By Edmund A. Mennis, Chester D. Clark
ISBN-10: 094320559X
ISBN-13: 9780943205595
Discovering a profitable approach to the matter of making an investment in a pension fund, specially one created by means of an outlined gain plan, will depend on attaining an realizing of the constitution of its commitments. This publication enables the method of knowing fund features.
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Discovering a winning method to the matter of making an investment in a pension fund, specifically one created by way of an outlined gain plan, will depend on attaining an knowing of the constitution of its commitments. This booklet allows the method of realizing fund features.
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Extra info for Understanding Corporate Pension Plans
Sample text
A Different Point of View of Pension Plans Before ERISA, Jack Treynor, then editor of the Financial Analysts Journal, presented a point of view suggesting that a corporation's financial condition should be viewed in terms of an augmented balance sheet, with the pension fund assets listed among the corporation's assets and the pension liabilities added to the corporate liabilities. All of these assets and liabilities would be valued at market. The rate at which the future stream of pension liabilities is discounted is critical, and Treynor suggested that the appropriate discount rate should be the riskless interest rate.
This chapter will end with a discussion of pension plan forecasts. Actuarial Report Each year the plan sponsor contributes a certain amount of money to the pension fund, charges the profit and loss statement with a certain pension expense, and deducts a certain amount of money for pension costs from his taxable income. Generally, these numbers are all the same; however, that is not necessarily the case. Consequently, we shall discuss each of them separately, although they are all numbers a plan sponsor obtains from his actuarial report.
This is an unfortunate situation. Better communication here and a more thorough mutual discussion of the problems of pension funding and their interrelationship with investment strategy would make for smoother management of the plan's affairs. One of the main reasons discussion is important relative to the setting of assumptions is that there is no one true and perfect set of assumptions for any plan. Due to the enormous uncertainties that surround most of the parameters being considered, a substantial corridor of reasonable cost and liability estimates exist for virtually any pension plan.
Understanding Corporate Pension Plans by Edmund A. Mennis, Chester D. Clark
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