〈全球最权威的穆迪投资机构HR福利分析案.pptx

Session 39 – Workshop:Analyzing Defined Benefit Pension Plans Postretirement Benefits Greg CliftonVP/Senior AnalystMoody’s Investors ServiceRating MethodologyCash Flow ConsiderationsOPEBPrimary focus on benefits paid (recorded on “pay-as you-go” basis)Can obtain benefits paid information in the rollforward of the APBOCan analyze growth in: Net periodic postretirement costBenefit paymentsCan use above rates to project future benefit paymentsPension plansUnderstand contribution requirementsRough estimate can be made with SFAS 87 information Due to undisclosed credits, some companies may not face large contribution requirements for several yearsCan be offset by contributing stock Balance SheetAdjustments:For pensions Recorded Debt Per Balance Sheet+ Add: Off-balance sheet liabilities (e.g., lease obligations, guarantees)+ Add: Net underfunded PBO from notes to financial statements= Adjusted DebtOPEB – may include the underfunded amount of the APBO in adjusted debt in certain circumstancesIncome StatementAs Adjusted By Moody’s:Service cost (no adjustments)Interest cost (adjusted only if Moody’s disagrees with discount rate)Amortization of prior service cost (Not used)Recognized net actuarial gains (Not used)Amortization of transition asset (Not used)Actual losses on plan assets, or Actual gains up to the amount of interest cost= Adjusted Net Periodic Pension/OPEB costFinancial Statement Information – A Closer LookPension Plan Funded StatusActuarial present value of benefits earned during the current period (by virtue of having worked another year)Financing cost of the planChanges in actuarial assumptions (i.e. attrition, retirement, mortality, discount and comp. Increase rates)PBO: Projected benefit obligation. PV of benefits earned to date incl. projected salary increasesEconomic position of the firms pension plans = Fair value of plan assets - PBO9、要学生做的事，教职员躬亲共做；要学生学的知识，教职员躬亲共学；要学生守的规则，教职员躬亲共守。10、阅读一切好书如同和过去最杰出的人谈话。11、一个好的教师，是一个懂得心理学和教育学的人。12、要记住，你不仅是教课的教师，也是