Pension Plans: The $20 Trillion Elephant in the (Valuation) Room
Susan Mangiero, Ph.D., discusses the magnitude of the pension underfunding problem and the possible dire impact on enterprise value; reminds appraisers of the need to thoroughly understand and evaluate pension plan economics or engage someone to assist them; and explains the adverse consequences on deal-making and corporate strategy when pension plan funding gaps are given short shrift.
Dr. Mangiero, who is affiliated with Berkeley Research Group, is a CFA® charterholder and a certified Financial Risk Manager. She has provided testimony before the ERISA Advisory Council, OECD, and the International Organization of Pension Supervisors, and offered expert testimony and behind-the-scenes forensic analysis, calculation of damages and rebuttal report commentary for various investment governance, investment performance, fiduciary breach, prudence, risk, and valuation matters. She has over 20 years of experience in capital markets, global treasury, asset-liability management, portfolio management, economic and investment analysis, derivatives, financial risk control, bankruptcy and insolvency, class action litigation, and securities. This includes work on trading desks for several global banks, in the areas of fixed income, foreign exchange, interest rate and currency swaps, futures and options.