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良爱洳 · 2020年09月19日

问一道题:NO.PZ2019122802000004 [ CFA III ]

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.


Which of the following is the greatest risk associated with the ERIP of the company?

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.

这题没太看懂它的意思   另外题目给的那个表格起到了什么作用?
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已采纳答案

韩韩_品职助教 · 2020年09月20日

嗨,爱思考的PZer你好:


同学你好,这个题目是说,当引入了early retirment incentive plan之后,DB fund投资alternative的话,下面几个风险中,哪一个程度最大。既然是alt投资,那么肯定流动性比一般股票债券产品要差,引入ERIP更是会有比较大的流动性支出,所以liquidity的因素是最大的风险。


-------------------------------
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.PZ2019122802000004 这个问题本身好像不太清晰,看不太懂事在问这个funrisk还是这个fun这个公司带来的risk。同意上面同学疑问的这个表格的作用,建议修改一下题目,减少对题目本身的困惑,侧重知识点掌握

2022-03-07 03:22 1 · 回答

NO.PZ2019122802000004 leverage. liquity. C is correct. With the introction of the early retirement incentive pl(ERIP), the finebenefit pension plwill likely calleupon to make pension payments earlier thoriginally schele a result, the neterm liquity of the plis the greatest risk arising from the aition of the alternative asset classes (e.g., private equities, hee fun, anreestate). Investments in alternatives, suprivate equities, ctake upwar of five years to reaa full commitment anpotentially another ca to unwin 主要if the early retirement incentive plan会增加投资的不确定性,随时需要liquity,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liquity问题。 况且,引入early retirement的计划又不是把所有的钱都用来支付,大部分用来支付不也可以吗?如果全部都用来支付势必有些资金会有opportunity cost。

2021-12-16 16:36 1 · 回答

leverage. liquity. C is correct. With the introction of the early retirement incentive pl(ERIP), the finebenefit pension plwill likely calleupon to make pension payments earlier thoriginally schele a result, the neterm liquity of the plis the greatest risk arising from the aition of the alternative asset classes (e.g., private equities, hee fun, anreestate). Investments in alternatives, suprivate equities, ctake upwar of five years to reaa full commitment anpotentially another ca to unwin流动性差的只占30%,前几年也不会有明显的流动性风险啊?

2020-10-24 20:41 1 · 回答

早退休为什么不是对liability影线最大?早退休就意味着马上要支付一大笔liability呀

2020-03-11 22:52 1 · 回答