老师，麻烦完整一下解答一下

Miller tells Browne, “Chattahoochee provides its services to relatively small institutional investors, typically those with assets of USD20 million–USD100 million. Your primary goal is to attract new clients in our three primary target areas: insurance companies, defined benefit pension funds, and endowments and foundations.”

Miller continues, “The asset portfolios of our clients can vary widely. How well do you understand the differences between the investment approaches used by various institutions?”

Browne replies, “I’m familiar with a number of them. For our clients with long-term horizons and relatively low liquidity needs, we could recommend the Canadian model, which entails a high exposure to alternative investments. Given their primary investment objectives, pension funds and insurance companies are usually well suited to the liability-driven investing model.”

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.

The asset allocation of the portfolio is

• 37% publicly traded equity, mostly small-cap growth equities, about half of which is in Tucker common stock, which is considered a growth stock and pays no dividends;

• 29% private equity, invested in two recently launched funds; and

• 34% directly owned real estate, consisting of vacant land that is expected to be developed in 15–20 years.

The current value of plan assets is USD109 million. Values are calculated using market prices where available and third-party appraisals or valuations where market prices are unavailable or stale. The value of plan liabilities is USD93 million, which is calculated by discounting projected benefit payments using a discount rate equal to the average total return the current asset allocation would have earned over the last 15 years.

Browne tells Miller that Tucker Manufacturing’s management is happy the value of plan assets exceeds the value of plan liabilities by USD16 million. The company anticipates recording an asset on its balance sheet called “plan surplus” in this amount. She asks him whether he sees any problems with this idea.

Miller reminds Browne that her proposal should indicate any risks present in the Tucker pension fund that would be reduced by the Chattahoochee investment proposal. Browne responds, “I have been evaluating a number of potential risk sources and have identified some concerns that I will raise.”

Browne also shares her proposal for a revised investment objective for the Tucker pension: