Effective risk management in pension funds requires the use of appropriate long-term risk and performance indicators. However, Defined Contribution (DC) pension plans currently rely on short-term metrics that don't align with the retirement income goals of beneficiaries. Against this backdrop, we introduce a funding ratio measure for DC plans defined as the plan assets divided by accrued benefits derived from any given (defined) stream of contributions. The funding ratio's denominator is the present value of the total retirement income achievable if all contributions had been invested in fully amortizing fixed-income portfolios called retirement bonds. We also use the retirement bonds to introduce a class of target-income strategies that can effectively reduce income risk as retirement approaches, but also secure minimum funding ratio levels. These simple asset allocation rules strongly dominate the standard target-date fund strategies routinely used by DC plans, in terms of retirement outcomes for beneficiaries.

养老基金的有效风险管理需要使用适当的长期风险和绩效指标。然而，固定缴款（DC）养老金计划目前依赖于与受益人的退休收入目标不一致的短期指标。在此背景下，我们引入了 DC 计划的资金比率衡量标准，定义为计划资产除以任何给定（定义）供款流所产生的应计福利。资金比率的分母是如果所有缴款都投资于完全摊销的固定收益投资组合（称为退休债券），则可实现的总退休收入的现值。我们还利用退休债券引入一类目标收入策略，既可以有效降低退休临近时的收入风险，又可以确保最低融资比例水平。就受益人的退休结果而言，这些简单的资产分配规则在 DC 计划常规使用的标准目标日期基金策略中占据主导地位。