12:40 (1.3X)
不好意思老师,我还是需要再问一下:
在讲DB plan liquidity needs的时候,基础班讲义51页有写道:if the plan is well funded, the plan sponsor may reduce contributions, generating a need to hold higher balances of liquid assets to pay benefits,意思是如果这个养老金是well funded的,那么sponsor可能会减少投入,所以流动性需求会高(这里我理解的就是需要减少承担风险)
而在这里又说Seek to grow assets at a higher rate of return than the expected growth in liabilities—which typically involves taking on more investment risk.It also suits fully funded plans seeking to lower their contribution rate over time and willing to endure the increased volatility in funded status that this approach entails.意思是对于overfunded的养老金,如果为了减少contribution,那么应该承担更多的风险。
我对于这两句话的理解有点矛盾,那么是不是承担风险和保持流动性并不冲突呢?