为什么不选A

问题如下：

4 Based on Exhibit 1 and the proposed asset allocation, the greatest risk associated with the ERIP is:

选项：

liability.

leverage.

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.

主要if the early retirement incentive plan会增加投资的不确定性，随时需要liquidity，这样万一投资的是匹配养老金发放的长期债，现在拿不出钱就很大问题，所以有liquidity问题。