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monicaaaaa · 2025年06月24日

答案

NO.PZ2019100901000013

问题如下:

Fiona Heselwith is a 40-year-old US citizen who has accepted a job with Lyricul, LLC, a UK-based company. Her benefits package includes a retirement savings plan. The company offers both a defined benefit (DB) plan and a defined contribution (DC) plan but stipulates that employees must choose one plan and remain with that plan throughout their term of employment.

The DB plan is fully funded and provides full vesting after five years. The benefit formula for monthly payments upon retirement is calculated as follows:

Final monthly salary × Benefit percentage of 2% × Number of years of service

The final monthly salary is equal to average monthly earnings for the last five financial years immediately prior to the retirement date

The DC plan contributes 12% of annual salary into the plan each year and is also fully vested after five years. Lyricul offers its DC plan participants a series of life-cycle funds as investment choices. Heselwith could choose a fund with a target date matching her planned retirement date. She would be able to make additional contributions from her salary if she chooses

Discuss the features that Heselwith should consider in evaluating the two plans with respect to the following:

i. Benefit payments

ii. Contributions

iii. Shortfall risk

iv. Mortality/longevity risks

选项:

解释:

1. Benefit payments: The DB plan’s benefit payments is defined bore by the employer and is determined by the level of average monthly earnings for the last five financial years and the number of years of service. And the benefit payments of DC plan is uncertain, which is determined by the contributions and the fund’s investment performance.

2. Contribution: The contributions of DB plan is uncertain and bore by the employer. The contribution is determined by the fund status. Although the DB plan is fully funded currently, there is no guarantee that the fund will remain fully funded and no commitment that the sponsor must keep the fund fully funded. The contribution for DC plan is bore by the employee and employer and the contribution is 12% of annual salary.

3. Shortfall risk. The shortfall risk of DB plan refers to the risk that the sponsor fails to pay the benefit payments upon employee’s retirement and it is taken by the employer. The shortfall risk of DC plan is taken by the employee, which means the benefit payments cannot meet the employee’s retirement needs. The shortfall risk of DC plan depend on the contribution rate from the company, the additional contributions from the employee as well as the performance of the chosen investment.

4. Mortality/longevity risk. The mortality risk and longevity risk of DB plan are beared by the employer. However, the longevity risk plan can be offset by the mortality risk in DB plan. In DC plan, the employee will beared the longevity risk.

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1 个答案

Lucky_品职助教 · 2025年06月24日

嗨,爱思考的PZer你好:


同学你的回答没有问题,但是内容太多了,在正式考试的时候,是不能在一道主观题上用这么多时间来进行回答的,那样会大大挤压里其他题目的回答时间,导致你会答不完题,后面本来很擅长的题目,也只能草草收场。所以建议同学尽可能缩减英文的表述方式。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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