Pension plans are "on a path to extinction and some are further along that path than others. ": In a previous article, I discussed several methods for reducing defined benefit (DB) plans’ funded status volatility. But as one source pointed out, advisors should also look at the plans’ liabilities when discussing volatility with clients. In the right circumstances, pension risk transfer (PRT) methods could play a role there. As with asset management strategies, the goal of PRT is risk-management. George Palms, president of Stamford, Conn.-based Legal & General Retirement America, describes DB plans as dinosaurs.