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Renee瑾 · 2020年06月27日

问一道题:NO.PZ2019100901000001

问题如下:

William Azarov is a portfolio manager for Westcome Investments, an asset management firm. Azarov is preparing for meetings with two of Westcome’s clients and obtains the help of Jason Boulder, a junior analyst. The first meeting is with Maglav Inc., a rapidly growing US-based technology firm with a young workforce and high employee turnover. Azarov directs Boulder to review the details of Maglav’s defined benefit (DB) pension plan. The plan is overfunded and has assets under management of $25 million. Boulder makes the following two observations:

Observation 1 Maglav’s shareholders benefit from the plan’s overfunded status.

Observation 2 The funded ratio of Maglav’s plan will decrease if employee turnover decreases.

Which of Boulder’s observations regarding Maglav’s pension plan is correct?

选项:

A.

Only Observation 1

B.

Only Observation 2

C.

Both Observation 1 and Observation 2

解释:

C is correct.

Both observations are correct. For a corporate defined benefit plan, Maglav’s shareholders are stakeholders. These stakeholders are interested in the sustainability of the pension plan, and the overfunded status is an asset on the balance sheet, potentially increasing the value of Maglav’s stock. The overfunded status also allows management to potentially lower employer contributions to the plan and increase net income. It also lowers financial risk, which may reduce volatility in the stock price. In addition, decreasing employee turnover will increase plan liabilities and worsen the funded ratio. With high turnover, fewer workers will be vested and entitled to defined benefit payments. Conversely, if employee turnover decreases, expected vesting will increase, leading to higher plan liabilities and a lower funded ratio.

funded ratio是什么意思?


1 个答案

发亮_品职助教 · 2020年06月29日

嗨,爱思考的PZer你好:


“funded ratio是什么意思?”


Funded ratio就是:养老金资产的价值 除以 养老金负债的PV

就是衡量当前的养老金资产是否能Cover预期的养老金负债;当然这个比例大于1,且越大越好,代表资产足够多,可以Cover负债。

具体可以参考基础班讲义第45页:


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