Defining Retirement Success for Defined Contribution Plan Sponsors: Begin with the End in Mind
|
|
- Egbert Bell
- 8 years ago
- Views:
Transcription
1 Dfining Rtirmnt Succss for Dfind Contribution Plan Sponsors: Bgin with th End in Mind David Blanchtt, CFA, CFP, AIFA Had of Rtirmnt Rsarch Morningstar Invstmnt Managmnt Nathan Voris Larg Markt Practic Ladr Morningstar Invstmnt Managmnt Fbruary 11, 2014
2 Abstract How do you dfin rtirmnt succss? For many individuals and housholds th concpt of rtirmnt succss is somwhat abstract. It can man diffrnt things and b quantifid in diffrnt ways. For xampl, rtirmnt succss from an accumulation prspctiv might man saving nough for rtirmnt. For a rtir, it could man achiving th dsird standard of living ovr on s liftim. For a financial plannr, it could man achiving a goal with som targt probability of succss. In ach cas, th prspctiv of th individual (or ntity) hlps dfin what is a succssful outcom. In this papr, w tak th prspctiv of a dfind contribution (DC) plan sponsor and outlin ky things a plan sponsor can do to hlp maximiz th liklihood of its mploys achiving a succssful rtirmnt outcom (howvr it is dfind). Taking th prspctiv of a plan sponsor is important, sinc plan sponsors hav considrabl ability to impact mploy outcoms. Unlik othr countris, such as Australia or Grat Britain, that ar moving toward mandatd saving schms, in th Unitd Stats, saving for rtirmnt and dvloping a rtirmnt incom stratgy is an individual dcision. W outlin bst practics for plan sponsors focusd on maximizing participant rtirmnt succss, both during accumulation and rtirmnt (i.., dcumulation). Whil crtain activitis, lik slcting th optimal plan invstmnts, ar an important componnt of th optimal DC structur, thy ar only on part of a much largr and mor complx puzzl Morningstar. All rights rsrvd. This documnt includs propritary matrial of Morningstar. Rproduction, transcription or othr us by any mans, in whol or in part, without th prior writtn consnt of Morningstar is prohibitd. Th Morningstar Invstmnt Managmnt division is a division of Morningstar and includs Morningstar Associats, Ibbotson Associats, and Morningstar Invstmnt Srvics, which ar rgistrd invstmnt advisors and wholly ownd subsidiaris of Morningstar, Inc. Th Morningstar nam and logo ar rgistrd marks of Morningstar. Pag 2 of 12
3 Sav Enough. Invst Bttr. Spnd Smartr. Rtirmnt is prsonal, with ach individual s situation slightly diffrnt from th nxt. Two mploys of th sam ag and with th sam job who on th surfac may appar to hav idntical invsting goals and nds in rtirmnt, may in fact b vry diffrnt upon closr xamination. Factors such as marriag status, housing situation, lifstyl nds, tc. can all contribut to ths potntial diffrncs. With th ris of th DC plan, ach participant is largly lft to himslf or hrslf to figur out how to adquatly prpar for rtirmnt. Whn DC plans first startd gaining traction, th assumption was that mploys wr capabl of making ths dcisions. Howvr, numrous studis now suggst othrwis, and th ovrall public prcption of DC plans is mixd. Employrs, particularly largr mployrs, ar wll positiond to offr bttr solutions than thir mploys might b abl to find on thir own as conomis of scal driv down fs on invstmnts and financial advic. Furthr, whr a prson works and what h or sh dos for a living affcts th rtirmnt nd. Employrs know thir popl, and with th hlp of consultants and DC xprts thy can crat customizd solutions that mt mploy nds. W highlight svral ky considrations that can hlp mov a plan forward and position mploys for rtirmnt succss for mployrs who mbrac thir rol in prparing thir mploys for rtirmnt, and striv to go byond thir fiduciary obligations. W brak ths ky considrations into two catgoris: accumulation and distribution. Whil many of th sam considrations apply to both stags, mployrs oftn prciv ths two priods as fundamntally distinct. In this papr, w will try to highlight th ky diffrncs in ach, covring th bulk in th accumulation sction Morningstar. All rights rsrvd. This documnt includs propritary matrial of Morningstar. Rproduction, transcription or othr us by any mans, in whol or in part, without th prior writtn consnt of Morningstar is prohibitd. Th Morningstar Invstmnt Managmnt division is a division of Morningstar and includs Morningstar Associats, Ibbotson Associats, and Morningstar Invstmnt Srvics, which ar rgistrd invstmnt advisors and wholly ownd subsidiaris of Morningstar, Inc. Th Morningstar nam and logo ar rgistrd marks of Morningstar. Pag 3 of 12
4 Accumulation In this sction, w discuss som of th ky considrations for a DC plan sponsor intrstd in hlping mploys prpar for rtirmnt. 1. Build for Bhavior Th ky is to dsign a program that hlps mak it asy for mploys to mak th right dcisions. A fw concpts includ: Mak it Automatic Th potntial bnfits of automatically nrolling participants and automatically scalating participant dfrrals ar wll documntd. Participants tnd to tak th path of last rsistanc and viw plan dfaults as bing at last implicitly ndorsd by th plan sponsor. Dfaults ar an important considration in any typ of auto arrangmnt. Many plans that wr arly adoptrs of automatic nrollmnt slctd dfrral dfaults that wr too small, with 3% bing vry common. W bliv moving byond th standard 3% dfault dfrral rat to a mor impactful savings rat is paramount in making auto programs truly succssful and allowing participants to rach thir rtirmnt goals. Rsarch by Choi, Laibson, Madrian, and Mtrick (2004) 1 has dmonstratd thr is vry littl ffct on participant adoption whn moving th dfault from 3% to 6%. Th ky is stting a dfault savings rat that is both maningful and likly to b adoptd by participants, and for th vast majority of DC plans, this numbr is probably 6% or highr. Mov th Carrot Popl tnd to lik fr stuff, spcially fr mony. That s why many participants will sav up to th mployr match and no mor. For companis that ar unabl to incras th amount of dollars allocatd to making matching contributions, it may mak sns to chang th match schdul. For xampl, instad of matching 100% on th first 3% of mploy dfrrals, match 50% on th first 6%, or vn 25% on th first 12%. Ths lowr match schduls do a bttr job gtting mploys to shar th load whn it coms to funding rtirmnt. Th optimal match schdul is likly diffrnt for ach company and thrfor will vary by plan sponsor. Ths rlativly small changs, though, can hav a big impact on participant outcoms. A participant who was only saving 3% to gt th full mployr match who movs to saving 6% to gt th sam matching bnfits, will hav a 50% largr account balanc at rtirmnt bcaus of this chang. In this xampl, th plan sponsor achivd bttr participant bhavior (i.., highr savings rats) through plan dsign modifications at no additional cost. On Part of th Bnfits Packag Halth insuranc covrag is not a on and don dcision lik DC plans. Instad, ach mploy must go in onc a yar, usually in th fall, and ithr r-confirm xisting covrag or slct nw halth covrag. 1 Choi, Jams J., David Laibson, Brigitt C. Madrian, and Andrw Mtrick. Saving for Rtirmnt on th Path of Last Rsistanc, July 19, Morningstar. All rights rsrvd. This documnt includs propritary matrial of Morningstar. Rproduction, transcription or othr us by any mans, in whol or in part, without th prior writtn consnt of Morningstar is prohibitd. Th Morningstar Invstmnt Managmnt division is a division of Morningstar and includs Morningstar Associats, Ibbotson Associats, and Morningstar Invstmnt Srvics, which ar rgistrd invstmnt advisors and wholly ownd subsidiaris of Morningstar, Inc. Th Morningstar nam and logo ar rgistrd marks of Morningstar. Pag 4 of 12
