文档介绍：该【养老基金目标和战略(1) 】是由【我是药仙】上传分享，文档一共【25】页，该文档可以免费在线阅读，需要了解更多关于【养老基金目标和战略(1) 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。养老基金目标和战略(1)
CurrentSituation
Plansponsorshavetypicallynotbeenproactiveinaddressingtheir
decliningfundedpositions–withafewnotableexceptions.
Why?
Theycountedonsmoothingtoavoidtheworsteffectsofthecapitalmarketsituation,andthatthecapitalmarketsituationwouldimproveovertime.
Theycountedonlegislatedsolutionstomitigatecontributionrequirements.
Theimplicationsintermsoffuturecontributionrequirementswerenotalwaysmadeclear.
Thenumberofalternativefundingmeasuresmadeithardtomonitorresultsanddetermine/prioritizefundingtargets.
LessonsLearned
Poorlyfundedplansentailanumberofadverse
consequences,inadditiontospikesinfuture
contributionrequirements:
quarterlycontributionrequirements
PBGCvariablepremiums
participantnoticesreunderfunding
PBGCunderfundingnotice
additionalminimumliability/chargestoshareholderequity.
LessonsLearned
Recentexperiencehasexposedaneedtobettermonitor
CLfunding,andpotentiallyadjustfundingovertimesoas
tomaintainatargetfundinglevel:
60%toavoidrestrictionsonbenefitimprovements
80%/90%toavoidadditionalfundingcharge+participantnotice
100%toavoidquarterlycontributions.
110%toavoidlumpsumrestrictionstotop25.
125%toallowsection420transferstofundretireemedicalbenefits(basedonOBRACL).
LessonsLearned
Otherpossiblefundingtargets:
FFLtoavoidvariablepremium
ABOtoavoidadditionalbalancesheetliability.
LessonsLearned
While2003resultswerestrong,theyweren’tapanacea.
Plansponsorsstillhavetheafter-effectsofsmoothingmethodologiestodealwith.
Mostplansnowrealizethataminimumfundingstrategyisnotoptimal.
Thereisalsoconsiderablelegislativeuncertaintyremaining:
short-terminterestrateandDRC-relatedrelief
long-termfundingreform.
ProactiveStrategies
Pushbackquarterlycontributions
requiresminoraccelerationofcontributiontiming
improvesCLfunded%
reducesPBGCpremiums.
AvoidDRC
90%/90%/80%/80%pattern
avoidslargeincreaseinfundingrequirements.
AvoidPBGCvariablepremium
fundingtargetbasedonFFL
variablepremiums,unlikecontributions,areadead-weightlosstoemployers.
ProactiveStrategies
2004
2005
2006
2007
2008
2009
Currentliability
$828
$975
$1,106
$1,220
$1,314
$1,398
Marketvalueofassets
849
886
902
979
1,026
1,075
Funded%(w/accruedcontributions)
104%
91%
85%
82%
80%
85%
PBGCpremiums
Contributions
January15
April15
July15
September15
October15
Totalcontribution
Example1:MinimumFunding
Aggregatecontributions: $
AggregatePBGCpremiums: $
ProactiveStrategies
2004
2005
2006
2007
2008
2009
Currentliability
$828
$975
$1,106
$1,220
$1,314
$1,398
Marketvalueofassets
849
886
902
973
1,014
1,056
Funded%(w/accruedcontributions)
104%
91%
88%
84%
82%
91%
PBGCpremiums
Contributions
January15
April15
July15
September15
October15
Totalcontribution
Example2:Pushbackquarterlycontributions
Aggregatecontributions: $
AggregatePBGCpremiums: $
ProactiveStrategies
2004
2005
2006
2007
2008
2009
Currentliability
$828
$975
$1,106
$1,220
$1,314
$1,398
Marketvalueofassets
849
886
902
973
1,014
1,159
Funded%(w/accruedcontributions)
104%
91%
88%
84%
90%
90%
PBGCPremiums
Contributions
January15
April15
July15
September15
October15
TotalContribution
Example3:AvoidDRC
Aggregatecontributions: $
AggregatePBGCpremiums: $