NO.PZ202206210200000105
问题如下：
Which of the following would Browne least likely consider a source of risk for the Tucker pension plan?选项：
A.Workforce characteristics B.The sponsor’s financial health C.Common risk exposures between the sponsor and the fund解释：
SolutionB is correct. The plan sponsor holds an investment-grade credit rating, and there are no indications of declining financial health.
A is incorrect. There are a substantial number of retirees, and the active employees are older, with long service records, suggesting many are nearing retirement. The current asset allocation is both illiquid in nature (newly launched private equity funds and directly owned undeveloped real estate) and volatile in value (small-cap equities). Given the workforce characteristics, the fund should likely be moving to a more current income-producing allocation and one that would reduce surplus volatility.
C is incorrect because 18%–19% of the fund’s assets are invested in the sponsor’s common stock. If the sponsor’s financial health declines, the value of fund assets will decline at precisely the same time the sponsor is required to make additional contributions. Because it is less likely to be able to do so when it is in poor financial health, this situation creates a greater risk of insolvency than if that allocation were in different assets.
老师，您好！我看答案给的回复都是一样的，我想追问下为什么通过“第一段主要是说T是上市公司，股票属于Russell 2000指数，BBB+的 credit rating。”和第二段“asset allocation”这两段能判断Sponsor hold investment-grade credit rating并且可预期的未来不会有财务风险？谢谢！