5 Plan sponsors should lvrag th wll-worn path of annual nrollmnt, by making rtirmnt dcisions an additional considration during th procss. Somthing as simpl as tlling ach mploy, that thos who ar not nrolld in th plan will b r-nrolld at th dfault savings rat ach yar, will hlp scoop up mploys who ithr dcidd not join th plan initially or hav sinc optd out. A plan sponsor could vn go as far as r-nrolling th plan ach yar into th ag-appropriat QDIA option (prsumably a targt-dat fund) unlss th mploy lcts othrwis Ths small changs to th fourth quartr of th yar could potntially yild vry powrful rsults for plan participants. 2. Thoughtful Invstmnt Mnus Invstmnt mnu dsign is an important componnt of managing a DC program. Bcaus of th natur of slf-dirctd programs, and th plan sponsor s fiduciary liability attachd to invstmnt dcisions, invstmnts oftn gt th majority of plan sponsor attntion. It s no surpris many of th committs cratd to monitor th plan hav vry spcific titls lik Invstmnt Committ vrsus mor broad nams lik Plan Ovrsight Committ. Many plan sponsors spnd significant tim rviwing dtaild prformanc statistics on plan invstmnts, such as alpha, information ratio, Sharp ratio, tracking rror, tc., ach quartr, whil dvoting littl tim to participant succss. Hr ar a fw guidposts to considr whn dvloping a plan mnu to optimiz participant outcoms as wll invstmnt prformanc: Covr th Basics Offring th cor building blocks that should b in ach plan. W dfin ths as fiv asst classs: cash (.g., stabl valu or mony markt), bonds, domstic larg cap quity, domstic small-cap quity, and intrnational. Having singl options that rprsnt ach asst class is an important stp to avoiding unncssary complxity and ovrlap. Largr plans could potntially considr whit labls or multimanagr structurs that mak it simplr for th participant. Go Byond th Basics Offring broad, divrsifid xposur to non-cor asst classs lik TIPS, commoditis, ral stat, and mrging markts, in a bundld and simpl fashion can also bnfit participants. Balanc Dsign Many mnus today hav quity-focusd invstmnt mnus with mor than 10 quity options, but fw incom options. This ovrwight to quitis may snd signals to th participant that quitis ar mor important than fixd incom. Rthink th Styl Box Th styl box provids a rasonabl starting point whn contrasting th diffrnt markt xposurs for invstmnts, but most participants can t intlligntly articulat th diffrncs btwn growth and valu. Thrfor, it isn t a rquirmnt to fill ach box of th styl box. Rathr, assmbl a linup of invstmnts that nabls participants to crat a divrsifid portfolio Morningstar. All rights rsrvd. This documnt includs propritary matrial of Morningstar. Rproduction, transcription or othr us by any mans, in whol or in part, without th prior writtn consnt of Morningstar is prohibitd. Th Morningstar Invstmnt Managmnt division is a division of Morningstar and includs Morningstar Associats, Ibbotson Associats, and Morningstar Invstmnt Srvics, which ar rgistrd invstmnt advisors and wholly ownd subsidiaris of Morningstar, Inc. Th Morningstar nam and logo ar rgistrd marks of Morningstar. Pag 5 of 12
6 Minimiz or Eliminat Employr Stock Thr ar many rasons this maks sns. You can find our rsarch and prspctiv hr: corporat.morningstar.com/ib/documnts/mthodologydocumnts/rsarchpaprs/employr-stock- Ownrship-in-401k-Plans.pdf Look at Targt-Dat Funds Targt-dat funds hav xplodd in popularity following passag of th Pnsion Protction Act of Not surprisingly, targt-dat funds now rciv th majority of flows for DC plans using thm as th dfault option, and will likly continu to rciv significant attntion in th procss. Managmnt consulting firm Casy, Quirk & Associats stimats that targt-dat funds will rprsnt narly half of th projctd $7.7 trillion in U.S. DC assts by 2020 many plans that wr arly adoptrs may alrady hav ovr half of plan assts in targt-dat funds. Thrfor, it s critical for plan sponsors to hav a du dilignc procss for slcting and monitoring targt-dat funds. Considr Advic and Managd Accounts Offring an advic and managd account srvic can not only hlp participants dtrmin an appropriat allocation among th plan s invstmnts, but also hlp thm st an optimal savings rat and a goal for rtirmnt incom. 3. Educat This mans going byond th standard invstmnt mnu, and highlighting th rsourcs, tools, and solutions that can hlp craft invstmnt and savings rcommndations that will rsonat with participants Communications Mov From What to How Participant communications ar oftn ovrly complx, attmpting to xplain th nuts and bolts of how ach aspct of th plan works in grat dtail, or dsignd to chck th lgal box. Participants oftn don t rad ths matrials or simply don t car (how many vn rviw thir quartrly statmnts?). Thrfor, what fw communications go out should b simpl and focusd on what rally crats bttr outcoms. For xampl, a participant is much bttr srvd rciving a on-pag mailr about how to sav for rtirmnt or what thir optimal savings rat should b, rathr than a fiv-pag documnt outlining th formula for dtrmining th monthly crditing rat for thir stabl valu fund. Financial Wllnss Today Gtting a handl on paying off high intrst crdit cards and studnt loans may b a mor important goal than socking away mony for rtirmnt for som participants. Th intrst rats on crdit cards can xcd 20%, which is a much highr rturn than on can b rasonably xpctd to arn through invsting in stocks or bonds. Our rsarch on th topic of crdit card dbt and saving for rtirmnt can b found hr: Documnts/IBBAssociats/SavingforRtirmntCrditCards.pdf. 2 Furthrmor, intgrating financial wllnss programs lik HlloWallt into th rtirmnt quation provids a mor holistic solution than is th norm today Morningstar. All rights rsrvd. This documnt includs propritary matrial of Morningstar. Rproduction, transcription or othr us by any mans, in whol or in part, without th prior writtn consnt of Morningstar is prohibitd. Th Morningstar Invstmnt Managmnt division is a division of Morningstar and includs Morningstar Associats, Ibbotson Associats, and Morningstar Invstmnt Srvics, which ar rgistrd invstmnt advisors and wholly ownd subsidiaris of Morningstar, Inc. Th Morningstar nam and logo ar rgistrd marks of Morningstar. Pag 6 of 12
