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小叶子11 · 2021年09月27日

DB plan 的 vesting status

Browne asks Miller for some advice on developing a proposal for a potential client, the defined benefit pension plan for Tucker Manufacturing. Tucker is a publicly traded firm whose stock is a part of the Russell 2000 Index. The firm has been in business for 82 years and has a Fitch credit rating of BBB+.

The plan, which does not require any contributions from employees, has 160 retirees and 280 active employees. Employees vest fully after six years of service. The average age of active employees is 54 years, their average length of service is 26 years, and employees may retire and begin to collect benefits after 30 years of service. Benefits are based on years of service and the average salary during the last five years of service. Retirees receive a cost-of-living adjustment based on changes in the consumer price index. Prior to retiring, employees can choose to receive a lump sum payment in place of future pension benefits.

Q. The stakeholders of the Tucker pension plan would least likely have concerns about the:

A vesting status of current employees.

B.plan’s ability to meet liquidity needs.

C.imbalance between the maturity of plan assets and plan liabilities.

A is correct. 

请问A选项目前vesting status of current employees.是什么样的

麻烦解析一下C选项,谢谢!

1 个答案

发亮_品职助教 · 2021年09月28日

嗨,从没放弃的小努力你好:


请问A选项目前vesting status of current employees.是什么样的


DB Plan规定,员工干满6年之后,有资格拿Benefit:Employees vest fully after six years of service. 

下面题干介绍了下当前公司员工的状况:

The average age of active employees is 54 years, their average length of service is 26 years, and employees may retire and begin to collect benefits after 30 years of service. 

平均年龄54岁,平均工作年限26年,工作30年就可退休、提取Beneft。

Vesting status of current employees,就是问当前Liability里面,有多少是实际生效的、有多少员工有资格提取。那其实比较的就是员工的工作年限,与公司规定有资格拿Benefit的年限。

显然,工作年限 26年 > DB Fund规定的6年。因此,这个DB Fund,基本上绝大多数都是Vested liability,都是生效的Liability。

所以本题A选项提到的Vesting status of current employees,基本大局已定,不会太影响Pension。


麻烦解析一下C选项


选项说:imbalance between the maturity of plan assets and plan liabilities,其实说的就是资产与负债之间期限的不匹配。

所以分析的时候还会回到资产匹配(Asset-Liability matching)。由于负债是一系列现金流,可以看成债券,他们具有一个Duration。而本题的资产全部投资的是Equity与Real estate,这道题的情况是,资产基本上没有构建Duration-matching的策略,因此本题存在不匹配的问题。由于这道题的养老金没有做匹配,所以存在一定的Concern。因为基本上养老金负债是需要用Duration-matching策略来Matching的。

即便不适用严格的Duration-matching,也会构建Maturity差不多的债券资产来Cover现金流。

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