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Readers of this periodical are aware that pension risk transfer (PRT) is a process through which a company can transfer, for a price, the responsibility — financial, administrative, or both — of their defined benefit pension plan(s) to a third party, through the purchase of a group annuity. PRT deals are maintaining a hefty pace as companies look for new ways to manage these plans. Simply put, PRT is hot right now. Further, I’d make the argument that while it may be less obvious amid all this action, PRT can be a tool for broader economic benefits.

Facing fundamental changes in employment and companies’ own shifts to defined contribution plans, we now see many plans as legacies of past times.

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