While big moves in financial markets over the past several years have done serious damage to pension funding, most sponsors of defined-benefit pension plans are unable to respond to major market moves in a timely manner, a recent survey shows.

A poll of 124 corporate, public and not-for-profit plan sponsors by HR consultancy Mercer found that just 21% of plan sponsors say they can execute an investment decision in less than a month. The majority (55%) say it takes them from one to three months to make a change to their asset allocation or shift investment managers, while 18% take from three to six months to make such changes and 6% can take as long as a year.

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