... should in separating the operating and financing elements of the pension plan, and anticipates a risk premium in the income statement.9 David Evans, “Earnings Time Bomb Looms in US as Pension ... the bottom line; they also introduce a substantial bias in favor of risky investments In this way, pension accounting mixes compensation costs, which are operating expenses, with investment results, ... their own and having corporate managers focus on investing in real operating assets Rather than investing in stocks and bonds, then, companies generally issue bonds and equity to finance their operations...