This is

is exchanges of Goldman Sachs where we discuss developments currently shaping markets, industries in the global economy.

I'm Jake Stewart, global head of corporate communications here at the firm.

Retirement plans, like many other asset plans, have had a rocky ride in 2020.

COVID-19 and the resulting market volatility

have been disruptive both for defined benefit

and defined contribution plans.

Today we'll examine what the impact has been this year and what retirement

investors should be thinking about going forward. To discuss this and more is Mike

Moran a pension strategist in Goldman Sachs Asset Management or G-SAM as we call it.

Welcome back to the program, Mike.

Thanks for having me, Jake.

So obviously it's been an interesting year, how have the events of 2020 had an impact on various defined benefit

and defined contribution pension plans for investors? Well like all investors

2020 has been a bit of a wild ride for retirement plan investors.

And I would just say that while the volatility at times

has been disconcerting, it is important to keep in mind

that these are long-term investors.

They have pools of capital on the defined benefit side that will be paid out

over many decades. Many defined contribution participants are funding retirements that

will last again a very long period of time. So in many ways they can

have the benefit of looking past the short-term results in short-term volatility of

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