The document discusses recent developments in employee benefits, specifically focusing on "de-risking" pension plans. It notes that de-risking actually involves transferring risks to other parties rather than fully eliminating them. There are a few main types of risk transfers: 1) exchanging a volatile risk for a more predictable long-term risk, 2) transferring risks to an insurance company in exchange for a specific cost through annuity purchases, and 3) paying lump sums to plan participants instead of monthly benefits. The key point is that while de-risking strategies aim to reduce a company's risk exposure, the risks are actually shifted to other entities rather than disappearing completely.