麻烦问下，shortfall risk是怎么看出来不够的？
另外 benefit payment是指支付的好处？是谁的好处？问答题找不到应该从哪个点去答
问题如下图：
发亮_品职助教 · 2020年01月08日
嗨，努力学习的PZer你好：
“麻烦问下，shortfall risk是怎么看出来不够的？”
这道题的数据看不出来的。
因为是否存在Shortfall risk一定要等退休时养老金的状况、员工的寿命等这些条件来分析的，所以仅凭现在的描述我们是无法判断的。
但是，对于养老金来说，他一定存在潜在的Shortfall risk。
所以这道题让我们讨论Shortfall risk，就是想让我们说说为两种养老金下的Shortfall risk，以及谁承担Shortfall risk。
比如对于DB plan，Shortfall risk就是：plan assets being insufficient to meet her retirement benefit payment
然后Risk的承担者是： her employer
DC plan shortfall risk就是Contributions以及投资运作没有达到退休目标、是否存在Shortfall risk要Depend on（the 12% contribution rate from the company, plus any additional contributions she chooses to make, as well as the performance of the chosen investments.)
然后Riks的承担者是：Finoa。
对Shortfall risk的简单描述，加风险的承担者，这问就OK了。
“另外 benefit payment是指支付的好处？是谁的好处？问答题找不到应该从哪个点去答”
这个Benefit payment就是我们退休时，拿到的养老金。
因为题干给了这两种养老金进行分析。两个养老金的Benefit payment都有他的特点。
比方说是DB plan，Benefit payment要和一堆数据挂钩，比如Salary，工作年限等。能拿多少Benefit payment是雇主承诺给我们的。
DC Plan，退休后能拿到多少养老金要取决Contribution多少以及Contribution的实际运作，能拿多少Benefit payment是不确定的。
因为DB/DC的优缺点、特点是定死的，所以如果碰到问答题反而比较好答，回答的内容就是我们学的，只不过稍微带一下题干中的信息就行。
-------------------------------努力的时光都是限量版，加油！
yewei1989 · 2021年05月12日
请问short risk和longestive risk有什么区别，我感觉两个是一样的？
发亮_品职助教 · 2021年05月12日
嗨，爱思考的PZer你好：
请问short risk和longestive risk有什么区别，我感觉两个是一样的？
不一样。
Longevity risk专指：寿命太长，养老金资产不够带来的风险。
Shortfall risk专指：养老金资产不够、资产有缺口带来的风险。
Longevity risk可能会带来Shortfall risk，且该Shortfall risk就是由寿命太长引起的；但Shortfall risk也有可能是由其他因素引起的，例如，DB Fund asset运作不好，投资产生了大幅亏损，也会带来Shortfall risk。
两个概念有重叠，但不完全相等。
----------------------------------------------努力的时光都是限量版，加油！
NO.PZ2019100901000013 问题如下 Fiona Heselwith is a 40-year-olUS citizen who hacceptea job with Lyricul, LLa UK-basecompany. Her benefits package inclus a retirement savings plan. The company offers both a finebenefit () plana finecontribution () plbut stipulates themployees must choose one planremain with thplthroughout their term of employment.The plis fully funanprovis full vesting after five years. The benefit formula for monthly payments upon retirement is calculatefollows:Finmonthly salary × Benefit percentage of 2% × Number of years of serviceThe finmonthly salary is equto average monthly earnings for the last five financiyears immeately prior to the retirement teThe plcontributes 12% of annusalary into the pleayeanis also fully vesteafter five years. Lyricul offers its plparticipants a series of life-cycle fun investment choices. Heselwith coulchoose a funwith a target te matching her planneretirement te. She woulable to make aitioncontributions from her salary if she choosesscuss the features thHeselwith shoulconsir in evaluating the two plans with respeto the following:i. Benefit paymentsii. Contributionsiii. Shortfall riskiv. Mortality/longevity risks Benefit payments:: The benefit payment is finecontract, whiis is calculateas: Finmonthly salary × Benefit percentage of 2% × Number of years of service; : The benefit payment is uncertain thpen on investment choithe employer on a series of life-cycle fun anthe performanof the fun. Besi, it also pen on if Fiona is able to make aitioncontributions from her salary.Contribution:: The contribution is not fixethe plis fully funcurrently, analso pen on the investment performanof the plan;: The contribution is fixefor employer, whiis 12% of annusalary of Fionanis flexible for employee her choice.Shortfall Risk:: The shortfall risk of plis beemployer;: The employee bears the shortfall risk herself.Mortality/Longevity Risk:: The employer covers the mortality/longevity risk;: The employee bears the mortality/longevity risk herself.
NO.PZ2019100901000013 问题如下 Fiona Heselwith is a 40-year-olUS citizen who hacceptea job with Lyricul, LLa UK-basecompany. Her benefits package inclus a retirement savings plan. The company offers both a finebenefit () plana finecontribution () plbut stipulates themployees must choose one planremain with thplthroughout their term of employment.The plis fully funanprovis full vesting after five years. The benefit formula for monthly payments upon retirement is calculatefollows:Finmonthly salary × Benefit percentage of 2% × Number of years of serviceThe finmonthly salary is equto average monthly earnings for the last five financiyears immeately prior to the retirement teThe plcontributes 12% of annusalary into the pleayeanis also fully vesteafter five years. Lyricul offers its plparticipants a series of life-cycle fun investment choices. Heselwith coulchoose a funwith a target te matching her planneretirement te. She woulable to make aitioncontributions from her salary if she choosesscuss the features thHeselwith shoulconsir in evaluating the two plans with respeto the following:i. Benefit paymentsii. Contributionsiii. Shortfall riskiv. Mortality/longevity risks i. Benefit payments: plha fixeBenefit payments for employees, while plesn't.ii. Contributions: plha fineContributions for employer, while plesn't.iii. Shortfall risk: Employee beers the shortfall risk for plan, company beers the shortfall risk for plan.iv. Mortality/longevity risks: Employee beers the Mortality risk for plan, anbeers the longevity risk for plan.
