芝加哥咨询公司的〈养老基金目标和战略〉.pdf

Pension Funding Targets and Strategies Brian Donohue, Chicago Consulting Actuaries Jerry Mingione, Towers Perrin May 12, 2004 May 12, 2004 History of Funding Rules History of Funding Rules In the beginning of time (post-ERISA)…………. In the beginning of time (post-ERISA)…………. actuaries had considerable control over the assumptions actuaries had considerable control over the assumptions and methods used for determining funding requirements. and methods used for determining funding requirements.  Financial assumptions were set to be reasonable on a long-  Financial assumptions were set to be reasonable on a long- term basis. term basis.  Actuarial methods were selected, essentially right from the  Actuarial methods were selected, essentially right from the text book, with considerable freedom. text book, with considerable freedom.  Unfunded liabilities were funded over 10-30 year periods,  Unfunded liabilities were funded over 10-30 year periods, based on level payments. based on level payments. History of Funding Rules History of Funding Rules Then things changed legislatively …….. Then things changed legislatively ……..  In 1987, OBRA instituted the concept of current liability, in order to  In 1987, OBRA instituted the concept of current liability, in order to bring a solvency/termination basis perspective to funding bring a solvency/termination basis perspective to funding requirements (and tax deduction allowances). requirements (and tax deduction allowances).  Basically, plans were required to maintain a funding level of 90% of current  Basically, plans were required to maintain a funding level of 90% of current liability. liability.  If they fell below this level, they would be required to contribute additional  If they fell below this level, they would be required to contribute additional amounts to recover their funded