Completion Management , Our view is that the dynamic nature of LDI solutions requires that the asset structure evolves as the plan meets different milestones. While the benchmarks of multiple managers could be adjusted accordingly, we believe it is more effective to introduce a completion manager that will absorb all of the net required changes. This can allow for higher operational efficiency while also allowing niche managers to continue managing against their benchmarks of choice.Governance/Process MeasurementUltimately, success should always be measured against the liability returns themselves. Plans should also use detailed attribution to help better understand sources of outperformance and underperformance. The ability of an actual portfolio to deliver the required cash flows is not guaranteed and is subject to a variety of factors including, but not limited to, the availability of bonds, active management and trading, transaction costs, default risk, reinvestment risk, rebalancing risk and liquidity risk. Any investment that has the possibility for profits also has the possibility of losses. This is for informational purposes only and should not be construed as investment advice. Investment decisions should consider the individual circumstances of the particular investor. Any opinions or forecasts contained herein reflect subjective judgments and assumptions of the author and do not necessarily reflect the views of Loomis, Sayles & Company, L. P. Investment recommendations may be inconsistent with these opinions. There can be no assurance that developments will transpire as forecasted. Examples and analysis are provided for illustrative purposes only and do not represent actual accounts. Accuracy of data is not guaranteed but represents our best judgment and can be derived from a variety of sources. Opinions are subject to change at any time without notice.