資本市場和金融機(jī)構(gòu)(1)(參考版)
2025-05-17 22:51本頁面
【正文】 Pension Board and Ontario Municipal Employees’ Retirement Board. ? Largest Pension Fund Manager (discretion to manage funds): ? Caisse de depot et placement du Quebec ‘With the exception of vested assets, which maybe withdrawn by an employee and placed into a restricted RRSP, the assets of pension funds are only withdrawn to meet payments to beneficiaries’ (p 105) 6 Types of Trusteed Pension Plans a) Defined Contribution Plan. It provides, at retirement, whatever pension ine is available based on accumulated contributions and investment returns. ? Each employee has an account into which the employer and the employee (in a contributory plan) make regular contributions. ? Contributions from both parties are taxdeductible, and investment ine accrues taxfree. ? The employee bears all the investment risk. ? The retirement account is by definition fully funded. ? A defined contribution plan is less risky for the pany, but could leave retirees with lower pensions. 7 b) Defined Benefit Plans. It provides ‘guaranteed’ ine to workers in retirement no matter what happens in the financial markets. ? Each employee’s pension benefit entitlement is determined by a formula that takes into account years of service for the employer and, in most cases, wage or salary. (See example on next slide) ? Employer absorbs the investment risk. 8 ? Numerical examples of a typical DefinedBenefit plan. A typical DB plan determines the employee39。1 2. Hedge Funds An unregistered investment pany that pools resources from wealthy individuals and FIs which invest the funds on their behalf. ? Manager is paid 1 or 2% of fund assets, and 20% to 40% of profits realized by the fund’s investment strategy. ? Investors: Wealthy individuals, pension funds, insurance panies, university endowment fund ? Less regu
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