养老金基金预算与会计解读.ppt

一些符号约定： 五、基金财务基本概念 1.未来给付精算现值 他描述了某一时刻预计的退休费用的精算现值。 2. 计划中止债务 他描述了（假设）养老金计划在当前年龄终止，计划应当对参与人进行的清偿义务。 Case:ERISA下美国养老金计划中止的制度安排。 养老金收益保障公司(PBGC)，承担雇主为企业年金的待遇投保，作为终止的养老金计划的待遇托管机构。 两种计划中止： 1.强制性的计划中止; 2.雇主自愿终止养老金计划。 步骤：通知、冻结计划、确认个人权益、评估精算债务、转移并清算计划资产。 3.计划继续债务 假设养老金计划继续运行，当前已经累计的养老金权益作为退休待遇的一部分所产生的精算债务。 4.正常成本 正常成本是对未来给付的分摊，作为基金每年捐纳的规则。 Agenda Pension Funding Overview Pension Expensing (Accounting) Regulation of Pension Funding Two Basic Types of Pension Define Contribution Define Benefit Employee Contribution Percent of Salary Percent of Salary Company contribution Percent of Salary ? How to budget Amount of Pension ? Benefit Formula Investment Risk Plan member Plan Sponsor Definition of Advanced Funding Fulfillment of Obligations, Setting Asset aside in Advance of the time when benefit are payable. Perfect funding vehicle: Tax Effective(EET) Low operate costs Low compliance costs Flexibility on funding and investment High investment yield Third party service Enter-The Actuary What is a pension actuary? Someone who found accounting too exciting. Employer’s True Costs Benefit payment+Expenses -(Investment Income+Employee Contributions) How much funding this year Funding: a process of establishing a smooth funding program to meet the plan’s ultimate costs. Typical Approach: Costs of one more year’s benefit accruals Correction of past overfunding or underfunding But, subject to legislative constraints and company’s tax and cash flow objectives. In some countries , actuaries has considerable flexibility to choose the actuarial assumption and actuarial cost method, another extreme some authorities set artificial assumptions. Where is the balance. In brief: what is funding Setting assumptions. Economic assumption Demographic assumptions Choose actuarial cost method Security-driven methods: current unit credit, projected unit credit. Contribution-driven methods: entry age, attain age ,aggregate . Other issues: Close group or open