7 4. Customiz Evry plan is diffrnt, yt most plan sponsors slct on from among only a handful of targt-dat providrs. On Siz Dos Not Fit All Whil custom targt-dat funds may not mak sns conomically for som plan sponsors, thy should b considrd for largr plan sponsors with $100 million or mor in plan assts. Th bnfits of using company-spcific, plan-spcific, and participant-spcific data in plac of national avrags and gnral assumptions ar clar. Bcaus custom targt-dat funds ar constructd from th xisting linup, thy also lvrag th du dilignc prviously don on th cor mnu. This topic is covrd in gratr dtail in Morningstar Invstmnt Managmnt s Insights nwslttr 3 as wll as in a forthcoming papr by Morningstar. 5. Kp it Togthr Plan lakag is an important problm for plan sponsors. Whil things lik hardship distributions and loans can provid a valuabl sourc of liquidity for som mploys, thy pos dfinit risks to rtirmnt radinss. For xampl, rsarch by Aon Hwitt (2011) 4 suggsts that rmoving mony from a rtirmnt plan can dcras a participant s xpctd walth at rtirmnt by as much as 67%, in som cass. Thr has bn nw rsarch on this topic ovr th past fw yars, with th primary focus on stopping participant lakag through intllignt plan dsign by limiting provisions such as loans and hardships. DCIAA has a grat rsarch papr that addrsss th impact of lakag and possibl solutions that is availabl hr: Plug%20th%20Drain.pdf Gt What You Paid For Running a rtirmnt plan costs mony, from administration fs, fund xpnss, consultant fs, managd account fs, and th list gos on. For ach itm on that list, a plan sponsor can gt sud for not proprly monitoring th costs to nsur thy ar rasonabl. Furthrmor, sponsors want to mak sur thy ar actually gtting valu/srvic for th costs incurrd. A fw things to considr that should b don at appropriat intrvals: Invstmnt Expns Comparisons A pr group comparison of th invstmnt-only xpnss is only on part of th total costs of a DC plan. And watch th pr group. Th pr group for a $5 billion DC plan is vastly diffrnt than a $50 million DC plan. This is asy information for a consultant or providr to gathr, and should b dlivrd on a quartrly basis. Administration Expnss RFPs ar tim consuming; but thy narly always rsult in a bttr pric, mor srvic, and oftn both. Don t lt your providr run th plan; thy ar not th fiduciary. It is important to ask your providr for a dtaild f analysis of all plan fs on an annual basis Morningstar. All rights rsrvd. This documnt includs propritary matrial of Morningstar. Rproduction, transcription or othr us by any mans, in whol or in part, without th prior writtn consnt of Morningstar is prohibitd. Th Morningstar Invstmnt Managmnt division is a division of Morningstar and includs Morningstar Associats, Ibbotson Associats, and Morningstar Invstmnt Srvics, which ar rgistrd invstmnt advisors and wholly ownd subsidiaris of Morningstar, Inc. Th Morningstar nam and logo ar rgistrd marks of Morningstar. Pag 7 of 12
8 How Ar Fs Paid? Unvn xpns arrangmnts, with fs through rvnu sharing, brokrag fs, tc., rathr than a mor pur administrativ f, ar undr scrutiny mor and mor. Th big qustion: should a participant who uss a product/srvic that happns to carry rvnu sharing, or gnrat som f, pay mor for th administration of th plan? W bliv th answr is no, and that a lvl, balancd administrativ f approach is th most prudnt. Within this contxt it s important to nsur som participants arn t subsidizing th plan cost for othrs by invsting in funds with highr rvnu sharing. Ar You Gtting Good Invstmnt Advic? Consultants giv invstmnt rcommndations, do quartrly rviws, and monitor thir rcommndations. Onc upon a tim, indpndnt information and data about invstmnts was hard to com by; howvr, with vast amounts of data and analytics tools availabl on th wb, thos days ar gon. How do you know if your consultant is giving you high-quality advic that is worth th f? It s a tough qustion, with no asy answr; but a fw idas that could b usful: Captain s Log If a fund is bing rplacd for prformanc rasons, continu to kp track of that fund and compar th futur prformanc of th two funds. You can vn rqust that an appndix b addd to th quartrly prformanc book with all th rplacd funds and thir rlvant statistics. Mirror Procss Whn you rciv a rcommndation, focus on how th rcommndation was drivd, i.., what th procss was that lad to a particular fund rcommndation. Many consultants will provid a map of ach round of analysis, showing th total numbr of funds that wr liminatd basd upon ach of thir critria. Ask yourslf if thr is anything innovativ, propritary, or uniqu that maks this procss valuabl. Is it a simpl scrning procss, or ar qualitativ factors at play that add valu byond th data? Th Big Pictur It s asy for invstmnt consultants to dazzl plan sponsors with fancy statistics about invstmnt prformanc, but how dos all of it fit into th big pictur? Sur, crating alpha of 100 bps in a fund is grat, but how much of th assts ar actually in th fund? Is th fund suitabl for th plan participants? Is it bing usd appropriatly? Ths ar all qustions that should b addrssd within th gratr contxt of participant outcoms whn thinking about plan invstmnts Morningstar. All rights rsrvd. This documnt includs propritary matrial of Morningstar. Rproduction, transcription or othr us by any mans, in whol or in part, without th prior writtn consnt of Morningstar is prohibitd. Th Morningstar Invstmnt Managmnt division is a division of Morningstar and includs Morningstar Associats, Ibbotson Associats, and Morningstar Invstmnt Srvics, which ar rgistrd invstmnt advisors and wholly ownd subsidiaris of Morningstar, Inc. Th Morningstar nam and logo ar rgistrd marks of Morningstar. Pag 8 of 12
9 Distribution In this sction, w discuss som of th ky considrations for a DC plan sponsor intrstd in hlping participants through rtirmnt. Whil many of th sam topics discussd in th Accumulation sction apply for this sction, w try to focus on thos uniqu to distribution in this sction. 1. Kp th Party Going You v bn a grat partnr to your mploys, providing a low-cost, fficint mans to hlp your mploys sav for rtirmnt. Kp it going by allowing thm to continu to us th DC plan as a vhicl for thir nds in rtirmnt: Low Cost Your mploys may not b abl to do bttr, from a f prspctiv, than what you hav bn abl to provid by lvraging th scal and buying powr of th plan as a whol. Sound Advic Managd account srvics can offr comprhnsiv, customizd distribution rcommndations to participants that can includ appropriat rcommndations to an annuity, if availabl in th plan. Rtirs Hlp Currnt Employs Administrativ costs ar typically pricd as a pr-participant f, and invstmnt xpnss ar typically asst-basd fs. In both instancs, having rtirs in th plan should lowr both th administrativ and invstmnt xpnss, bcaus mor popl in th plan lowrs avrag administrativ xpnss and rtir balancs tnd to b largr than activ mploys. So kping rtirs in th plan actually bnfits activ mploys as wll as th rtirs thmslvs. 2. Kp it Ral Th goal of many rtirs is to gnrat som amount of incom during rtirmnt, incrasd annually by inflation. Thrfor, inflation is a vry important considration whn working toward this goal. Ral assts, or asst classs that gnrally ris with inflation, can b valuabl invstmnt options for rtirs. Som xampls of common ral assts includ TIPS, ral stat, commoditis, tc. For som plans, it may mak sns to considr a singl multi-managd ral asst option to provid participants with a on-off way to gain xposur to ral assts. 3. Guarantd Incom for Lif Rtirmnt may nd up bing 30 yars or mor. Gnrating incom for such an xtndd priod is no asy fat, spcially givn today s low bond yilds 6. Thrfor, including som typ of guarantd incom option in a DC plan is an important considration, but on with intrsting fiduciary considrations. Fortunatly, thr ar ERISA standards for slcting annuity providrs; w addrss som of thos guidlins and additional concrns blow Morningstar. All rights rsrvd. This documnt includs propritary matrial of Morningstar. Rproduction, transcription or othr us by any mans, in whol or in part, without th prior writtn consnt of Morningstar is prohibitd. Th Morningstar Invstmnt Managmnt division is a division of Morningstar and includs Morningstar Associats, Ibbotson Associats, and Morningstar Invstmnt Srvics, which ar rgistrd invstmnt advisors and wholly ownd subsidiaris of Morningstar, Inc. Th Morningstar nam and logo ar rgistrd marks of Morningstar. Pag 9 of 12
