金融英语句子翻译第八章

第八章

1、The key factor in explaining pension fund growth is that the

employer’s contributions and a specified amount of the employee’s contributions,as well as the earnings of the fund’s assets,are tax exempt.In essence,a pension is a form of employee remuneration for which the employee is not taxed until funds are withdrawn.Pension funds have also traditionally served to discourage employees from quitting,since the employee,until vested,could lose at least the accumulation resulting from the employer contribution.

养老基金计划中雇主支付的资金、雇员支付款项以及基金资产收益都是免税的，这可作为养老基金发展的关键因素。实际上，养老金是雇员另一种形式的薪酬，而且只有在赎回时才征税。传统上认为，养老金计划可起到影响雇员离职的作用，因为如果雇员离职就会至少损失由雇主累计支付的养老金。

2、In a defined benefit plan,benefits become vested when employees reach a certain age and complete enough years of service so that they meet the minimum requirements最低要求for receiving benefits upon retirement.The payment of benefits is not contingent upon取决于a participant’s continuation with the employer or union.In recent years,firms have not adopted defined-benefit plans.Major firms that have them have been freezing their plans.This is because they are costly and firms have found that the plans hinder their competitiveness.

在固定收益计划中，当雇员达到一定年龄且服务了足够年限时，雇员就满足获得福利的最低要求，也就是说能够合法的领取收益。而收益的支付则与养老金计划的参与人是否继续为雇主或工会工作无关。近些年来，许多企业都没有采用固定收益计划，而之前采用固定收益计划的大多数公司也都冻结了计划。这是因为该计划花费太高而且降低了他们的竞争力。

3、A plan sponsor chooses one of the following to manage the defined benefit pension assets under its control:(1)use in-house staff 内部员工to manage all the pension assets itself,(2)distribute the pension assets to one or more money management firms to manage, (3)combination of both.Public pension funds typically manage a good portion较大部分of their assets internally.In the case of至于a defined contribution pension plan,the plan sponsor typically allows participants to select how to allocate their contributions among funds managed by one or more fund groups.

养老金计划的发起人管理其控制下的固定收益的养老金计划资产的方法有以下几种：（1）使用内部员工来管理养老基金的所有资产；（2）把养老金资产分配给一家或多家货币公司管理；（3）结合(1)和(2)两种方法。对于公众部门的养老基金，通常内部管理的资产占较大的比例。对于固定缴费养老金计划，计划发起人通常允许参与者自主选择将雇主支付的存在雇员账户上的资金如何在一家或多家基金公司管理的基金中进行配置

4、Today,the crisis facing defined benefit pension plans threatens the solvency of corporations,cities,states,and even the ernment. At the end of2003,corporations’pension underfunding or deficit was close to$250billion,officially.Other commentators estimate that if pension liabilities were assigned market values,as they properly should be,then the U.S.corporate pension deficit would probably be double that.

如今，固定收益养老金计划面临的危机，正威胁着企业、市政和州、甚至美国政府的偿付能力。2003年年末，官方公布的公司养老金资金不足或赤字接近于2500亿美元。一些评论员估计，如果按市场价值计算养老金负债，其实负债正应当按照市场价值计，则赤字数量将会翻倍。

5、In essence,corporate and public plan sponsors have systematically underestimated pension liabilities.In making pension-funding decisions,corporations have often failed to take into consideration the liability structure of the plan.Their primary concern,naturally,is with the impact on the earnings,and because pension contributions show up as an expense on the income statement,corporations seek to minimize or even eliminate them.

事实上，公司和公众部门养老金计划发起人由于受监管者和会计师的唆使都系统地低估了养老金的负债。在制定养老金融资决策时，企业常常不考虑养老金计划的负债结构。它们主要关心的是盈余，由于支付的养老金作为一项费用列支在损益表中，因而企业要使其最小化或减少这一项费用。

6、With respect to funding,in April2004,the Pension Funding Equity Act was passed.The purpose of the act was to give panies some“relief”from burdensome繁重的pension contributions and,as the act’s summary stated,“protect the retirement benefits of millions of American workers and help ensure that their pension benefits will be there when they retire.”The relief came in the form of a higher permissible discount rate,the critical number临界值for valuing pension liabilities and therefore funding requirements.