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The Evolution of Defined Contribution
FPK Conference
May 21, 2009
Seth Masters
Chief Investment Officer Blend Strategies/ABDC
AllianceBernstein® and the AB AllianceBernstein logo are trademarks and service marks owned by AllianceBernstein L.P.
The Future of DC: Bundled Asset Allocation
Total DC Assets (US Market)
($ Trillion) $8.5 Tril. 3.0 Other
$4.1 Tril. 5.1 3.2
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Asset Allocation Strategies
0.1 0.7
2006
Source: McKinsey and Company, Redefining Defined Contribution, 2008 and AllianceBernstein
0.4
2015F
Stable Value
1
AllianceBernstein
Our Philosophy: Build DC Plans Around the Best of DB
Open-Architecture Institutional Structure
Integrated InsurerProvided Guarantees
Flexible and Low Cost
Secure Lifetime Income
DB Plan Benefits
Expert Investment Design
Effortless Participation
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Research-Driven Target-Date Construction
Implementation and Communications Support
2
AllianceBernstein
AllianceBernstein’s Evolving DC Focus
Focus:
Target-Date Construction
2005
2006
Milestone:
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Retirement Strategies
3
AllianceBernstein
A Thoughtful Approach to Target-Date Fund Construction
Highly regarded research on target-date fund design and management
Published report provides solid and transparent justification of each design decision
Strong simulated results achieved at every life stage using historical data as well as forward-looking projections
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Measures of downside risk fully assessed and considered
4
AllianceBernstein
AllianceBernstein’s Evolving DC Focus
Focus:
Target-Date Construction
Regulation and Communication
2005
2006
2007
Milestone:
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Retirement Strategies
Pension Protection Act
5
AllianceBernstein
Pension...