Life & Pensions: What is an appropriate risk measure for US pension plans?
Robert North: First of all, my comments are my own opinions and not those of New York City (NYC) or the NYC Retirement Systems. Before one talks about risk, one should note that plans operate under policies: benefit, investment, funding and accounting policies. And the basic equation that governs all pension finances is that contributions plus investment income pay for benefits plus expenses. The question is, if you've est