Most corporate treasurers are all too aware of the investment losses their pension plans suffered in the global financial crisis, and of the connection between those losses and a shift in attitude toward pension risk. In 2008, after two decades of reliable investment gains, many plans were overfunded and plan sponsors didn't have to worry much about their asset/liability mix. However, as the financial crisis materially impacted the funded status of most large defined-benefit (DB) pension plans, plan sponsors became much more aware of their liabilities, and many began considering pension risk-transfer strategies. Although most corporate pension plans' funded status has rebounded, few plan sponsors have shifted back to the carefree mentality of the 1990s.