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1、原文:原文:Definedbenefitpensionplans—HowmuchcashisenoughByJohnDeinumWinstonWoecentattentiontopensionissuesprovidesawindowofopptunityfpolicymakerstotakedecisiveactionstoimplementstablederlysustainablefundingmeasuresfdefinedbe
2、nefitpensionplans.AccdingtoCFOInsights(publishedbyDeloitte)availabilityofcashisoneofthetopconcernsfeveryCFO.Whilethefinancialcrisismaybeabatingreducingcostsincreasingcashflowremaintoppriitiesin2010.Thechallengetobalances
3、trategicoperationalinvestmentsagainstshttermmanagementofcashiscritical.Fcompaniesthatofferdefinedbenefit(DB)plansthechallengeismagnifiedsincepotentiallysignificantpensioncontributionsmaylimitacompany’sabilitytomakebusine
4、ssinvestmentsthatfostergrowth.AsaresultpensionbenefitscouldbeatriskbecauseaviableDBplanrequiresaviablespons.Canada’sretirementincomesystemranksfourthinthewldaccdingtotheMelbourneMercerGlobalPensionIndex.Thestudypointsout
5、thatCanada’ssystemcouldbeimprovedbyincreasingthelevelofcoverageofemployeesinoccupationalpensionschemes.Itstates:“TheprevalenceofprivatepensionplansinCanadacontinuestodecreasefemployeeswkingintheprivatesect.”Toincreasepen
6、sioncoverageplansmustbeaffdablefundingmethodologiesmustbeimprovedfirstindertoensurestablederlyfunding.ByadoptingflexibleinnovativefundingrulesthelikelihoodofDBplan’ssurvivalexpansionofcoverageinthefuturewouldbeimproved.O
7、therwisepressurestofreezeDBplansconverttoadefinedcontribution(DC)planwillremain.TheFederalgovernmenthaslongrecognizedthattheregulatyframewkfextendthesolvencypaymentscheduleto10yearswithplanmemberconsent.Whilethereisnosha
8、meinintroducingtemparyfixeseverytimeacrisisariseswellthoughtoutlongertermsolutionsarecriticaltotherevitalizationofDBplans.Thesolutionsmustaddressbothrisksaffdability.Withthisinmindbelowarerecommendationsfconsiderationbyt
9、hestakeholders—financialexecutivesgovernmentpolicymakers.Therecommendationsaimtoreducethelevelofsolvencyfundingcontributionsrequiredwiththegoalthatcashsavingsmaybeinvestedelsewhereinthebusinessfgrowthtosecurefuturebenefi
10、taccruals.WhiletheconceptsdescribedarespecifictoOntarioplanstheyhavebroadergeneralapplicationtofederallyregulatedotherprovinciallyregulatedplansaswell.A.GrowinbenefitsUnderOntariopensionlegislationapensionplanmemberwhose
11、ageplusserviceisatleast55isentitledtoreceive“growin”benefitsonplantermination.Fapensionplanthatoffersearlyretirementsubsidies“growin”providesthesebenefitstoamemberonplanterminationthatmightnototherwisebeavailabletothemem
12、beronregulartermination.Essentiallywithgrowinrightsthememberwillbecomeentitledtoanunreducedpensionasifthemember’smembershipintheplanhadcontinuedpastthedateoftermination.NovaScotiaOntarioaretheonlytwoprovincesthatprovideg
13、rowinrights.Growinbenefitsshouldbeeliminatedfromanylegislativerequirements.B.PrefundingofgrowinbenefitsOntarioistheonlyprovincetorequireprefundingofgrowinbenefitsaspartofthesolvencyvaluation.Thecostofprefundingcreatesasi
14、gnificantcashflowburdenacostnotsharedbyDBplansponssinotherprovincesputtingOntarioplansponssatacompetitivedisadvantage.NovaScotiaremovedtherequirementtoprefundgrowinbenefitsaspartofamatedsolvencyvaluation.Asaresultgrowinb
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