P&I APP Article Updated
A recent article in Pensions & Investments highlights the adjustable pension plan (APP), but the original print version of the article incorrectly stated that the plan design was entirely created by a single Cheiron consultant. The APP which Cheiron helped develop, and continues to foster along with others, is the result of a collaborative project that prominently included David Blitzstein and the UFCW, Skip Halpern, Area President of Gallagher Fiduciary Advisors, LLC, Barry Slevin, of the law firm Slevin & Hart, and a number of our clients. Recognition of these other players in the creation of this concept is critical to us in telling not only the story of the concept's origin, but also the nature of innovation in pension design to maintain sustainable defined benefit plans.
A partially corrected update of the article (broader credit for the development of the APP appears in the middle of the article, not at the beginning as it should) can be found here.
We would be happy to provide additional resources within Cheiron or among our collaborators to help provide more information on the APP and its origins.