pensionfundingtargetsandstrategies(ppt25)-經(jīng)營(yíng)管理-閱讀頁(yè)
2024-09-05 14:54本頁(yè)面
【正文】 ontributions 2020 2020 2020 2020 2020 Analysis shows that target contributions in advance of requirements should reduce the level and variability of future contributions. Proactive Strategies What do panies’ actual funding policies look like – to the extent they have developed one? ? 90% of surveyed panies reported having some type of funding policy, although typically these are unwritten/informal. ? Contribution targets within these policies were as follows ? 34% expected to pay the minimum required contribution ? 16% targeted to maintain a 90% funded level for current liability ? 8% targeted to avoid PBGC variable premiums ? 6% set funded level targets based on PBO/ABO measures ? 5% targeted to avoid participant underfunding notices ? 5% expected to pay the maximum deductible amount. Source: 2020 Towers Perrin survey。 115 responses Funding Reform In terms of nearterm funding relief, Congress seems prepared to grant the following: ? Replacement of 30year Treasury bond yield with a posite rate consisting of high quality long corporate bond indices ? adds as much as % to the 4year weighted average for 2020 (note: there is some uncertainty as to how Treasury will implement the new rate). ? Other limited relief provided for airlines, steel, and multiemployer plan sponsors. These provisions will only be effective for two years through YE 2020. Thus continuing efforts to craft more permanent funding reform will be necessary starting immediately. Funding Reform What might permanent reform look like? The Treasury department has made proposals along the following lines: ? Solvency measures would reflect snapshot values of assets and liabilities, including interest rates based on a yield curve. ? The changes would make pension funding more responsive to capital market conditions and the varying effects of plan demographics. ? There would be increased disclosure requirements with respect to plan funded status (based on the same snapshot/solvency measure), and restrictions on benefits provided under poorly funded plans. ? There have also been proposals to modify the PBGC premium structure to be more reflective of the plan terminationrelated risks entailed by different plans and investment strategies. ? There is no escaping that the PBGC needs additional revenue in order to make up its current shortfall。A Questions? Cheap Shots? Comments?
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