pensionfundingtargetsandstrategies(ppt25)-經(jīng)營(yíng)管理(已改無(wú)錯(cuò)字)
2022-09-28 14:54:51 本頁(yè)面
【正文】 ,398 Market value of assets 849 935 948 971 1,029 1,158 Funded % (w/ accrued contributions) 109% 96% 88% 85% 90% 90% PBGC Premiums Contributions January 15 April 15 July 15 September 15 October 15 Total Contribution Example 4: Avoid PBGC variable premium Aggregate contributions: $ Aggregate PBGC premiums: $ Proactive Strategies Consultants need to clarify pension funding decisions for clients. ? The actuarial report has bee a pliance document, not a consulting document. ? The old model (minimum and maximum) has been replaced by a new model (targets and consequences) for pension funding. ? Forecasts are essential to client understanding and decisionmaking. ? Ultimately, pension funding decisions should be less plicated than they currently seem to employers. Proactive Strategies Longterm strategic approaches determine the longterm cost of the plan (., level % of pay) and fund this amount, subject to min/max constraints ? potentially reduces the volatility of annual contribution requirements dramatically ? does this by avoiding the “feast or famine” scenarios that most plan sponsors have been seeing. Area of concern: how do variations in contribution requirements correlate to the ups and downs of the business cycle? ? In economic terms it is not just the amount of required contributions that should be of concern, but the potential disutility of having to make those contributions at the wrong time. Proactive Strategies 2020 Minimum Funding Target 2020 2020 2020 2020 Contributions 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 deductib
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