Defined Benefit pension plans have declined, with only 15 percent of U.S. private workers having access by 2023, as employers shift toward lower-risk, lower-cost Defined Contribution plans. However, $3.1 trillion in DB assets remain, creating significant liability risks for sponsors. Rising PBGC premiums, regulatory demands, and volatile costs drive companies to de-risk through Pension Risk Transfer strategies such as lump sum windows, annuity buyouts, and full plan terminations. Success requires clean data, automation, participant-focused communication, and strong partners to reduce liabilities while ensuring retirees continue to receive promised benefits.

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