$20 Billion Club Report: Why You Should Care What The Big Plans Are Doing

Since 2011, we have issued annual reports on the largest listed corporate defined benefit (DB) sponsors in the U.S., codenamed the $20 billion club. This research is based on actual 10-k filings within days of them being issued and, to our knowledge, represents the first report in the industry on DB trends using actual data rather than projections. We just published our 2022 version of the report today.

These organizations represent nearly 40% of all pension liability for U.S.-listed companies. But how is this important for the majority of sponsors that:

  1. Sponsor plans are much smaller than these organizations,
  2. Do not have a dedicated investment staff, and/or,
  3. Have adopted an OCIO model to outsource the majority of investment-related decisions.

While the actions and experiences of these jumbo-sized plans may seem distant and unrelatable, I would argue that the information we share on the largest corporate DB sponsors has significant relevance to the sponsors of mid-sized DB plans.