10 Kp Good Rcords Plan sponsor DC committ mmbrs com and go, but an annuity can last forvr (or at last 30 yars). Thrfor, it s ssntial to kp dtaild rcords of th du dilignc procdurs for slcting and monitoring any typ of plan annuity option. Unlik a traditional invstmnt, lik a mutual fund, that can b asily rmovd from a plan linup, thr ar far mor complx concrns associatd with rmoving guarantd options. Also, th annuity company is promising bnfits for th nxt 30+ yars, thrfor it s important th company is, and rmains, on solid financial footing. Portability How ar participants who want to roll out of th plan affctd? Portability is important, givn participant bhaviors, spcially if th participant has paid for som typ of guarantd bnfit and loss this insuranc if h/sh rolls out of th plan. Th SPARK Institut has data format standards for oprations portability that should b considrd whn assssing guarantd options. Pl Back th Onion Annuitis can b incrdibly complx vhicls and com in many shaps and sizs. Thrfor, it s important for plan sponsors to rally undrstand what thy r buying and how it can fit th nds of thir participants. Bring in th Exprt Givn th complxity of th annuity dcision, it maks sns to sk counsl from xprts. Whil many plan sponsors may b comfortabl using various quantitativ tools for scrning traditional invstmnt options, such tools don t rally xist in th guarantd incom spac, spcially from th prspctiv of a DC plan sponsor. Gaug th Tru Cost Annuitis, as a form of insuranc, should not b xpctd to rsult in a positiv valu for th avrag participant. Whil som participants will b bttr off purchasing an annuity than invsting th mony thmslvs in a portfolio and taking withdrawals, insuranc companis ar in businss to mak a profit and ar gnrally quit good at pricing risk. Th diffrnc in th xpctd bnfits and xpnss paid to th insuranc company rprsnt th tru cost of th annuity from th prspctiv of th participant. Th fact that insuranc companis do not los mony on ach annuity sold is probably a good thing, though, sinc this implis th insuranc company is corrctly pricing th risk and that th company should hav th ability to pay futur claims, which can b 30+ yars into th futur. Undrstanding this cost, and how it affcts diffrnt participants, is an important componnt in slction and monitoring procss. Participant Exprinc Th final considration is participant communications and th participant xprinc whn owning and using th guarantd incom option to fund rtirmnt. On siz dos not fit all, and thrfor diffrnt guarantd incom options ar likly to work bst for diffrnt typs of DC plans Morningstar. All rights rsrvd. This documnt includs propritary matrial of Morningstar. Rproduction, transcription or othr us by any mans, in whol or in part, without th prior writtn consnt of Morningstar is prohibitd. Th Morningstar Invstmnt Managmnt division is a division of Morningstar and includs Morningstar Associats, Ibbotson Associats, and Morningstar Invstmnt Srvics, which ar rgistrd invstmnt advisors and wholly ownd subsidiaris of Morningstar, Inc. Th Morningstar nam and logo ar rgistrd marks of Morningstar. Pag 10 of 12
11 4. Rtirmnt Solutions Targt-dat funds wr cratd as an asy invstmnt solution for accumulators. Similar invstmnts xist for rtirmnt; in fact, Morningstar, Inc. has an ntir catgory ddicatd to ths rtirmnt incom funds. Plan sponsors looking to hlp participants mak bttr invstmnt dcisions should considr an advic or managd account solution to hlp participants with ths choics as wll as potntially a packagd solution. 5. Uniqu Choics Rtirmnt is full of uniqu and important choics. On xampl is whn to claim Social Scurity rtirmnt bnfits; anothr could b hlping participants with apprciatd mployr stock us nt unralizd apprciation. Ths ar oftn dcisions with significant implications; for xampl Blanchtt (2013) 7 nots that optimal Social Scurity rtirmnt bnfit claiming can incras th total rtirmnt incom by mor than 9% for a hypothtical marrid coupl. Working with a consultant that undrstands ths issus, and can hlp idntify thm, is important for DC plan sponsors. 6. Plan Distribution Options In ordr to discourag lump sum distributions, plan sponsors should b sur th plan offrs an installmnt option for rtirs and th flxibility to withdraw mony as it is ndd in rtirmnt. 7 Blanchtt, David M Optimal Social Scurity Claiming Stratgis. Journal of Prsonal Financ. vol. 11, no. 2: Morningstar. All rights rsrvd. This documnt includs propritary matrial of Morningstar. Rproduction, transcription or othr us by any mans, in whol or in part, without th prior writtn consnt of Morningstar is prohibitd. Th Morningstar Invstmnt Managmnt division is a division of Morningstar and includs Morningstar Associats, Ibbotson Associats, and Morningstar Invstmnt Srvics, which ar rgistrd invstmnt advisors and wholly ownd subsidiaris of Morningstar, Inc. Th Morningstar nam and logo ar rgistrd marks of Morningstar. Pag 11 of 12
12 Conclusions Crating an optimal dfind contribution plan that hlps maximiz rtirmnt succss for mploys is obviously a complicatd procss. In this papr, w brok down a varity of choics and dcisions a plan sponsor can mak, to bttr nsur rtirmnt succss for its mploys and participants. Whil many plan sponsors may b uncomfortabl implmnting som of ths dcisions on thir own, thy can form th basis of discussion topics with consultants. Bttr choics mad by plan sponsors hlp all mploys currnt and rtird to achiv what should b th fundamntal goal of ach DC plan: rtirmnt succss Morningstar. All rights rsrvd. This documnt includs propritary matrial of Morningstar. Rproduction, transcription or othr us by any mans, in whol or in part, without th prior writtn consnt of Morningstar is prohibitd. Th Morningstar Invstmnt Managmnt division is a division of Morningstar and includs Morningstar Associats, Ibbotson Associats, and Morningstar Invstmnt Srvics, which ar rgistrd invstmnt advisors and wholly ownd subsidiaris of Morningstar, Inc. Th Morningstar nam and logo ar rgistrd marks of Morningstar. Pag 12 of 12
Econ 371: Answer Key for Problem Set 1 (Chapter 12-13)
con 37: Answr Ky for Problm St (Chaptr 2-3) Instructor: Kanda Naknoi Sptmbr 4, 2005. (2 points) Is it possibl for a country to hav a currnt account dficit at th sam tim and has a surplus in its balanc
More informationFree ACA SOLUTION (IRS 1094&1095 Reporting)
Fr ACA SOLUTION (IRS 1094&1095 Rporting) Th Insuranc Exchang (301) 279-1062 ACA Srvics Transmit IRS Form 1094 -C for mployrs Print & mail IRS Form 1095-C to mploys HR Assist 360 will gnrat th 1095 s for
More informationAdverse Selection and Moral Hazard in a Model With 2 States of the World
Advrs Slction and Moral Hazard in a Modl With 2 Stats of th World A modl of a risky situation with two discrt stats of th world has th advantag that it can b natly rprsntd using indiffrnc curv diagrams,
More informationby John Donald, Lecturer, School of Accounting, Economics and Finance, Deakin University, Australia
Studnt Nots Cost Volum Profit Analysis by John Donald, Lcturr, School of Accounting, Economics and Financ, Dakin Univrsity, Australia As mntiond in th last st of Studnt Nots, th ability to catgoris costs
More informationunion scholars program APPLICATION DEADLINE: FEBRUARY 28 YOU CAN CHANGE THE WORLD... AND EARN MONEY FOR COLLEGE AT THE SAME TIME!
