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Right Way to Manage Your Pension Fund
內容大綱
Pension portfolio management focuses on the balance between risk and return on assets held. With a new ruling of the Financial Accounting Standards Board, pension fund managers and sponsors must also pay close attention to the surplus--the difference between assets and the present value of the fund's obligations to current and future retirees. FASB 87 mandates reporting of the fund surplus in terms of the net present value of the liabilities according to market interest rates on long-term bonds. Thus the sponsor must ask which assets best match the variability pattern of the liabilities. The low risk of bonds makes them attractive for meeting the predictable obligation toward today's work force and present retirees but unattractive for meeting the uncertain obligations toward tomorrow's work force. Stock and real estate are better investments for these obligations. The goal is to define the true pension fund risk, long term as well as short term. Then management can decide on the trade-off between risk and expected return.