, authored by Susan Mangiero of Pension Governance, LLC, is based on a survey of benefit professionals that investigated:

  • why and how plan sponsors employ derivative instruments, if at all;
  • what plan sponsors are doing to address investment risk in the context of fiduciary responsibilities; and
  • if and how plan sponsors vet the way in which their external money managers handle investment risk, including valuation of instruments which do not trade in a ready market.


Pension Risk Management: Derivatives, Fiduciary Duty and Process

Thank You

The Investment and Pension Sections would like to thank the members of the Project Oversight Group for their time and valuable input:

  • Douglas Andrews
  • Michael Archer
  • André Choquet
  • Eric Friedman
  • Ian Genno
  • Gang Ma
  • Andrew Peterson
  • Steven Siegel, Research Actuary–Society of Actuaries

Questions Or Comments?

If you have comments or questions, please send an email to