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yewei1989 · 2021年04月03日

在shortfall risk里面，fall to her employer怎么理解的？

  1. CFA III
  2. 机构IPS

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

解释：

在shortfall risk里面，fall to her employer怎么理解的？

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1 个答案

发亮_品职助教 · 2021年04月06日

嗨，努力学习的PZer你好：


在shortfall risk里面，fall to her employer怎么理解的？


shortfall risk of plan assets being insufficient to meet her retirement benefit payments falls to her employer, Lyricul, with the DB plan.


注意看最后加粗的字体，这里讨论的是DB Plan的Shortfall risk。


这点其实就是DB Plan的特性。


先解释一下Shortfall risk，Shortfall risk在这里就是专指：养老金资产不足以Cover养老金负债，也就是资产有短缺。


对于DB plan，这个DB Plan的特点就是：Employer承诺员工退休之后，给员工支付确定数额的退休金，所以这个Benefit payments是Employer承诺定死的。

一旦出现了养老金资产不够Cover养老金负债的情况，Employer就需要补足缺口，需要承担不足的部分。所以我们说，这个Shortfall risk是由DB Plan的Employer承担。


但是对于DC Plan就刚刚好相反。DC Plan是Emloyer承诺每期给员工账户里缴存确定数额的养老金，至于员工退休之后能拿多少钱，完全取决于这个养老金账户的投资收益。如果养老金账户投资的不好，那么员工能拿到的退休金就很有限。因此DC Plan的Shortfall risk是由员工承担的。

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