Description: Falling equity markets and interest rates have devastated pension plans worldwide during the past several years. The Standard & Poor’s 500 companies enjoyed a collective pension surplus of $252 billion in 1999. Even after the 2003 market rally, they face a deficit of $179 billion in 2003 Bianco 2003. These events have spotlighted the weakness of current funding and investment practices for corporate defined benefit pension plans. This article presents a case for securing all accrued benefits through “Full Funding.”