pensionfundingtargetsandstrategies(ppt25)-經(jīng)營管理(參考版)
2024-08-20 14:54本頁面
【正文】 how to get it is the question. Funding Reform If current liability measures are revised to reflect a snapshot of current capital market conditions, there will be considerable new volatility in CL basis funding measures, and thus in contribution requirements. ? All parties seem to agree that it is appropriate to make other changes in order to address that expected volatility. ? Some preliminary proposals have been floated, including: ? limiting the yeartoyear increase in contribution requirements (., 2% of covered payroll) ? averaging the CL funding ratios over a period of years ? reducing the % of unfunded amounts (lengthening the amortization period) required to be contributed each year. None seems the perfect solution each has practical problems attached. Qamp。 Pension Funding Targets and Strategies Brian Donohue, Chicago Consulting Actuaries Jerry Mingione, Towers Perrin May 12, 2020 History of Funding Rules In the beginning of time (postERISA)…………. actuaries had considerable control over the assumptions and methods used for determining funding requirements. ? Financial assumptions were set to be reasonable on a longterm basis. ? Actuarial methods were selected, essentially right from the text book, with considerable freedom. ? Unfunded liabilities were funded over 1030 year periods, based on level payments. History of Funding Rules Then things changed legislatively…….. ? In 1987, OBRA instituted the concept of current liability, in order to bring a solvency/termination basis perspective to funding requirements (and tax deduction allowances). ? Basically, plans were required to maintain a funding level of 90% of current liability. ? If they fell below this level, they would be required to contribute additional amounts to recover their funded position over (essentially) 35 years. ? Current liabilitybased funding requirements were made more stringent in 1994: ? maximum CL interest rate reduced from 110% to 105% ? updated mortality table ? increased required funding %’s for deficit reduction contributions. History of Funding Rules And capital market changes upset the dynamics…….. ? Initially interest rates were high enough that the termination basis calculations did not override the longterm funding basis that plans had traditionally used for funding. ? Then interest rates declined in the 90’s, as did equity ma
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