2.今天你阅读到的有价值的内容段落摘录
Pension plans, as well as other post-employment benefits, may be either defined contribution plans or defined benefit plans. Under defined contribution pension plans, specific (or agreed-upon) contributions are made to an employee’s pension plan. The agreed upon amount is the pension expense. Typically, in a defined contribution (DC) pension plan, an individual account is established for each participating employee. The accounts are generally invested through a financial intermediary, such as an investment management company or an insurance company.The employees and the employer may each contribute to the plan. After the employer makes its agreed-upon contribution to the plan on behalf of an employee—generally in the same period in which the employee provides the service—the employer has no obligation to make payments beyond this amount. The future value of the plan’s assets depends on the performance of the investments within the plan. Any gains or losses related to those investments accrue to the employee. Therefore, in DC pension plans, the employee bears the risk that plan assets will not be sufficient to meet future needs. The impact on the company’s financial statements of DC pension plans is easily assessed because the company has no obligations beyond the required contributions.
In contrast to DC pension plans, defined benefit pension plans are essentially promises by the employer to pay a defined amount of pension in the future. As part of total compensation, the employee works in the current period in exchange for a pension to be paid after retirement. In a defined benefit (DB) pension plan, the amount of pension benefit to be provided is defined, usually by reference to age, years of service, compensation, etc. For example, a DB pension plan may provide for the retiree to be paid, annually until death, an amount equal to 1 percent of the final year’s salary times the number of years of service. The future pension payments represent a liability or obligation of the employer (i.e., the sponsoring company). To measure this obligation, the employer must make various actuarial assumptions (employee turnover, average retirement age, life expectancy after retirement) and computations. It is important for an analyst to evaluate such assumptions for their reasonableness and to analyse the impact of these assumptions on the financial reports of the company.
3.今天你阅读到的有价值信息的自我思考点评感想
自我思考:CFA level 2 财报部分 Reading17讲的是养老金的问题，目前在国内绝大部分企业养老金只有DC plan一种制度，在其他国家养老金有DC plan 和DB plan 两种主流方式。DC plan 就是我们通常所了解的工作时缴纳部分个人保险和单位缴纳部分保险，到了退休按相应数额以退休金方式返还；DB plan 是按工作年限和最后退休时的工资计算退休金，且由企业承担的养老金方式。相比之下 DB plan 对于员工的实质福利来说真的是，减少员工负担和员工承担的风险，大部分都由企业来抗。目前，国内较少企业敢使用DB plan的原因也在于此。
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CFA-2 Volume 2 Financial Reporting and Analysis
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