{"paper":{"title":"A Declining CVaR Glidepath Framework for Target-Date Fund Design with an Application to the Chilean Pension System","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.PM","authors_text":"Arturo Cifuentes, Fernando Su\\'arez, Israel Mu\\~noz, Omar Larr\\'e","submitted_at":"2026-06-11T17:31:27Z","abstract_excerpt":"We propose a framework for designing Target-Date Funds (TDFs) around an explicit return objective while controlling risk directly at the portfolio level through a declining Conditional Value-at-Risk (CVaR) constraint. In this approach, the regulator or sponsor specifies a CVaR glidepath that gives the portfolio manager enough flexibility to reach a target return with a reasonably high probability. The target return is determined exogenously from pension-design inputs such as retirement age, contribution rate, working years, life expectancy, and replacement-rate goals. This differs from convent"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2606.13618","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"integrity":{"clean":true,"summary":{"advisory":0,"critical":0,"by_detector":{},"informational":0},"endpoint":"/pith/2606.13618/integrity.json","findings":[],"available":true,"detectors_run":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938"},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"}