first of all, not all cash balance plan is necessary defined benefit. If it is DB, the lump sum conversion interest rate is clearly stated in the plan document, usually under the Pension Protection Act (PPA) regulations, that sponsors can only choose certain rates for actuarial equivalence purpose. You question is weird - the conversion has nothing to do with investment. It's like calculating how to convert a life annuity into a J&S 50%, there is no asset portfolio performance involved.

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most of times, the crediting rate is set to something like 30yr treasury bond yield rate, i didnt say there is an asset portfolio performance, but 30yr treasury bond yield rate definitely involve some risk. Thanks anyway, the article i read is way too old, it still categerize cash balance plan as the DB plan, in fact, it's hybrid plan........