To start, you’ll give us:

• A schedule of when you expect to pay out retiree benefits

• A schedule of when you expect money to flow in or out of the plan

• Your discount curve for predicting how your investments’ value will change over time

You’ll also pay us a quarterly fee for managing your pension funds.

In return, we give you a contract that you hold as an asset of your plan. It guarantees your plan’s assets will match its liabilities, no matter what the market looks like or how its investments perform. We’ll do this by providing guaranteed monthly income into the plan based on the schedule you’ve given us.

Unless you change the contract later, your interest rate is locked in when the contract starts. Each month, we’ll update the contract’s value as your investments’ expected returns change. We’ll calculate this using the discount curve you’ve given us, or one that’s similar.