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pension-retirement-funds

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English
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Chinese

Pension and Retirement Funds

养老金与退休基金

When to Use

使用场景

  • Explain DB vs DC plan types, hybrids, and cash balance at overview level
  • Frame funding policy, contribution strategy, and funded status metrics (corporate DB)
  • Discuss liability measurement concepts: PV of benefits, discount rate, mortality, COLA
  • Outline asset-liability management (duration, hedging, glide paths, liability-driven investing)
  • Support plan design questions: benefit formulas, vesting, early retirement, optional forms
  • Compare corporate, public sector, and multi-employer pension contexts (high level)
  • Describe pension risk transfer: lift-outs, buyouts, annuities, longevity reinsurance
  • Summarize US regulatory topics (ERISA, PBGC, DOL, IRS qualified plans)—not legal advice
  • Explain fiduciary governance, investment policy, and institutional investor role of pension funds
  • Support due diligence, board briefings, or transformation with pension domain context
  • 从概述层面解释DB与DC计划类型、混合型计划以及现金余额计划
  • 梳理筹资政策、缴款策略以及资金到位状况指标（企业DB计划）
  • 探讨负债计量相关概念：福利现值、折现率、死亡率、生活成本调整（COLA）
  • 概述资产负债管理（久期、对冲、下滑路径、负债驱动投资）
  • 为计划设计相关问题提供支持：福利公式、归属规则、提前退休、可选形式
  • 从宏观层面对比企业、公共部门以及多雇主养老金场景
  • 阐述养老金风险转移：剥离、买断、年金、长寿再保险
  • 总结美国监管相关内容（ERISA、PBGC、DOL、IRS合格计划）——不提供法律建议
  • 解释受托治理、投资政策以及养老金基金的机构投资者角色
  • 借助养老金领域背景支持尽职调查、董事会简报或转型工作

When NOT to Use

不适用场景

  • P&C insurance lines, underwriting, or claims → 
    property-casualty-insurance
  • Loss triangles, IBNR, insurance pricing/reserving methods, or appointed-actuary sign-off → 
    actuary
  • Actuarial consulting SOW, engagement governance, or M&A actuarial program management → 
    actuarial-consulting
  • Individual retirement planning, IRA rollovers, or personal wealth advice → 
    financial-analyst
    (if installed)
  • Contract interpretation, plan document legal disputes, or regulatory enforcement → 
    commercial-counsel
  • SOC 2 / ISO control mapping without pension operations context → 
    compliance-engineer
  • Executive strategy without pension/benefits domain detail → 
    business-consultant
  • 财产意外险业务、承保或理赔 → 
    property-casualty-insurance
  • 损失三角形、已发生未报案赔款（IBNR）、保险定价/准备金计提方法或指定精算师签署 → 
    actuary
  • 精算咨询工作说明书（SOW）、业务治理或并购精算项目管理 → 
    actuarial-consulting
  • 个人退休规划、IRA转存或个人财富建议 → 
    financial-analyst
    （若已启用）
  • 合同解读、计划文件法律纠纷或监管执法 → 
    commercial-counsel
  • 脱离养老金运营场景的SOC 2/ISO控制映射 → 
    compliance-engineer
  • 缺乏养老金/福利领域细节的高管战略咨询 → 
    business-consultant

Related skills

相关技能

NeedSkill
Insurance pricing, reserving, triangles, assumption governance
actuary
Actuarial engagement scoping, SOW, due diligence programs
actuarial-consulting
P&C coverages, underwriting, claims lifecycle
property-casualty-insurance
Corporate FP&A, investor metrics, non-pension analytics
financial-analyst
(if installed)
Business case, operating model, transformation
business-consultant
Technical control evidence, audit packages
compliance-engineer
Contract, plan document, regulatory interpretation
commercial-counsel
需求技能
保险定价、准备金计提、损失三角形、假设治理
actuary
精算业务范围界定、工作说明书、尽职调查项目
actuarial-consulting
财产意外险保障、承保、理赔全流程
property-casualty-insurance
企业财务规划与分析、投资者指标、非养老金分析
financial-analyst
（若已启用）
业务案例、运营模式、转型
business-consultant
技术控制证据、审计包
compliance-engineer
合同、计划文件、监管解读
commercial-counsel

