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陈冰煌 · 2023年02月21日

Mock 题关于养老金liquidity need



The pension plan sponsor, JWR Industries, is a privately owned capital goods manufacturer with a relatively young workforce. The financially strong company is building a new factory and expects to add employees over the next three years. As a result, company management would like to minimize cash contributions to the Plan. In response, the investment committee decides to reduce its allocation to global intermediate-term bonds from 45% to 30% but is debating what asset class or classes should fill the resulting 15% vacancy in its strategic allocation. 



2. The most appropriate recommendation to the investment committee for filling the 15% vacancy in the pension’s strategic asset allocation is to: 

A. increase the allocation to global equities. 

B. increase the allocation to private real estate. 

C. add allocations to hedge fund strategies and private equity. 


何老师上课讲过,当雇主减少contributions 时养老金应该保持更多的流动性, 不是应该要投在global equity嘛?

1 个答案

lynn_品职助教 · 2023年02月21日

嗨,从没放弃的小努力你好:


何老师上课讲过,当雇主减少contributions 时养老金应该保持更多的流动性, 不是应该要投在global equity嘛?


同学提到的这一点没有错,但是因为这道题主要是站在well-funded的角度,并且题干中minimize contribution其实更多地是一个目标,而不是一个条件。所以在减少contribution时,是要注意增加流动性;但是想要减少contribution时,是要提高收益的。

 

1、PV Asset > PV Liability,资产组合是有一定的安全垫(cushion)去承担亏损的。就算把Surplus完全亏完,资产的金额依然是够Cover负债的。所以在有surplus时,Pension fund具有更高的风险承受,可以去投资更加激进一些。


2、surplus越多,也不需要contribution,怎么增加surplus呢,高收益资产。



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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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