pensionfundingtargetsandstrategies(ppt25)-經(jīng)營(yíng)管理-展示頁(yè)
2024-08-28 14:54本頁(yè)面
【正文】 ? quarterly contribution requirements ? PBGC variable premiums ? participant notices re underfunding ? PBGC underfunding notice ? additional minimum liability/charges to shareholder equity. Lessons Learned Recent experience has exposed a need to better monitor CL funding, and potentially adjust funding over time so as to maintain a target funding level: ? 60% to avoid restrictions on benefit improvements ? 80%/90% to avoid additional funding charge + participant notice ? 100% to avoid quarterly contributions. ? 110% to avoid lump sum restrictions to top 25. ? 125% to allow section 420 transfers to fund retiree medical benefits (based on OBRA CL). Lessons Learned Other possible funding targets: ? FFL to avoid variable premium ? ABO to avoid additional balance sheet liability. Lessons Learned ? While 2020 results were strong, they weren’t a panacea. ? Plan sponsors still have the aftereffects of smoothing methodologies to deal with. ? Most plans now realize that a minimum funding strategy is not optimal. ? There is also considerable legislative uncertainty remaining: ? shortterm interest rate and DRCrelated relief ? longterm funding reform. Proactive Strategies ? Push back quarterly contributions ? requires minor acceleration of contribution timing ? improves CL funded % ? reduces PBGC premiums. ? Avoid DRC ? 90%/90%/80%/80% pattern ? avoids large increase in funding requirements. ? Avoid PBGC variable premium ? funding target based on FFL ? variable premiums, unlike contributions, are a deadweight loss to employers. Proactive Strategies 2020 2020 2020 2020 2020 2020 Current liability $ 828 $ 975 $ 1,106 $ 1,220 $ 1,314 $ 1,398 Market value of assets 849 886 902 979 1,026 1,075 Funded % (w/ accrued contributions) 104% 91% 85% 82% 80% 85% PBGC premiums Contributions January 15 April 15 July 15 September 15 October 15 Total contribution Example 1: Minimum Funding Aggregate contributions: $ Aggregate PBGC premiums: $ Proactive Strategies 2020 2020 2020 2020 2020 2020 Current liability $ 828 $ 975 $ 1,106 $ 1,220 $ 1,314 $ 1,398 Market value of assets 849 886 902 973 1,014 1,056 Funded % (w/ accrued contributions) 104% 91% 88% 84% 82% 91% PBGC premiums Contributions January 15 April 15 July 15
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