ASSet_MANagemen

The age of the workforce and the mix of active versus retired employees affects the duration of the liability and the liquidity requirements.
If you have a company where the average worker is 35 years (30 years from retirement), duration of liability is long along with time horizon being long.
If you have a company where average worker is 45 years (15 years to retirement) duration of liability is still long, but you have have a shorter time horizon.
If you have a company where average worker is 45 year (15 years to retiremen) and you have active retirees, duration of liability is long, but you have liquidity needs (need to pay existing retirees), you have time horizon that is both short term and long term in nature.