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Kate · 2024年06月27日

麻烦老师帮忙皮一下答案,谢谢。

NO.PZ2023010409000011

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:

Ÿ Final monthly salary × Benefit percentage of 2% × Number of years of service

Ÿ 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

解释:

Benefit Payments


  • DB has a clearly defined benefit payment is affected by final monthly salary, number of years of service, and benefit payment 2%
  • DC does not have the payment defined in advance, and the payment is affected by the investment result of the Heselwith chosen fund.



Contributions


  • DB plan: company bears the risk of making additional contribution if the fund turns to underfunded and need additional input to main the fund status
  • DC pan: Heselwith needs to bear the risk of making additional contribution if the investment laters become less profitable than expected even through it is 12% for now.


Shortfall risk


  • DB’s shortfall risk is bear by the company. The company needs to pay fixed benefit no matter what. Thus, if shortfall risk occurs and the fund ends with very little value. The company needs to bear the risk.
  • DC plan’s shortfall is bear by the investor. The investor needs to take the risk that the value of the fund is not enough to meet the retirement objectives. 


Mortality/Longevity risk


  • DB plan pools the mortality and longetivity risk. Employees who die early saves money for the fund to make more payments to those who live longer than expected.
  • DC plan introduces the risk of running out of money in late years for employees.


1 个答案

Lucky_品职助教 · 2024年06月28日

嗨,爱思考的PZer你好:


同学你好:


和你的上一道题一样,你的答案很完整并且叙述清晰。在得分点和语言叙述上,没有什么需要进一步修改的了。

但我还要嘱咐的是,如果真遇到这种需要整体范围解答的题目,我们每一个点的回答,一定要更加精炼,要不你是答不完题的。

但是实际情况是,在正式考试中,大概率会只问你其中一个点,比如说,只问Contributions或是Shortfall risk,那这种情况下,你的答案就很完美了。

答写作题,一定要掌握好时间,答案要尽量简练。



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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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