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Fullhouse007 · 2022年07月17日

求问第一小问

  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

选项：

解释：

“Although her contributions in the DC plan are vested immediately”，这句话如何理解，两种计划的vest period等待期不是都是5年吗

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已采纳答案

lynn_品职助教 · 2022年07月18日

嗨，从没放弃的小努力你好：


这句话如何理解，两种计划的vest period等待期不是都是5年吗

是的，这道题的DB/DC plan都是要求员工干满5年，DB/DC plan才生效、退休后才有权利拿分红。


Heselwith notes that the vesting schedule with regard to the company’s contributions is the same in both plans,


这句其实就是题干里提到了，DC/DB plan的最低Service year为5年，干满5年才有权享受养老金分红。


although her contributions in the DC plan are vested immediately.


这句是说，即便DC plan每期都会实打实的缴纳Contribution；


和前面一句连起来就是：即便DC plan一开始就会实打实地缴纳Contribution（contributions in the DC plan are vested immediately），但也只有员工干满Vesting period后，才有权拿退休金。


所以，员工是否有权拿养老金分红，与是否真的缴纳Contribution无关，只与是否Vesting period有关。


注意DB plan是否缴纳Contribution决定权在雇主，只要DB投资的好，雇主不缴纳都行，只要能满足法律规定的Funded ratio即可；


而DC plan每期雇主要按法律要求，有义务、必须要定期缴纳Contribution。


这样，即便DC plan每期有实际的Contribution存入员工个人账户，但员工也必须要满足Vesting period，才有权拿养老金。


DB plan每期不一定有实际Contribution入账，同时，员工也必须要满足Vesting period，才有权拿养老金。


其实，答案“although her contributions in the DC plan are vested immediately”这句话稍微有点多余，就当是一个干扰理解的信息吧。


这道题是让对比DB/DC plan的Payment，回答的关键是Vesting period，以及DB、DC各自养老金分红的特点。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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