Description: Many pension funds have recently established dedicated or 'matched' portfolios. These are portfolios of fixed-income securities whose cash flows from interest and maturities match the expected benefit payment stream on a block of liabilities. With particular reference to ERISA, this paper explores the actuarial mechanics of pension funding under dedication, including the selection of assumptions, the valuing of assets, funding of the initial change in unfunded liability, and funding of subsequent gains and losses. From Transactions of Society of Actuaries 1983, Vol. 35.