The fact that people are living longer is good news from a human perspective. But longer lifespans also make defined benefit pension plans more expensive because sponsors must pay benefits to retirees for a longer period of time. In 2014, CalPERS – one of the nation’s largest plans – revised its longevity assumptions, significantly increasing its liabilities and reducing its funded ratio by 5 percentage points. This event led us to wonder whether other shoes were about to drop [...]