"Portfolio Management":Fixed benefit pension plan
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Questions 1:
Which of the following types of investment clients most likely have the lowest liquidity needs?
A 、Insurance companies
B 、Banks
C、 Endowments and foundations
Questions 2:
ABC Company has an obligation to pay a certain amount each month to each of its employees after they retire. This obligation is most likely known as a(n):
A、 endowment.
B 、defined-contribution pension plan.
C 、defined-benefit pension plan.
C is correct. A typical investment objective of an endowment or a foundation is to maintain the real capital value of the fund while generating income to fund the objectives of the institution. Liquidity needs are typically rather low.
A is incorrect because insurance companies have liquidity needs to meet claims.
B is incorrect because banks have high liquidity needs to meet repayment of deposits.
C is correct. A defined-benefit pension plan defines the future benefit that an employer has the obligation to pay in terms of the retirement income benefits owed to participants.
A is incorrect because university endowments are established to provide continuing financial support to a university and its students.
B is incorrect because in a defined-contribution pension plan contributions rather than benefits are specified.
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