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1、Titman/Keown/Martin•FinancialManagement,TwelfthEdition2-9Chapter2SolutionstoStudyQuestions2-1.The“RegardlessofYourMajor”boxdescribestwotypesofretirementplans:definedcontributionanddefinedbenefit.The“defined”partofeachnamemeansthatbenefitsarespecified,ordefine
2、d;thedifferencebetweenthetwoplansisinwhenthosebenefitsaredefined.Definedbenefit(DB)plansspecifytheamountstobepaidinretirement—thatis,thebenefitstheretireewillreceivearespecified.Thus,thesponsoroftheplanpromisestomakespecificpaymentstotheretiree,andthenthespon
3、soracceptstheresponsibilityforinvestingapoolofassetsnow(oratleast,beforethecoveredpersonretires)toensurethatthosebenefitsinfactcanbepaidinthefuture.Managingpensionassetstoensurefuturepaymentsiscomplicated,andcompaniesthesedaysprefertoofferdefinedcontributionp
4、lans,like401(k)plans,insteadofdefinedbenefitplans.Definedcontribution(DC)plansspecifythecontributionsthatwillbemadetotheplan(now),notthebenefitsthatwillbepaidatretirement.It’saloteasiertospecifyanamounttobepaidtodaythanitistoensurethatonewillbemadeinthefuture
5、.Withdefinedcontributionplans,employeesaccepttheresponsibilityofinvestingtheirfundstoensureadequateresourcesinretirement,removingthatburdenfromemployers.It’sthereforenotsurprisingthatemployerspreferdefinedcontributionplans,whileemployeeswhohavedefinedbenefitp
6、lanscountthemselveslucky.©2014PearsonEducation,Inc.Titman/Keown/Martin•FinancialManagement,TwelfthEdition2-92-2.Thethreeplayerswhointeractinthefinancialmarketsareborrowers,savers,andfinancialintermediaries.Borrowersneedmoneytohelpfinancesomespecificpurpose—as
7、tudentloantohelppayforcollege,anautoloanforacar,oramortgageforahouse.Savershavemoneythattheydon’tneedforconsumptiontoday,sotheysetthismoneyasidetouseinthefuture.Financialintermediariesbringthetwotogether,channelingthesavers’“extra”moneytotheborrowersfortheiri
8、mmediateuse.Iftheborrowersandsaverscouldgettogetherthemselvessomehow,theycould“cutoutthemiddleman”andsavetheintermediationcosts.Thismightsoundgood—butisitfeasible?Financialintermediariess
