The $20 billion club is a group of pension plans with more than $20 billion in global pension liability. This paper addresses the major levers that plan sponsors can pull to impact the trajectory of their large defined benefit (DB) plans. These three broad levers are often closely intertwined and pulling one lever can lead to adjusting another. The three key levers are:

• Investment policy: This lays out how those contributions go to work for the sponsor
• Benefits policy: This directly impacts plan participants’ benefit accruals
• Funding policy: This determines the contributions made by the sponsor to pay for those benefits