NO.PZ2023010407000032
问题如下：
Park presents a report (Exhibit 1) that proposes a new
strategic asset allocation for the pension plan. Kroll states that one of the
concerns that the investment committee will have regarding the new allocation
is that the pension fund needs to be able to fund an upcoming early retirement
incentive program (ERIP) that SMC will be offering to its employees within the
next two years. Employees who have reached the age of 55 and whose age added to
the number of years of company service sum to 75 or more can retire 10 years
early and receive the defined benefit pension normally payable at age 65.
Based on
Exhibit 1 and the proposed asset allocation, the greatest risk associated
with the ERIP is:
选项：
A.
liability.
B.
leverage.
C.
liquidity.
解释：
C is correct. With the introduction of the early
retirement incentive plan (ERIP), the defined benefit pension plan will likely
be called upon to make pension payments earlier than originally scheduled. As a
result, the near term liquidity of the plan is the greatest risk arising from
the addition of the alternative asset classes (e.g., private equities, hedge
funds, and real estate). Investments in alternatives, such as private equities,
can take upwards of five years to reach a full commitment and potentially
another decade to unwind.
l理解提前退休带来大量负债和现金流需求，现在公司超一半在固收和股票上，流动性还好，return够支付债务么？还是说这个题不需要考虑回报不够的情况？谢谢