Core Workflows

核心工作流程

1. Engagement scoping

1. 业务范围界定

Before analysis:
  1. Plan type — DB, DC, hybrid, governmental, multi-employer
  2. Sponsor — Corporate, public, union, Taft-Hartley, church plan (note limitations)
  3. Decision — Funding, design change, de-risking, accounting disclosure, governance review
  4. Measurement basis — Funding (IRC/ERISA), GAAP (ASC 715), economic, solvency (public)
  5. Jurisdiction — US federal/state; flag non-US for local counsel and standards
  6. Materiality — Participant count, funded status, benefit richness, tail longevity risk
See 
references/pension_retirement_scope.md
.
分析前需明确：
  1. 计划类型 — DB、DC、混合型、政府型、多雇主型
  2. 发起方 — 企业、公共部门、工会、塔夫脱-哈特利计划、教会计划（注意限制条件）
  3. 决策事项 — 筹资、设计变更、去风险、会计披露、治理审查
  4. 计量基准 — 筹资（IRC/ERISA）、GAAP（ASC 715）、经济、偿付能力（公共部门）
  5. 管辖区域 — 美国联邦/州；非美国场景需标注，建议咨询当地法律顾问及遵循当地标准
  6. 重要性 — 参与者数量、资金到位状况、福利丰厚程度、尾部长寿风险
参考文档：
references/pension_retirement_scope.md

2. Plan structures (DB vs DC)

2. 计划结构（DB vs DC）

  1. Map benefit promise (defined vs account balance) and sponsor risk allocation
  2. Identify participant populations (active, deferred, retired) and data needs
  3. Note hybrid features (cash balance, floor-offset, PEP/MPP DB/DC combos)
  4. Separate 401(k)/403(b)/457 DC mechanics from DB accrual formulas
  5. Escalate legal classification and document wording to 
    commercial-counsel
See 
references/db_vs_dc_plan_structures.md
.
  1. 梳理福利承诺（固定收益 vs 账户余额）及发起方风险分配
  2. 明确参与者群体（在职、递延、退休）及数据需求
  3. 标注混合型计划特征（现金余额、下限抵消、PEP/MPP DB/DC组合）
  4. 区分401(k)/403(b)/457 DC计划机制与DB计划应计公式
  5. 法律分类及文件措辞相关问题需转交
    commercial-counsel
    处理
参考文档：
references/db_vs_dc_plan_structures.md

3. Funding, liabilities, and ALM

3. 筹资、负债与ALM

  1. State valuation date and purpose (funding, accounting, transaction)
  2. Outline liability cash flows: benefits, timing, indexing, optional forms
  3. Explain discount rate role (segment rates, full yield curve, market vs smoothed)
  4. Summarize mortality and improvement assumptions at concept level
  5. Connect assets to liabilities: funded ratio, duration, hedge ratio, glide path
  6. Hand off detailed actuarial calculations to 
    actuary
    when models are required
See 
references/funding_liabilities_and_alm.md
.
  1. 明确估值日期及目的（筹资、会计、交易）
  2. 概述负债现金流：福利、时间安排、指数化、可选形式
  3. 解释折现率的作用（分段利率、完整收益率曲线、市场利率 vs 平滑利率）
  4. 从概念层面总结死亡率及死亡率改善假设
  5. 关联资产与负债：资金到位率、久期、对冲比率、下滑路径
  6. 如需建模，将详细精算计算工作转交
    actuary
    处理
参考文档：
references/funding_liabilities_and_alm.md

4. Plan design and benefits

4. 计划设计与福利

  1. Document benefit formula (final average, career average, flat dollar)
  2. Capture eligibility, vesting, service crediting, and breaks in service
  3. Address early retirement subsidies, disability, and survivor forms
  4. Flag COLA, lump sum, and cash balance conversion issues (overview)
  5. Coordinate communications and amendment process with counsel and recordkeeper
See 
references/plan_design_and_benefits.md
.
  1. 记录福利公式（最终平均薪酬、职业生涯平均薪酬、固定金额）
  2. 明确资格要求、归属规则、服务年限计算及服务中断相关规定
  3. 处理提前退休补贴、伤残及遗属福利形式相关问题
  4. 标注生活成本调整（COLA）、一次性给付及现金余额转换相关问题（概述层面）
  5. 与法律顾问及记录机构协调沟通及修订流程
参考文档：
references/plan_design_and_benefits.md

5. Risk transfer and de-risking

5. 风险转移与去风险

  1. Clarify objective: balance sheet, volatility reduction, participant security, admin simplification
  2. Compare LDTI/LDI, buy-in, buy-out, annuity placement, longevity reinsurance
  3. List data, insurer/market, and fiduciary prerequisites
  4. Outline transaction timeline and accounting/funding impacts at high level
  5. Refer pricing, mortality, and liability sizing to 
    actuary
    ; legal docs to 
    commercial-counsel
See 
references/risk_transfer_and_de-risking.md
.
  1. 明确目标：资产负债表平衡、降低波动、保障参与者权益、简化管理
  2. 对比负债驱动投资（LDTI/LDI）、买入式年金、买断、年金配置、长寿再保险
  3. 列出数据、保险公司/市场及受托方前置条件
  4. 从宏观层面概述交易 timeline及会计/筹资影响
  5. 定价、死亡率及负债规模相关问题转交
    actuary
    ；法律文件相关问题转交
    commercial-counsel
参考文档：
references/risk_transfer_and_de-risking.md

