Michael Senoski is Vice President and Investment Director at Pyramis Global Advisors, a Fidelity Investments company. In this role he is involved in the product development, analytical support and overall marketing for liability-driven investing (LDI). Prior to his current role, Mike was Vice President and Investment Product Manager responsible for products and services for Fidelity Pension Advantage, Fidelity's bundled investment management platform for defined benefit plan sponsors. Prior to joining Fidelity, he spent over 20 years as a pension consultant for a major international consulting firm, Mercer Human Resource Consulting. His particular area of interest was the actuarial evaluation of defined benefit pension liabilities and design of appropriate investment strategies. Michael earned a Bachelor of Arts degree from Boston College. He is a Fellow of the Society of Actuaries (FSA) and CFA charterholder.

Pension liabilities are long-term cash flow obligations of the plan sponsor. Financial accounting and US federal funding standards require that these liabilities are to be valued based on a high-quality bond yield curve. The purpose of this paper is ... Read more