union scholars YOU CAN CHANGE THE WORLD... program AND EARN MONEY FOR COLLEGE AT THE SAME TIME! AFSCME Unitd Ngro Collg Fund Harvard Univrsity Labor and Worklif Program APPLICATION DEADLINE: FEBRUARY 28
More informationC H A P T E R 1 Writing Reports with SAS
C H A P T E R 1 Writing Rports with SAS Prsnting information in a way that s undrstood by th audinc is fundamntally important to anyon s job. Onc you collct your data and undrstand its structur, you nd
More informationSTATEMENT OF INSOLVENCY PRACTICE 3.2
STATEMENT OF INSOLVENCY PRACTICE 3.2 COMPANY VOLUNTARY ARRANGEMENTS INTRODUCTION 1 A Company Voluntary Arrangmnt (CVA) is a statutory contract twn a company and its crditors undr which an insolvncy practitionr
More informationAsset set Liability Management for
KSD -larning and rfrnc products for th global financ profssional Highlights Library of 29 Courss Availabl Products Upcoming Products Rply Form Asst st Liability Managmnt for Insuranc Companis A comprhnsiv
More informationQUANTITATIVE METHODS CLASSES WEEK SEVEN
QUANTITATIVE METHODS CLASSES WEEK SEVEN Th rgrssion modls studid in prvious classs assum that th rspons variabl is quantitativ. Oftn, howvr, w wish to study social procsss that lad to two diffrnt outcoms.
More informationA Project Management framework for Software Implementation Planning and Management
PPM02 A Projct Managmnt framwork for Softwar Implmntation Planning and Managmnt Kith Lancastr Lancastr Stratgis Kith.Lancastr@LancastrStratgis.com Th goal of introducing nw tchnologis into your company
More informationLogo Design/Development 1-on-1
Logo Dsign/Dvlopmnt 1-on-1 If your company is looking to mak an imprssion and grow in th marktplac, you ll nd a logo. Fortunatly, a good graphic dsignr can crat on for you. Whil th pric tags for thos famous
More informationCARE QUALITY COMMISSION ESSENTIAL STANDARDS OF QUALITY AND SAFETY. Outcome 10 Regulation 11 Safety and Suitability of Premises
CARE QUALITY COMMISSION ESSENTIAL STANDARDS OF QUALITY AND SAFETY Outcom 10 Rgulation 11 Safty and Suitability of Prmiss CQC Rf 10A 10A(1) Lad Dirctor / Lad Officr Rspons Impact Liklihood Lvl of Concrn
More informationRemember you can apply online. It s quick and easy. Go to www.gov.uk/advancedlearningloans. Title. Forename(s) Surname. Sex. Male Date of birth D
24+ Advancd Larning Loan Application form Rmmbr you can apply onlin. It s quick and asy. Go to www.gov.uk/advancdlarningloans About this form Complt this form if: you r studying an ligibl cours at an approvd
More informationIntermediate Macroeconomic Theory / Macroeconomic Analysis (ECON 3560/5040) Final Exam (Answers)
Intrmdiat Macroconomic Thory / Macroconomic Analysis (ECON 3560/5040) Final Exam (Answrs) Part A (5 points) Stat whthr you think ach of th following qustions is tru (T), fals (F), or uncrtain (U) and brifly
More informationCategory 7: Employee Commuting
7 Catgory 7: Employ Commuting Catgory dscription This catgory includs missions from th transportation of mploys 4 btwn thir homs and thir worksits. Emissions from mploy commuting may aris from: Automobil
More informationWORKERS' COMPENSATION ANALYST, 1774 SENIOR WORKERS' COMPENSATION ANALYST, 1769
08-16-85 WORKERS' COMPENSATION ANALYST, 1774 SENIOR WORKERS' COMPENSATION ANALYST, 1769 Summary of Dutis : Dtrmins City accptanc of workrs' compnsation cass for injurd mploys; authorizs appropriat tratmnt
More informationThe example is taken from Sect. 1.2 of Vol. 1 of the CPN book.
Rsourc Allocation Abstract This is a small toy xampl which is wll-suitd as a first introduction to Cnts. Th CN modl is dscribd in grat dtail, xplaining th basic concpts of C-nts. Hnc, it can b rad by popl
More informationRural and Remote Broadband Access: Issues and Solutions in Australia
Rural and Rmot Broadband Accss: Issus and Solutions in Australia Dr Tony Warrn Group Managr Rgulatory Stratgy Tlstra Corp Pag 1 Tlstra in confidnc Ovrviw Australia s gographical siz and population dnsity
More informationBasis risk. When speaking about forward or futures contracts, basis risk is the market
Basis risk Whn spaking about forward or futurs contracts, basis risk is th markt risk mismatch btwn a position in th spot asst and th corrsponding futurs contract. Mor broadly spaking, basis risk (also
More informationB-285141. April 21, 2000. The Honorable Charles B. Rangel Ranking Minority Member Committee on Ways and Means House of Representatives
Unit Stats Gnral Accounting Offic Washington, DC 20548 Halth, Eucation, an Human Srvics Division B-285141 April 21, 2000 Th Honorabl Charls B. Rangl Ranking Minority Mmbr Committ on Ways an Mans Hous of
More informationKeywords Cloud Computing, Service level agreement, cloud provider, business level policies, performance objectives.
Volum 3, Issu 6, Jun 2013 ISSN: 2277 128X Intrnational Journal of Advancd Rsarch in Computr Scinc and Softwar Enginring Rsarch Papr Availabl onlin at: wwwijarcsscom Dynamic Ranking and Slction of Cloud
More informationLecture 3: Diffusion: Fick s first law
Lctur 3: Diffusion: Fick s first law Today s topics What is diffusion? What drivs diffusion to occur? Undrstand why diffusion can surprisingly occur against th concntration gradint? Larn how to dduc th
More informationGold versus stock investment: An econometric analysis
Intrnational Journal of Dvlopmnt and Sustainability Onlin ISSN: 268-8662 www.isdsnt.com/ijds Volum Numbr, Jun 202, Pag -7 ISDS Articl ID: IJDS20300 Gold vrsus stock invstmnt: An conomtric analysis Martin
More informationYouthWorks Youth Works (yüth- w rkz), n.
