We, at Ryan ALM, are pleased to share with you the Ryan ALM Q3’21 Newsletter. In keeping with past newsletters, we provide the reader with a unique perspective on pension liabilities and how they have performed relative to pension assets. As a reminder, the primary objective in managing a defined benefit plan is to secure the promised benefits at low cost and with prudent risk. Having a frequent understanding of a plan’s liabilities is the ONLY way to accomplish the securing of benefits. In addition to several exhibits focused on liability performance during the quarter, we provide the reader with links to both recent research and pension-related blog posts. We hope that you find our thoughts insightful.