6. Regulatory, governance, and operations

6. 监管、治理与运营

  1. Map ERISA fiduciary duties, IPS, and committee governance
  2. Summarize PBGC premiums and termination concepts (corporate DB)
  3. Note DOL reporting (Form 5500) and IRS qualification/testing at overview
  4. Describe recordkeeper/custodian, payroll, and administration operating model
  5. Label all regulatory comments as not legal or tax advice
See 
references/regulatory_governance_and_operations.md
.
  1. 梳理ERISA受托职责、投资政策声明（IPS）及委员会治理
  2. 总结PBGC保费及计划终止相关概念（企业DB计划）
  3. 概述DOL报告（Form 5500）及IRS资格认定/测试相关内容
  4. 描述记录机构/托管机构、薪资及管理运营模式
  5. 所有监管相关评论需标注为非法律或税务建议
参考文档：
references/regulatory_governance_and_operations.md

Key metrics (pension)

关键指标（养老金）

MetricTypical use
Funded ratio (assets ÷ liabilities)Funding and risk monitoring; basis matters
Projected benefit obligation (PBO)GAAP liability snapshot
Accumulated benefit obligation (ABO)Benefits earned to date
Normal costCost of benefits accruing in period
Required / minimum contributionIRC minimum funding (overview)
Discount rateSets liability present value; method-specific
Duration / interest rate sensitivityALM and hedge design
Service cost / interest costExpense components (GAAP)
Always state measurement basis and assumption set in footnotes.
指标典型用途
资金到位率（资产÷负债）筹资及风险监控；需明确计量基准
预计福利负债（PBO）GAAP负债快照
累计福利负债（ABO）已赚取福利总额
正常成本当期应计福利成本
要求/最低缴款IRC最低筹资要求（概述）
折现率确定负债现值；方法特定
久期/利率敏感性ALM及对冲设计
服务成本/利息成本费用构成（GAAP）
需在脚注中明确计量基准及假设集。

Data requests (starter checklist)

数据请求（初始清单）

When the user has not supplied data, ask for:
  1. Plan document summary or SPD highlights (not legal interpretation)
  2. Census or participant counts by status (active, term, retiree)
  3. Asset statement and allocation policy
  4. Latest actuarial valuation (funding and/or accounting) with assumptions
  5. Contribution history and funding policy
  6. Prior board materials, de-risking studies, or RFPs
当用户未提供数据时，需索取：
  1. 计划文件摘要或员工福利说明书（SPD）要点（不提供法律解读）
  2. 人口统计或按状态划分的参与者数量（在职、离职、退休）
  3. 资产报表及配置政策
  4. 最新精算估值报告（筹资及/或会计用途）及假设
  5. 缴款历史及筹资政策
  6. 过往董事会材料、去风险研究或招标书（RFP）

Deliverable standards

交付成果标准

DeliverableMinimum content
Plan overviewDB/DC type, populations, key benefits, sponsor context
Funded status memoBasis, funded ratio, main assumptions, trend
ALM summaryLiability profile, asset mix, hedge/glide path, risks
Design optionsFormula/vesting changes, cost direction, participant impact
De-risking briefObjectives, structures considered, fiduciaries, next steps
Governance noteCommittees, IPS, regulatory touchpoints (overview)
Always state uncertainty and limitations. Do not present outputs as legal, tax, actuarial opinion, or regulatory filing without qualified human review.
交付成果最低内容要求
计划概述DB/DC类型、参与者群体、核心福利、发起方背景
资金到位状况备忘录计量基准、资金到位率、主要假设、趋势
ALM摘要负债概况、资产配置、对冲/下滑路径、风险
设计方案公式/归属规则变更、成本趋势、参与者影响
去风险简报目标、考虑的结构、受托方、下一步行动
治理说明委员会、IPS、监管触点（概述）
需明确标注不确定性及限制条件。未经合格人员审核，不得将输出成果作为法律、税务、精算意见或监管申报文件。

When to load references

参考文档加载时机

  • Scope and boundaries → 
    references/pension_retirement_scope.md
  • DB vs DC structures → 
    references/db_vs_dc_plan_structures.md
  • Funding, liabilities, ALM → 
    references/funding_liabilities_and_alm.md
  • Plan design and benefits → 
    references/plan_design_and_benefits.md
  • Risk transfer and de-risking → 
    references/risk_transfer_and_de-risking.md
  • Regulation and governance → 
    references/regulatory_governance_and_operations.md
  • 范围与边界 → 
    references/pension_retirement_scope.md
  • DB与DC结构 → 
    references/db_vs_dc_plan_structures.md
  • 筹资、负债与ALM → 
    references/funding_liabilities_and_alm.md
  • 计划设计与福利 → 
    references/plan_design_and_benefits.md
  • 风险转移与去风险 → 
    references/risk_transfer_and_de-risking.md
  • 监管与治理 → 
    references/regulatory_governance_and_operations.md