如果您是企业养老金计划赞助商，好消息是：2014年看起来可能是界定的福利计划获得完全资助的地位，即100％的资产可用于匹配未来负债。事实上，美国战略小组执行董事Karin Franceries说J.P. Morgan Asset Management，四个养老金基金现在已经过度排放。
That is also good news for shareholders of Russell 3000 companies that provide defined benefit plans for their employees. “This is the first time in six years that shareholder equity has increased, thanks to养老金,债务减少,谢谢养老金，“Franceries说。根据J.P.211，股权股权的增加和债务减少约为约7％，而筹资状况应在12月31日达到96％。
There are two reasons for this funding improvement. First, investment gains have improved to 10.38 percent in 2013 through November 30, as measured by New York–based investment consultant Milliman. Second, the discount rate by which future pension payouts are calculated has grown to 4.78 percent, up from 3.96 percent on December 31, 2012. This higher number represents a decrease in the discounted value of the liabilities.
仅限于11月的100亿美元的资助地位，仅限11月份的340亿美元，通过毫米纳养恤金资金指数衡量，将赤字降至930亿美元。在汇总，毫米曼的100个计划收盘率接近94％的资金比率。
The last time corporate pension sponsors enjoyed such a happy New Year was 2007. Lacking a crystal ball, corporations for the most part made no special effort to maintain pension surpluses, even as they stood on the edge of crisis and recession. This time will be different, argues Franceries, as sponsors look to take advantage of their recent good fortune andlessons learned from the financial crisis。他们有几种选择来考虑，具体取决于他们的情况。
跨越的常见主题养老基金这是赞助商是否希望保护其完全资助的地位或盈余。这样做的一种方法是投入更多资产fixed income那despite the current low, if rising, returns. “Why would you want to run a risk in your portfolio if you’re overfunded?” asks Franceries.
It’s not quite so simple, however. There are three reasons growth assets such as股票对养老金健康保持必不可少：长寿风险，信用风险和服务成本。Franceries表示，退休人员增加的寿命增长的寿命增加了3％至5％的负面影响。然后有折扣率的信贷组成部分，其使用AA公司债券的收益率计算。这不是无风险率，因此违约和降级风险。最后，由于计划的平均服务费用是负债的1.8％，因此没有贡献需要6.9％，以保留十年的100％资金地位，注意事实。您可能需要一些股权组件来获得返回。
伊拉斯特·瓦迪亚（Milliman 100）是一位毫莫曼顾问表示，由于金融危机，伊利姆曼·100的许多计划赞助商转向德动物程序。也许最值得注意的是2012年verizon Communications，通用汽车公司和福特电机公司的退休人员的记录营销。将风险转移到保险公司。（受益人收到年金支付或一次性金额。）2013年的年金趋势可能是因为赞助商开始锁定其提高资助地位，使用所谓的责任驱动的投资与更高的固定收入分配。LDI的目标不是击败基准，而是谨慎地符合已知的未来负债。
The expense of purchasing an annuity from an insurance company to substitute for a pension may prove be too steep for many companies. But with养老基金Zorast表示，迁移或达到110％的资助，赞助商可以采取措施锁定，显示其财务报表的终身养老金收入而不是养老金开支。“保持她可能更便宜，”这意味着养老金计划，他Quips。“现在你正在回到20世纪80年代和'90年代，这也看到过度排放。
大卫锡安那an equity analyst at New York–based ISI Group who heads the firm’s accounting and tax research team and who follows pension funding closely, observes that with few exceptions, notably United Technologies Corp., the current funding improvement has not yet become part of companies’ earning guidance or analysts’ earning estimates. He also cautions that improvements have not appeared across the board. Plan sponsors who bet heavily on long-durationfixed income2013年，股权退货和利率的激增错过了。“我一直在提醒投资者其中，“锡安说，最近搬到了瑞士信贷的ISI。
为了进一步平息，在即将养老金基金博纳扎对即将养老金基金的兴奋，锡安指向养恤金义务的核责任。根据该方法，某些计划可能不会在终止基础上完全资助，例如，普遍接受的会计原则，特写委员会基础或养老金福利担保公司的计算。
When it comes to the future , Zion expects to see more plans frozen and more companies looking to get out of the defined benefit pension business entirely: through annuity contracts, lump sum settlements or derisking a plan through liability-driven investing.
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