"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.

View answer resolution

【Answer to question 1】C

【analysis】

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.

【Answer to question 2】C

【analysis】

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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