The Next Chapter for U.S. Corporate Pension Plans

KKR

Research

14 Pages

KKR looks at how stronger funded status and shorter liabilities are reshaping U.S. corporate pension plans. The paper argues that simply adding more traditional fixed income may not be enough to meet end state goals. It highlights a broader toolkit, including alternative fixed income and private credit, tailored to plan specifics.

Date published: September 2025

Key Takeaways

Funded status shift: Many plans now sit near full funding, but conditions and glidepaths vary widely across sponsors.
De risked portfolios: Allocations tilt away from public equities toward liability aware fixed income and selected alternatives.
Beyond core bonds: Alternative fixed income and private credit help sustain returns and better match benefit and cash flow needs.
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