NO.PZ2019122802000004
问题如下：
The pension fund is currently fully funded and has followed an asset mix of 60% public equities and 40% bonds. An analyst presents a report in below Exhibit that proposes a new strategic asset allocation for the pension plan. The investment committee of the pension fund states that one of the concerns under the new allocation is that the pension fund needs to be able to fund an upcoming early retirement incentive program (ERIP) that the company will be offering to its employees within the next two years. Employees who have reached the age of 55 and whose age added to the number of years of company service sum to 75 or more can retire 10 years early and receive the defined benefit pension normally payable at age 65.
Based on Exhibit 1 and the proposed asset allocation, the greatest risk associated with the ERIP is:
选项：
A.liability.
B.leverage.
C.liquidity.
解释：
C is correct.
With the introduction of the early retirement incentive plan (ERIP), the defined benefit pension plan will likely be called upon to make pension payments earlier than originally scheduled. As a result, the near term liquidity of the plan is the greatest risk arising from the addition of the alternative asset classes (e.g., private equities, hedge funds, and real estate). Investments in alternatives, such as private equities, can take upwards of five years to reach a full commitment and potentially another decade to unwind.
主要if the early retirement incentive plan会增加投资的不确定性，随时需要liquidity，这样万一投资的是匹配养老金发放的长期债，现在拿不出钱就很大问题，所以有liquidity问题。
对于一个养老金来说，配置30%左右的非流动资产我感觉完全称不上有流动性的风险。相反，这个基金目前是fully funded，但是提前退休计划会一下子增加养老金的liability（contribution下降，distribution上升），为什么Liability不是一个风险呢？