NO.PZ2019100901000013 问题如下 Fiona Heselwith is a 40-year-olUS citizen who hacceptea job with Lyricul, LLa UK-basecompany. Her benefits package inclus a retirement savings plan. The company offers both a finebenefit () plana finecontribution () plbut stipulates themployees must choose one planremain with thplthroughout their term of employment.The plis fully funanprovis full vesting after five years. The benefit formula for monthly payments upon retirement is calculatefollows:Finmonthly salary × Benefit percentage of 2% × Number of years of serviceThe finmonthly salary is equto average monthly earnings for the last five financiyears immeately prior to the retirement teThe plcontributes 12% of annusalary into the pleayeanis also fully vesteafter five years. Lyricul offers its plparticipants a series of life-cycle fun investment choices. Heselwith coulchoose a funwith a target te matching her planneretirement te. She woulable to make aitioncontributions from her salary if she choosesscuss the features thHeselwith shoulconsir in evaluating the two plans with respeto the following:i. Benefit paymentsii. Contributionsiii. Shortfall riskiv. Mortality/longevity risks benefit payment:: payment is equto finmonthly salary × Benefit percentage of 2% × Number of years of service;: unkown, it's penon contribution aninvestment performancecontribution:: unknown: clearly finehortfall risk:: beemployer: beemployeeMortality/Longevity risk: pool mortality risk, employee bemortality risk: belongevity risk
NO.PZ2019100901000013 问题如下 Fiona Heselwith is a 40-year-olUS citizen who hacceptea job with Lyricul, LLa UK-basecompany. Her benefits package inclus a retirement savings plan. The company offers both a finebenefit () plana finecontribution () plbut stipulates themployees must choose one planremain with thplthroughout their term of employment.The plis fully funanprovis full vesting after five years. The benefit formula for monthly payments upon retirement is calculatefollows:Finmonthly salary × Benefit percentage of 2% × Number of years of serviceThe finmonthly salary is equto average monthly earnings for the last five financiyears immeately prior to the retirement teThe plcontributes 12% of annusalary into the pleayeanis also fully vesteafter five years. Lyricul offers its plparticipants a series of life-cycle fun investment choices. Heselwith coulchoose a funwith a target te matching her planneretirement te. She woulable to make aitioncontributions from her salary if she choosesscuss the features thHeselwith shoulconsir in evaluating the two plans with respeto the following:i. Benefit paymentsii. Contributionsiii. Shortfall riskiv. Mortality/longevity risks planbenefit paymentthe benefit payment is finethe formulFinmonthly salary × Benefit percentage of 2% × Number of years of service. the benefit payment is contractuobligation plsponsor.contributions: the plsponsor contributes mostly to the pension asset. the emploees contribute a little.shortfall risk: the pension plasset cannnot meet the future contractuobligation.mortality/longevity risk: the employees cnot live longer ththe average expecte they leave their asset for thalive. there is no longevity risk for plan planbenefit paymentthe benefit payment is uncertain penng on the performanof investment. the employees beinvestment riskcontributions: the employees contribute mostly to pension plasset. the employer contributes little.shortfall risk: the retirement gocannot achivee to not enough pension assetmortality/longevity risk: the employees bears longevity risk.
NO.PZ2019100901000013 问题如下 Fiona Heselwith is a 40-year-olUS citizen who hacceptea job with Lyricul, LLa UK-basecompany. Her benefits package inclus a retirement savings plan. The company offers both a finebenefit () plana finecontribution () plbut stipulates themployees must choose one planremain with thplthroughout their term of employment.The plis fully funanprovis full vesting after five years. The benefit formula for monthly payments upon retirement is calculatefollows:Finmonthly salary × Benefit percentage of 2% × Number of years of serviceThe finmonthly salary is equto average monthly earnings for the last five financiyears immeately prior to the retirement teThe plcontributes 12% of annusalary into the pleayeanis also fully vesteafter five years. Lyricul offers its plparticipants a series of life-cycle fun investment choices. Heselwith coulchoose a funwith a target te matching her planneretirement te. She woulable to make aitioncontributions from her salary if she choosesscuss the features thHeselwith shoulconsir in evaluating the two plans with respeto the following:i. Benefit paymentsii. Contributionsiii. Shortfall riskiv. Mortality/longevity risks 1、 Fun基金承担Longevity risk，员工承担Mortality risk；基金通过资产池的方式（Pooleassets），（用Mortality risk平衡了Longevity risk）降低了基金面临的Longevity risk。2、对于 Plan，基金（雇主）不承担风险，风险由员工承担。因此，员工承担Longevity risk（活的过长，养老金不够用的风险），以及Mortality ris请老师下， plan里面为什么员工承担了Mortality risk， 不是说 plan当中， 员工没有承担任何的longevity anmortality risk吗？