Defined benefit plan sponsors are focused on only a few of the risks associated with their pension plans, according to a recent MetLife study. The company surveyed 168 corporate plan sponsors among the 1,000 largest defined benefit plans in the United States to identify the importance of 18 different risk factors.

The study found sponsors think asset allocation, meeting return goals and underfunding liabilities are the most important risks associated with pension plans. Longevity, mortality and early retirement were rated the least important risks, notable because these are slower to change and harder to measure than the "most important" risks. Each respondent had at least five factors that didn't warrant attention at all, giving them an importance rating of 0 percent.

"This research suggests that many plan sponsors tend to view and manage risks individually rather than holistically," said Cynthia Mallett, vice president of MetLife's Institutional Business. "Over time, the approach of focusing on some risks – and ignoring others – could have serious repercussions, including unnecessary volatility in earnings and/or cash flow with the potential to adversely affect the ability of the plans to provide retirement security to plan participants."