YouthWorks Youth Works(yüth- w rkz),n. 1. Baltimor City s summr jobs program. 2. Crats carr pathways for Baltimor City youth. 3. Givs Baltimor mployrs opportunitis to train thir futur workforc. Opportunity
More informationQuestion 3: How do you find the relative extrema of a function?
ustion 3: How do you find th rlativ trma of a function? Th stratgy for tracking th sign of th drivativ is usful for mor than dtrmining whr a function is incrasing or dcrasing. It is also usful for locating
More informationCisco Data Virtualization
Cisco Data Virtualization Big Data Eco-systm Discussion with Bloor Group Bob Ev, David Bsmr July 2014 Cisco Data Virtualization Backgroundr Cisco Data Virtualization is agil data intgration softwar that
More informationGOAL SETTING AND PERSONAL MISSION STATEMENT
Prsonal Dvlopmnt Track Sction 4 GOAL SETTING AND PERSONAL MISSION STATEMENT Ky Points 1 Dfining a Vision 2 Writing a Prsonal Mission Statmnt 3 Writing SMART Goals to Support a Vision and Mission If you
More information5 2 index. e e. Prime numbers. Prime factors and factor trees. Powers. worked example 10. base. power
Prim numbrs W giv spcial nams to numbrs dpnding on how many factors thy hav. A prim numbr has xactly two factors: itslf and 1. A composit numbr has mor than two factors. 1 is a spcial numbr nithr prim
More informationPresentation on Short-Term Certificates to the CAPSEE Conference. September 18, 2014
Prsntation on Short-Trm Crtificats to th CAPSEE Confrnc Sptmbr 18, 2014 Th first goal of City Collgs Rinvntion is focusd on nsuring studnts arn crdntials of conomic valu Rinvntion Goals Incras numbr of
More informationTIME MANAGEMENT. 1 The Process for Effective Time Management 2 Barriers to Time Management 3 SMART Goals 4 The POWER Model e. Section 1.
Prsonal Dvlopmnt Track Sction 1 TIME MANAGEMENT Ky Points 1 Th Procss for Effctiv Tim Managmnt 2 Barrirs to Tim Managmnt 3 SMART Goals 4 Th POWER Modl In th Army, w spak of rsourcs in trms of th thr M
More informationLong run: Law of one price Purchasing Power Parity. Short run: Market for foreign exchange Factors affecting the market for foreign exchange
Lctur 6: Th Forign xchang Markt xchang Rats in th long run CON 34 Mony and Banking Profssor Yamin Ahmad xchang Rats in th Short Run Intrst Parity Big Concpts Long run: Law of on pric Purchasing Powr Parity
More informationDevelopment of Financial Management Reporting in MPLS
1 Dvlopmnt of Financial Managmnt Rporting in MPLS 1. Aim Our currnt financial rports ar structurd to dlivr an ovrall financial pictur of th dpartmnt in it s ntirty, and thr is no attmpt to provid ithr
More informationREPORT' Meeting Date: April 19,201 2 Audit Committee
REPORT' Mting Dat: April 19,201 2 Audit Committ For Information DATE: March 21,2012 REPORT TITLE: FROM: Paul Wallis, CMA, CIA, CISA, Dirctor, Intrnal Audit OBJECTIVE To inform Audit Committ of th rsults
More informationAP Calculus AB 2008 Scoring Guidelines
AP Calculus AB 8 Scoring Guidlins Th Collg Board: Conncting Studnts to Collg Succss Th Collg Board is a not-for-profit mmbrship association whos mission is to connct studnts to collg succss and opportunity.
More informationArchitecture of the proposed standard
Architctur of th proposd standard Introduction Th goal of th nw standardisation projct is th dvlopmnt of a standard dscribing building srvics (.g.hvac) product catalogus basd on th xprincs mad with th
More informationCPS 220 Theory of Computation REGULAR LANGUAGES. Regular expressions
CPS 22 Thory of Computation REGULAR LANGUAGES Rgular xprssions Lik mathmatical xprssion (5+3) * 4. Rgular xprssion ar built using rgular oprations. (By th way, rgular xprssions show up in various languags:
More informationSCHOOLS' PPP : PROJECT MANAGEMENT
Rport Schools' PPP Sub Committ 22 April 2004 2 SCHOOLS' PPP : PROJECT MANAGEMENT 1 Rason for Rport To provid Mmbrs with information on th structur of th Schools' PPP Projct Tam 2 Background 21 Dumfris
More informationFACULTY SALARIES FALL 2004. NKU CUPA Data Compared To Published National Data
FACULTY SALARIES FALL 2004 NKU CUPA Data Compard To Publishd National Data May 2005 Fall 2004 NKU Faculty Salaris Compard To Fall 2004 Publishd CUPA Data In th fall 2004 Northrn Kntucky Univrsity was among
More informationIncreasing Net Debt as a percentage of Average Equalized ValuaOon
City of Orang Township Warning Trnd: Incrasing Nt Dbt as a prcntag of avrag qualizd valuation Nt Dbt 3 yr. Avg. qualizd Valuation Incrasing Nt Dbt as a prcntag of Avrag Equalizd ValuaOon rc 1.20% 1.00%
More informationContinuity Cloud Virtual Firewall Guide
Cloud Virtual Firwall Guid uh6 Vrsion 1.0 Octobr 2015 Foldr BDR Guid for Vam Pag 1 of 36 Cloud Virtual Firwall Guid CONTENTS INTRODUCTION... 3 ACCESSING THE VIRTUAL FIREWALL... 4 HYPER-V/VIRTUALBOX CONTINUITY
More informationIBM Healthcare Home Care Monitoring
IBM Halthcar Hom Car Monitoring Sptmbr 30th, 2015 by Sal P. Causi, P. Eng. IBM Halthcar Businss Dvlopmnt Excutiv scausi@ca.ibm.com IBM Canada Cloud Computing Tigr Tam Homcar by dfinition 1. With a gnsis
More informationSPECIAL VOWEL SOUNDS
SPECIAL VOWEL SOUNDS Plas consult th appropriat supplmnt for th corrsponding computr softwar lsson. Rfr to th 42 Sounds Postr for ach of th Spcial Vowl Sounds. TEACHER INFORMATION: Spcial Vowl Sounds (SVS)
More informationLecture notes: 160B revised 9/28/06 Lecture 1: Exchange Rates and the Foreign Exchange Market FT chapter 13
Lctur nots: 160B rvisd 9/28/06 Lctur 1: xchang Rats and th Forign xchang Markt FT chaptr 13 Topics: xchang Rats Forign xchang markt Asst approach to xchang rats Intrst Rat Parity Conditions 1) Dfinitions
More informationCost-Volume-Profit Analysis
ch03.qxd 9/7/04 4:06 PM Pag 86 CHAPTER Cost-Volum-Profit Analysis In Brif Managrs nd to stimat futur rvnus, costs, and profits to hlp thm plan and monitor oprations. Thy us cost-volum-profit (CVP) analysis
More informationEFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS
25 Vol. 3 () January-March, pp.37-5/tripathi EFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS *Shilpa Tripathi Dpartmnt of Chmical Enginring, Indor Institut
More informationHigh Interest Rates In Ghana,
NO. 27 IEA MONOGRAPH High Intrst Rats In Ghana, A Critical Analysis IEA Ghana THE INSTITUTE OF ECONOMIC AFFAIRS A Public Policy Institut High Intrst Rats In Ghana, A Critical Analysis 1 by DR. J. K. KWAKYE
More informationMedia Considerations Related to Puerto Rico s Fiscal Situation
CUNY Graduat School of Journalism Jun, Mdia Considrations Rlatd to Purto Rico s Fiscal Situation Alan Schankl Managing Dirctor Municial Stratgy and Rsarch Economy is Stagnant and Dbt Continus to Grow.%.%.%
More informationYOU HAVE A MISSION WE HAVE TECHNOLOGY SAVING TIME TO BUILD YOUR CAMP S BOTTOM LINE
YOU HAVE A MISSION WE HAVE TECHNOLOGY SAVING TIME TO BUILD YOUR CAMP S BOTTOM LINE TABLE OF CONTENTS Camp Markting Ar You Invsting Your Markting Budgt Wisly? Choosing A Softwar Partnr 8 Ky Faturs Spotlight
More informationParallel and Distributed Programming. Performance Metrics
Paralll and Distributd Programming Prformanc! wo main goals to b achivd with th dsign of aralll alications ar:! Prformanc: th caacity to rduc th tim to solv th roblm whn th comuting rsourcs incras;! Scalability:
More informationLift Selection Guide
Lift Slction Guid Hlping you choos th right lifts to kp your staff and rsidnts saf Th Dirct Supply diffrnc Kp your community saf DIRECT SUPPLY MAKES EQUIPMENT SELECTION EASY BENEFITS OF SAFE LIFTING PRACTICES
More informationVersion 1.0. General Certificate of Education (A-level) January 2012. Mathematics MPC3. (Specification 6360) Pure Core 3. Final.
