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小叶子11 · 2021年09月12日

机构官网practice选择题

Li answers, “We realize the importance of incentives for employees to remain at our bank for at least four or five years. In addition to a defined contribution plan offered to all employees, Pure offers an additional deferred compensation plan to our technical employees, which is designed to mimic a defined benefit plan. It is a so-called non-qualified retirement plan, not eligible for favorable tax treatment but also not subject to the typical pension regulatory requirements.”

Li continues, “The plan’s benefit is defined as a percentage of each year’s compensation subject to a fixed 4% annual interest rate credit accumulating each year to a total lump sum. Pure, which has sufficient cash flow, has a policy of contributing an amount sufficient to cover accumulated vested plan benefits annually into a corporate trust. The plan’s trust portfolio is entirely composed of fixed-income securities. The employee gradually accrues rights to the full amount of the benefit from the beginning of Employment Years 3 through 6. Upon separation from employment, the employee may receive distribution of the entire vested benefit or leave it in the plan to accumulate further. Those who do not remain employed long enough to become fully vested forfeit some or all of the benefit. Pure uses these forfeited funds to reduce its future contributions to the plan’s trust. A majority of the participating technical employees remain at least five years, and we lose only about 20% of our staff within the first four years. The average tenure of our technical staff is 5.5 years. Exhibit 2 shows some of the characteristics of the portfolio backing the benefit.”

Q. Based on Li’s description of the deferred compensation plan, which of the following risks should she least likelyconsider significant?

  1. Plan design
  2. Workforce characteristics
  3. Correlation between the sponsor’s business and plan investments

这个题文中对应段落是什么意思,根本没读懂,求教


1 个答案

发亮_品职助教 · 2021年09月13日

嗨,从没放弃的小努力你好:


这个题文中对应段落是什么意思,根本没读懂,求教


这道题出的比较差。他其实是想考察(主要是C选项),Sponsor的经营收入与DB Plan投资收益之间的Correlation。

一般来讲,Sponsor的经营收入与DB Asset投资之间的Correlation越低越好。相关性越低,说明DB Fund的风险承受能力越强。

例如,当DB Asset投资收益很差时,由于相关性低,那说明企业的经营收入比较好。为了简便,可以把Correlation相关性拉到最低-1,那这样的话,就是DB Asset投资收益很差时,企业的经营收入却很好。那就说明,即便DB Fund收益不好,企业也有足够的实力给DB Fund里面充钱(Contribution),维持DB Fund的Status。

所以,DB Asset与Sponsor business之间的Correlation越低越好。


针对这道题的题干,DB Asset投资的是Fixed-income产品,而Sponsor是网络银行(Mobilebank),那其实两者的相关性不是太强,于是C选项的Correlation是Least likely siginificant考虑的因素。


但注意,其实这道题出的不好,因为Sponsor是银行,经营主要面临利率风险,而DB Asset投资的是固收产品,面临的也是利率风险,两者之间其实有较高的相关性。但是从本题的全文看,题干没有描述Correlation,所以这道题认为DB与Sponsor之间的Correlation就不存在问题。

其实细想一下,有一点不合理,这是这道题的瑕疵。这道题了解即可。


最后,这道题其实完全就是读懂题干的描述就可以解题。下面就针对文中的相关描述,大概说一下啥意思。

In addition to a defined contribution plan offered to all employees, Pure offers an additional deferred compensation plan to our technical employees, which is designed to mimic a defined benefit plan.

上面这句是说,他们公司除了给员工提供DC Plan之外,还额外给技术员工提供了一个叫做Deffered compensation plan,而这个Deffered compensation plan是很像DB Plan的。

所以,这道题虽然描述的是Deffered compensation plan,但其实考察的是DB Plan的知识点。


It is a so-called non-qualified retirement plan, not eligible for favorable tax treatment but also not subject to the typical pension regulatory requirements.”

这个Deffereed compensation plan,其实不能完全算作Retirement plan,因为企业原本已经有了DC Plan,这个Deffered compensation plan只是补充福利,所以不能再额外享受养老金的税收优惠,也不会受到养老金的监管。


The plan’s benefit is defined as a percentage of each year’s compensation subject to a fixed 4% annual interest rate credit accumulating each year to a total lump sum. 

上面这句说,这个Plan,每年增加的金额是:每一年Compensation的4%。


Pure, which has sufficient cash flow, has a policy of contributing an amount sufficient to cover accumulated vested plan benefits annually into a corporate trust.

上面这句说,这家公司有足够的现金流,然后每年给Corporate trust里面缴纳足够的金额。


The plan’s trust portfolio is entirely composed of fixed-income securities. The employee gradually accrues rights to the full amount of the benefit from the beginning of Employment Years 3 through 6. Upon separation from employment, the employee may receive distribution of the entire vested benefit or leave it in the plan to accumulate further. 

上面说,Plan主要投资在Fixed-income上。只有当员工,从工作起的第3年至第6年,才逐渐慢慢累积至全额享受Benefit的资格。也就是说,员工只有至少工作3年,才有资格参与Benefit,完全干满6年,才会拿到全额Benefit。

当员工离职时(Separation from employment),员工要么拿到全部已经累计的Benefit,要么员工还不够资格拿走Benefit,所以这部分Benefit就会继续沉淀在Plan里、那这部分金额就属于继续在职员工的了。


Those who do not remain employed long enough to become fully vested forfeit some or all of the benefit. 

这句继续补充到,如果员工在这家公司工作的时间不长,那么属于他们的Benefit可能会完全作废,或者部分作废。


Pure uses these forfeited funds to reduce its future contributions to the plan’s trust. 

接下来说,如果员工提前离职,那么作废的Benefit就继续沉淀在Plan里,供在职的员工使用,那这样的话,相当于企业可以用这些沉淀的Forfeited funds来抵扣一部分给在职员工缴纳的Contribution。即,因为员工离职还未干满3年,原本属于他们的Benefit他们还没资格拿走,那就继续放在Plan里供在职员工使用,企业可降低为在职员工缴纳的Contribution。


A majority of the participating technical employees remain at least five years, and we lose only about 20% of our staff within the first four years.

接下来说,绝大多数Participant,至少工作了5年,工作少于4年的,只有20%离职。


 The average tenure of our technical staff is 5.5 years. 

接下来说,平均工龄是5.5年。


结合上面的解释,其实这个Plan的设计有一定特点,会影响到这个Plan,所以A选项Plan design是一个重要影响因素。

B选项的Workforce characteristics也是一个重要的影响因素,因为员工的离职率,员工的平均年龄等,都会影响到有多少的Liabiltiies是有效的。

那这样的话,就只有C选项不符合本题的意思。因为Plan的投资主要集中在Fixed-income上,而公司的经营是网络银行,原文也没有重点提出Correlation的问题。所以C选项不属于Significant consideration。

另外,本题的问题前面已经提到过,这种题完全就是读懂题干就可以做了,其实C选项要说Correlation,Banking与Fixed-income之间理论上是存在Correlation的。但题目似乎没考虑,所以这里有一点小问题。这道题了解到这里即可。

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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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