Fabozzi 金融机构基础课后答案.doc

《Fabozzi 金融机构基础课后答案.doc》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、CHAPTER8PENSIONFUNDSINTRODUCTIONTOPENSIONFUNDSApensionplanisafundthatisestablishedforthepaymentofretirementbenefits.Pensionplansaresetupbyplansponsorstopayretirementbenefits.Moniesareplacedinthefundsbytheemployer/employeesandearningscompoundtax-freeuntilwithdra

2、wnatretirement.Thekeyfactorexplainingpensionfundgrowthisthattheemployer^contributionsandspecifiedamountoftheemployee，scontributions,aswellastheearningsofthefundassets,aretaxexempt.Inessence,apensionisaformofemployeeremunerationforwhichtheemployeeisnottaxeduntil

3、fundsarewithdrawn.TYPEOFPENSIONPLANSDefinedBenefitPlanInadefinedbenefitplan,paymentsarespecifieduponretirementbythesponsor.Theamountavailableuponretirementbecomesafunctionoftheamountplacedinthefundandyearsofservice.Thepensionobligationsareeffectivelytheobligati

4、onoftheplansponsor,whoassumestheriskofinsufficientfundingtomeetcontractualpayments・Plansponsorsoftenbuyannuitiesfrominsuraneecompanies,therebyshiftingtherisktothesecompanies.Suchplansarecalledinsuredbenefitplans,thoughthephraseisamisnomerinthatthebenefitsaregua

5、ranteedonlysofarastheinsurancecompanycanprovidethefunds.ThePensionBenefitGuarantyCorporation(PBGC),establishedunderERISAprovidesonlyforvestedbenefitspaymentsineventofdiscontinuationbytheplansponsor.Definedbenefitplansareexpensiveandhardtoimplementwhenfewemploye

6、esworkforonlyonecompanyovermanyyears.Benefitsbecomevestedwhenemployeesreachacertainageandcompleteenoughyearsofservicetomeetminimumrequirementforreceivingbenefits・Inrecentyears,firmshavenotadopteddefinedbenefitplans.Majorfirmsthathavethemhavebeenfreezingtheirpla

7、ns.Thisisbecausetheyarecostlyandfirmshavefoundthattheplanshindertheircompetitiveness.DdHnedContributionPlansInadefinedcontributionplan,theplansponsorprovideonlyforspecifiedcontributionstothefund.Noguaranteesaregivenastotheamountofbenefitsthatwillbeavailableupon

8、retirement.Thustheriskofpoorperformanceisbornebytheemployee.SuchplansareusuallyprovidedunderSection401KoftheRevenueCode,andtheemployeecanusuallydirectwhatgroupwillmanagethes