Vrsion.0 Gnral Crtificat of Education (A-lvl) January 0 Mathmatics MPC (Spcification 660) Pur Cor Final Mark Schm Mark schms ar prpard by th Principal Eaminr and considrd, togthr with th rlvant qustions,
More informationAn Broad outline of Redundant Array of Inexpensive Disks Shaifali Shrivastava 1 Department of Computer Science and Engineering AITR, Indore
Intrnational Journal of mrging Tchnology and dvancd nginring Wbsit: www.ijta.com (ISSN 2250-2459, Volum 2, Issu 4, pril 2012) n road outlin of Rdundant rray of Inxpnsiv isks Shaifali Shrivastava 1 partmnt
More informationLecture 20: Emitter Follower and Differential Amplifiers
Whits, EE 3 Lctur 0 Pag of 8 Lctur 0: Emittr Followr and Diffrntial Amplifirs Th nxt two amplifir circuits w will discuss ar ry important to lctrical nginring in gnral, and to th NorCal 40A spcifically.
More informationTheoretical aspects of investment demand for gold
Victor Sazonov (Russia), Dmitry Nikolav (Russia) Thortical aspcts of invstmnt dmand for gold Abstract Th main objctiv of this articl is construction of a thortical modl of invstmnt in gold. Our modl is
More informationWhy An Event App... Before You Start... Try A Few Apps... Event Management Features... Generate Revenue... Vendors & Questions to Ask...
Mo b i l E v ntap pgui d : Ho wt op ur c ha t hb te v ntap p f o ry o ura o c i a t i o n T he nt i a l Gui d t oe v ntap p E v nt nt i a l b y Tabl of Contnt Why An Evnt App......... o Whr to Start With
More informationWho uses our services? We have a growing customer base. with institutions all around the globe.
not taking xpr Srvic Guid 2013 / 2014 NTE i an affordabl option for audio to txt convrion. Our rvic includ not or dirct trancription rvic from prviouly rcordd audio fil. Our rvic appal pcially to tudnt
More informationNAVAL POSTGRADUATE SCHOOL
NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA MBA PROFESSIONAL REPORT Th Survivor Bnfit Plan: A Cost-Bnfit Analysis By: Advisors: Scott E. Batty, and Tho Kang Dcmbr 2007 William R. Gats, Raymond E. Franck
More informationMaintain Your F5 Solution with Fast, Reliable Support
F5 SERVICES TECHNICAL SUPPORT SERVICES DATASHEET Maintain Your F5 Solution with Fast, Rliabl Support In a world whr chang is th only constant, you rly on your F5 tchnology to dlivr no mattr what turns
More informationhttp://www.wwnorton.com/chemistry/tutorials/ch14.htm Repulsive Force
ctivation nrgis http://www.wwnorton.com/chmistry/tutorials/ch14.htm (back to collision thory...) Potntial and Kintic nrgy during a collision + + ngativly chargd lctron cloud Rpulsiv Forc ngativly chargd
More informationExpert-Mediated Search
Exprt-Mdiatd Sarch Mnal Chhabra Rnsslar Polytchnic Inst. Dpt. of Computr Scinc Troy, NY, USA chhabm@cs.rpi.du Sanmay Das Rnsslar Polytchnic Inst. Dpt. of Computr Scinc Troy, NY, USA sanmay@cs.rpi.du David
More informationCategory 1: Purchased Goods and Services
1 Catgory 1: Purchasd Goods and Srvics Catgory dscription T his catgory includs all upstram (i.., cradl-to-gat) missions from th production of products purchasd or acquird by th rporting company in th
More information81-1-ISD Economic Considerations of Heat Transfer on Sheet Metal Duct
Air Handling Systms Enginring & chnical Bulltin 81-1-ISD Economic Considrations of Hat ransfr on Sht Mtal Duct Othr bulltins hav dmonstratd th nd to add insulation to cooling/hating ducts in ordr to achiv
More informationForeign Exchange Markets and Exchange Rates
Microconomics Topic 1: Explain why xchang rats indicat th pric of intrnational currncis and how xchang rats ar dtrmind by supply and dmand for currncis in intrnational markts. Rfrnc: Grgory Mankiw s Principls
More informationEconomic Insecurity, Individual Behavior and Social Policy
Economic Inscurity, Individual Bhavior and Social Policy By Indrmit S. Gill igill@worldbank.org and Nadm Ilahi nilahi@worldbank.org Th World Bank Washington, DC 20433 First Draft: March 27, 2000 Papr writtn
More informationFEASIBILITY STUDY OF JUST IN TIME INVENTORY MANAGEMENT ON CONSTRUCTION PROJECT
FEASIBILITY STUDY OF JUST IN TIME INVENTORY MANAGEMENT ON CONSTRUCTION PROJECT Patil Yogndra R. 1, Patil Dhananjay S. 2 1P.G.Scholar, Dpartmnt of Civil Enginring, Rajarambapu Institut of Tchnology, Islampur,
More informationJune 2012. Enprise Rent. Enprise 1.1.6. Author: Document Version: Product: Product Version: SAP Version: 8.81.100 8.8
Jun 22 Enpris Rnt Author: Documnt Vrsion: Product: Product Vrsion: SAP Vrsion: Enpris Enpris Rnt 88 88 Enpris Rnt 22 Enpris Solutions All rights rsrvd No parts of this work may b rproducd in any form or
More informationTraffic Flow Analysis (2)
Traffic Flow Analysis () Statistical Proprtis. Flow rat distributions. Hadway distributions. Spd distributions by Dr. Gang-Ln Chang, Profssor Dirctor of Traffic safty and Oprations Lab. Univrsity of Maryland,
More informationStag and Capital Bids in Indian Scenario
SNH/01/4/Info2 CAPITAL INVESTMENT STRATEGY 2001-02 Summary 1. `This information papr provids an ovrviw of th critria and prioritis usd by Managmnt Tam in dtrmining SNH s annual capital programm, as rqustd
More informationRelationship between Cost of Equity Capital And Voluntary Corporate Disclosures
Rlationship btwn Cost of Equity Capital And Voluntary Corporat Disclosurs Elna Ptrova Eli Lilly & Co, Sofia, Bulgaria E-mail: ptrova.lnaa@gmail.com Gorgios Gorgakopoulos (Corrsponding author) Amstrdam
