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Don't kill the golden goose! saving pension plans
Defined-benefit (DB) pension plans are an endangered species; they are perceived as too risky and costly. But the emerging substitute, the defined-contribution plan, has many shortcomings. The risk of DB plans can be controlled, first, by modeling the liability in terms of its market-factor exposures through surplus (asset minus liability) optimization. Then, sponsors may hold the minimum-risk position (a liability-defeasing portfolio) or move up on the efficient frontier--taking equity and other risks. The economic cost of a DB plan also needs to be managed, but it is a matter of managing the size of the pension promise; it is not an asset allocation problem.
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| FAJ6301 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | Virginia: CFA Institute 2007 |
|---|---|
| Edisi | Vol. 63, No. 1, Jan. - Feb., 2007 |
| Subjek | Defined-Benefit (DB) Plans Defined-Contribution (DC) Plans pension risk management Asset-Liability Matching (ALM) Mark-to-Market Accounting longevity risk surplus optimization |
| ISBN/ISSN | 0015198X |
| Klasifikasi | NONE |
| Deskripsi Fisik | 15 p. |
| Info Detail Spesifik | Financial Analysts Journal |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas |