poor plan design

嗨，爱思考的PZer你好：

就是DB plan没有在制度中设计好，导致有不正常量的early retirement & lump sum option一次性提取和提早退休，比如工作十年就可以申请提早退休等。

如果从risk tolerance的因素，那么会导致期限不匹配。

Such options tend to reduce the duration of plan liabilities, implying lower risk tolerance, all else equal.

如果从流动性角度，那么会导致没有足够的流动性来支付。

Plan features such as the option to take early retirement and/or the option of retirees to take lump-sum payments create potentially higher liquidity needs

----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！