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Analysis of Target Benefit Plan Design Options

The Society of Actuaries’ Pension Section is pleased to make available material that investigates, through stochastic modeling, the way in which different Target Benefit Plan design features and funding strategies impact performance over the short- and long-term.  The material includes two issue briefs that highlight the concepts and approaches, and a report that discusses the underlying model in more detail.  The material was authored by Barbara Sanders of Simon Fraser University.


Target Benefit Plans Issue Brief #1: Exploring the Simplest Design

Target Benefit Plans Issue Brief #2: Enhancing Security and Stability

Analysis of Target Benefit Plan Design Options


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

Thank You

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

  • Karen Hall (Chair)
  • Gavin Benjamin
  • Conrad Ferguson
  • George Ma
  • Faisal Siddiqi
  • Émilie Bouchard, SOA Staff Fellow
  • Andrew Peterson, SOA Staff Fellow
  • Steven Siegel, SOA Research Actuary
  • Barbara Scott, SOA Research Administrator

The SOA’s Pension Section would also like to thank the Canadian Institute of Actuaries for their assistance.