defined-benefit pension plans—how much cash is enough【外文翻譯】

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