定义贡献指南Defined Benefits: Moving Beyond the Basics of Retirement Planning

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New research and fresh insights are helping sponsors of qualified retirement plans address the key challenges facing their participants: increasing savings rates, constructing an appropriate portfolio and translating those assets into a steady income stream.

对于401（k）和其他定义捐款（DC）计划的赞助商，可以使用越来越多的定制解决方案，以解决参与者的不同财务需求。与此同时，具有界定福利（DB）养老金计划的雇主是称重策略，以解决其长期负债，同时保持有吸引力的福利计划。

“DC和DB计划赞助商的最佳实践包括透明度和警惕的风险管理，”Sun Life Investment Management Company Bentall Kennedy Bentall Kennedy执行副总裁Doug Kinney说。“由于DB计划密切监测各个投资，并且已经对这两种做法有了敏锐的眼睛，直流计划需要继续增加监督和勤奋的复杂性，以实现类似的表现。”

在DC部门，赞助商应仔细研究其计划的基础，称为Roorie Latham，高级裁判策略师T. Rowe价格。“每个直流计划赞助商都是独一无二的。我们鼓励他们整合设计，治理，参与者参与和投资监督，以制定与最成功的成果对象和最佳位置参与者对齐的计划。“

Latham表示，赞助商应询问这些基本问题：这是参与者的主要退休车辆还是补充载体？目标是积累参与者资产退休或将其纳入退休金吗？您想在计划中保留退休人员资产或拒绝它们吗？DC计划如何适应组织的总福利计划？您如何定义风险，例如市场波动，通货膨胀和长寿？

“Answering these questions brings greater clarity to the retirement planning process, and can lead to better decision-making for both sponsors and participants,” says Latham.

Examining the participant journey
从入学到资产积累，退休及以后，DC计划赞助商在参与者旅程和经验的每一步都看起来更密切。“这是一个重要的部分是通信 - 知道如何在合适的时间和地点聘请参与者，以鼓励他们采取行动，”Latham说。“例如，千禧一年竞争可能需要与进入早期退休期的婴儿潮一代不同的参与性剖面。”

As part of the change in communications, many sponsors are using modeling tools to help retirees translate their current balances into potential income streams — a step that could spur low savers into increasing their contributions.

A growing number of employers are helping workers with financial issues that go beyond retirement plans. According to the Aon Hewitt January report, “2017 Hot Topics in Retirement and Financial Wellbeing,” 92 percent of employers surveyed said they were likely to create or expand their financial wellbeing initiatives. “Five years ago, financial wellbeing was a buzzword. Now, employers are building it into their programs,” says Rob Austin, Director of Retirement Research, Aon Hewitt.

Another best practice for many DC plans is providing plan participants with access to financial planners, including voice, video and face-to-face conversations. “There are so many individual variables in retirement planning,” says Austin. “For instance, does a participant also have access to a DB plan? Is she married or single? How many children does a participant have? All these factors impact a participant’s financial situation, so it’s difficult to have the same approach for everyone.”

Sponsors are also looking beyond a participant’s retirement to look at issues such as inflation and longevity risks. “In the past 16 years, we have seen increased concern over income, longevity and inflation risks,” says Wyatt Lee, Portfolio Panager, Retirement Date Strategies, T. Rowe Price. “That often means including growth assets in a retirement portfolio, rather than simply playing defense with conservative asset strategies. We know that retirement is not the end of the game, and higher equity allocations can help address those risks.”

New options in DC plan design
To meet their objectives, DC sponsors have a growing number of options in plan design. In the current low-yield environment, DC plan sponsors need to broaden their search for assets, says Kinney. Real estate is one option to consider, since it offers the possibility of capital appreciation as well as income, he adds.

赞助商和服务提供者都看ways to improve target date funds (TDFs) that offer a balanced asset allocation mix for participants. As a participant nears retirement age, the TDF’s glide path typically becomes more conservative with more fixed-income securities.

如今，有超过60个现成的TDF产品，为赞助商提供了更广泛的光滑路径，资产类别多样化，活跃与被动策略和捆绑或定制产品的选择。“在过去十年中，我们已经看到了TDF资产和参与者使用的稳健增长，这很可能会继续，”李说。

李说，T. Rowe价格的数据显示，TDFS确实改善了资产拨款和结果。他们自己的个人往往投资极端，持有太多现金或所有股票。他补充说，TDFS是对该投资问题的行为解决方案，并导致更好的产品组合性能。

However, Austin cautions that even through TDFs are designed as an “all-in investment,” the company’s research shows that most participants include other types of assets in their portfolios. That indicates participants need more education on the role of TDFs.

In addition to educating participants, plan sponsors are taking a closer look at designing TDF glide paths, such as addressing risk tolerances and long-term investment goals. “Sponsors of large plans often cite their demographics as a reason to consider custom glide paths within TDFs,” says Jim Tzitzouris, Director of Asset Allocation Research, T. Rowe Price. “But other considerations should have an even stronger influence. Deciding on the appropriate percentage of equities is one of the key issues in shaping a glide path to achieve the desired retirement outcomes.”

Reflecting on the wide variety of options in DC design and structure, Latham says, “We don’t believe
有一个正确的答案。相反，赞助商可以看待解决方案
set that meets their participants’ specific needs.”

界定福利计划的趋势 Defined benefit (DB) plans are still an important sector of the retirement marketplace. In fact, a recent study by the National Institute on Retirement Security, "Pensionomics 2016," found that nearly $520 billion in pension benefits were paid to 24.3 million retired Americans in 2914. 公共和私营部门的雇主中的一个主要原因之一就是转向养老金是从他们的投资实现充分退货的困难，以弥补他们未来的退休人员的支出。幸运的是，强大的选举后金融市场对其资金比率产生了积极的影响。在其养老金筹资指数（PFI）中，分析了100大未有100大的美国养老金计划，Milliman报告了90亿美元的收益，总共有81.6％的资金地位。 无论短期财务业绩如何，许多雇主都会探讨“失败”策略，以便将这些养老金计划负债从书籍中取出。“巨大的窗户很受欢迎几年，但雇主意识到他们的计划是怜悯个人决定的，”哈威特退休研究总监Rob Austin说。“现在，我们看到更兴趣的是通过保险公司与年金购买的负债。我们的调查显示，今年计划购买年份的28％的公司计划。这比过去几年高约10％。”