金融市场与金融机构基础英文版原书-法博齐32325ch

1、Pension FundsChapter 8Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall2Pension PlansA fund established for the eventual payment of retirement benefits.Plan SponsorsCorporate or private plansPublic plans Individual plansCopyright 2010 Pearson Education, Inc. Publishing as Prentice H

2、all3Largest PlansCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall4Largest PlansCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall5Largest PlansCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall6Types of Pension PlansDefined Benefit PlansDefined Contr

3、ibution PlansHybrid PlansCash Balance PlansCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall7Retirement Resources Public Pension Plans Private Pension PlansPersonal SavingsCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall8Defined Benefit and Cash Balance Copyright 2

4、010 Pearson Education, Inc. Publishing as Prentice Hall9Asset Allocation Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall10Asset AllocationCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall11RegulationEmployee Retirement e Security Act (ERISA) of 1974 Funding standa

5、rdsFiduciary standardsMinimum vesting standardsInsurance programPension Benefit Guaranty Corporation Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall12Management of Pension FundsPlan SponsorsManagement FirmsBoth Sponsors and Management FirmsConsulting FirmsCopyright 2010 Pearson Ed

6、ucation, Inc. Publishing as Prentice Hall13Consultants Developing an investment policy and asset allocation;Providing actuarial advice;Designing benchmark performance measures;Monitoring performance;Providing specialized researchCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall14Def

7、ined Benefit Crisis 2003: deficit of $250 billion Asset and liability estimations Discount rates and projected growth rates Perverse incentives Accounting standards Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall15Pension Protection Act of 2006 (Part I)Requirement of additional pr

8、emium to Pension Benefit Guaranty Corporation Extra funding for termination of pension plans Closed loopholes Raised caps on the amount that companies can contribute More accurate measurement standards Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall16Pension Protection Act of 2006

9、 (Part II)Employers can automatically enroll their employees in a defined contribution planPermits employers to choose default options on behalf of the plan participants who do not make an electionEnables employers to obtain more investment advice for their employees by removing the fiduciary liabilityCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall17All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, elect