The white paper examines four different strategies:

Hibernating risks—closing a DB plan to new participants—stops accruals, which protects against benefit increases, but it does not eliminate other risks, such as interest rate risk.
Establishing glide paths moves plan investment allocations toward fixed income as a plan's funded status improves, and provides a couple of other advantages: it helps diminish the risk-reward tradeoff associated with equities, and also provides a hedging effect against the rise or fall of interest rates via fixed-income assets.
Hedging risks can take the edge off volatility, although it won't eliminate all risk and can't hedge against every eventuality.
Purchasing annuities as part of a PRT transaction offloads longevity risk while replicating a DB plan's pension benefits. It also provides the services required to support annuitants.

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Instant Insights /

Multiple strategies can help to derisk pension plans: MassMutual