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Shawnxz · 2024年07月13日

请问Frozen DB是哪里的知识点呀？记不得了谢谢

  1. CFA III
  2. 机构IPS

* 问题详情，请 查看题干

NO.PZ202301040900001201

问题如下：

(1) Contrast the time horizon and liquidity constraints of the R-Cubed pension and defined contribution plans.

选项：

解释：

Time Horizon

While both retirement plans can be considered long-term, the time horizon of the defined benefit pension plan is shorter than that of the defined contribution plan because of its frozen status.

No new participants will be joining the pension plan and it will be wound down over time as existing participants and their beneficiaries die.

Liquidity Constraints

The defined benefit pension plan has a greater liquidity constraint due to its older workforce and the fact that the benefit will be paid out over the indeterminate lives of the participants and their beneficiaries.

The possibility of early retirement and lump-sum payouts amplifies this situation.

Further, the pension plan’s benefits are indexed to inflation, increasing the magnitude of benefit payouts going forward.

请问Frozen DB是哪里的知识点呀？记不得了谢谢

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Lucky_品职助教 · 2024年07月14日

嗨，爱思考的PZer你好：


同学你好：


关于Frozen DB的相关知识点，在机构投资者的基础班讲义里，第10页，47页，51中都有出现过，我把截图粘在下面了。

我简单说一下，同学应该很快就能回忆起来了。

Frozen DB，就是现在开始对新员工关闭，但是老员工继续保留DB、直至DB完全结束掉。没有了新人的加入，Frozen DB就没有了新的Contribution，也就是没有了Cash inflow。与此同时，Frozen DB里还有很多老员工会逐渐接近退休，面临很多Cash outflow。在这种情况下，当提取的Benefit超过Contribution+资产现金流收益时，Frozen DB开始转向Negative cash flow,可能就要卖资产了。那么Liquidity需求会提升，因为没有了Cash inflow，养老金的Cash outflow必须要用资产来满足，因此只能说是投资在流动性较好的资产上，对资产产生的流动性需求上升。








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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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NO.PZ202301040900001201 问题如下 (1) Contrast the time horizon anliquity constraints of the R-Cubepensionanfinecontribution plans. Time HorizonWhile both retirement plans cconsirelong-term, the time horizon of the finebenefit pension plis shorter ththof the finecontribution plbecause of its frozen status.No new participants will joining the pension planit will wounwn over time existing participants antheir beneficiaries e.Liquity ConstraintsThe finebenefit pension plha greater liquity constraint e to its olr workforanthe faththe benefit will paiout over the interminate lives of the participants antheir beneficiaries.The possibility of early retirement anlump-sum payouts amplifies this situation.Further, the pension plan’s benefits are inxeto inflation, increasing the magnitu of benefit payouts going forwar 为什么这题只有对的？不是问对比和吗？

2024-07-13 11:17 1 · 回答