More informationFleet vehicles opportunities for carbon management
Flt vhicls opportunitis for carbon managmnt Authors: Kith Robrtson 1 Dr. Kristian Stl 2 Dr. Christoph Hamlmann 3 Alksandra Krukar 4 Tdla Mzmir 5 1 Snior Sustainability Consultant & Lad Analyst, Arup 2
More informationCloud and Big Data Summer School, Stockholm, Aug., 2015 Jeffrey D. Ullman
Cloud and Big Data Summr Scool, Stockolm, Aug., 2015 Jffry D. Ullman Givn a st of points, wit a notion of distanc btwn points, group t points into som numbr of clustrs, so tat mmbrs of a clustr ar clos
More informationPerformance Evaluation
Prformanc Evaluation ( ) Contnts lists availabl at ScincDirct Prformanc Evaluation journal hompag: www.lsvir.com/locat/pva Modling Bay-lik rputation systms: Analysis, charactrization and insuranc mchanism
More informationA Theoretical Model of Public Response to the Homeland Security Advisory System
A Thortical Modl of Public Rspons to th Homland Scurity Advisory Systm Amy (Wnxuan) Ding Dpartmnt of Information and Dcision Scincs Univrsity of Illinois Chicago, IL 60607 wxding@uicdu Using a diffrntial
More informationIMES DISCUSSION PAPER SERIES
IMES DISCUSSIN PAPER SERIES Th Choic of Invoic Currncy in Intrnational Trad: Implications for th Intrnationalization of th Yn Hiroyuki I, Akira TANI, and Toyoichirou SHIRTA Discussion Papr No. 003-E-13
More informationA Secure Web Services for Location Based Services in Wireless Networks*
A Scur Wb Srvics for Location Basd Srvics in Wirlss Ntworks* Minsoo L 1, Jintak Kim 1, Shyun Park 1, Jail L 2 and Sokla L 21 1 School of Elctrical and Elctronics Enginring, Chung-Ang Univrsity, 221, HukSuk-Dong,
More informationAttached Benefit Enrollment Forms must be returned to the Business Office within 30 days after your first day of work
Attachd Bnfit Enrollmnt Forms must b rturnd to th Businss Offic within 30 days aftr your first day of work Insuranc Enrollmnt Form Elct or Waiv Halth Covrag o B sur to indicat which halth plan you ar lcting
More informationThis page is left blank intentionally.
This pag is lft blank intntionally. Offic of th Mdicar Ombudsman 2012 Rport to Congrss Contnts LIST OF ACRONYMS... ii MESSAGE FROM THE MEDICARE BENEFICIARY OMBUDSMAN... iv MISSION, VISION, AND ORGANIZATION...
More informationUse a high-level conceptual data model (ER Model). Identify objects of interest (entities) and relationships between these objects
Chaptr 3: Entity Rlationship Modl Databas Dsign Procss Us a high-lvl concptual data modl (ER Modl). Idntify objcts of intrst (ntitis) and rlationships btwn ths objcts Idntify constraints (conditions) End
More informationOPTIONS AND FUTURES: A TECHNICAL APPRAISAL
Pag 15 OPTIONS AND FUTURES: A TECHNICAL APPRAISAL by David J.S. Rutldg Papr prsntd to Sminar on Trading in Options: Opportunitis in th Intrnational Markt sponsord by Th Sydny Stock Exchang and Th Scuritis
More informationCookie Policy- May 5, 2014
Cooki Policy- May 5, 2014 Us of Cookis on Sizmk Wbsits This Cooki Disclosur applis only to us of cookis on corporat wbsits (www.sizmk.com and rlatd rgional wbsits) publishd by Sizmk Inc. and its affiliats
More informationGlobal Sourcing: lessons from lean companies to improve supply chain performances
3 rd Intrnational Confrnc on Industrial Enginring and Industrial Managmnt XIII Congrso d Ingniría d Organización Barclona-Trrassa, Sptmbr 2nd-4th 2009 Global Sourcing: lssons from lan companis to improv
More informationEngineering Analytics Opportunity Preview Zinnov Report August 2013
Enginring Analytics Opportunity Prviw Zinnov Rport August 2013 Enginring Analytics: Prviw Agnda Dfinition Markt Siz Summary 2 Enginring Analytics: Prviw Agnda Dfinition Markt Siz Summary 3 Agnda 1 Enginring
More information5.3.2 APPROACH TO PERFORMANCE MANAGEMENT
Chaptr 5: Prformanc Managmnt Systm 5. APPROACH TO PERFORMANCE MANAGEMENT Th Municipal Systms Act () rquirs municipalitis to dvlop a prformanc managmnt systm suitabl for thir own circumstancs. According
More informationerkeley / uc berkeley extension Be YoUR Best / be est with berkeley / uc berkeley With BerkELEY exten xtension / be your best with berkele
c rkley xtnsion yor st w rkly c rkley xtnsion st with rkly c rkley xtn Crtificat yor Program st in with rkly c rk xtnsion yor st with rkl c rkley xtnsion yor st w rkly Financial c Planning rkley xtnsion
More informationFamily Health and Literacy
Family Halth and Litracy A Guid to Easy-to-Rad Halth Education Matrials and Wb Sits for Familis Juli McKinny & Sabrina Kurtz-Rossi Dvlopd by World Education in collaboration with th National Institut for
More informationA copy of the Consultation Paper is in the Members Library and further details are available at www.scotland~qov.umpublications/2012/12/5980
To: CORPORATE SERVICES COMMITTEE NORTH LANARKSHIRE COUNCIL REPORT Subjct: CONSULTATION: CIVIL LAW OF DAMAGES - ISSUES IN PERSONAL INJURY From: HEAD OF LEGAL SERVICES Dat: 30 JANUARY 2013 Rf: AL LE CSN
More informationFACILITY MANAGEMENT SCHEMES FOR SCHOOLS IN THE UK:A STUDY OF VARIATIONS IN SUPPORT SERVICES COSTS AND CAPITAL EFFICIENCY RATIOS
FACILITY MANAGEMENT SCHEMES FOR SCHOOLS IN THE UK:A STUDY OF VARIATIONS IN SUPPORT SERVICES COSTS AND CAPITAL EFFICIENCY RATIOS By Rui PdroPrira Magalhas 1 Sptmbr 2013 A Dissrtation submittd in part fulfilmnt
More informationPlanning and Managing Copper Cable Maintenance through Cost- Benefit Modeling
Planning and Managing Coppr Cabl Maintnanc through Cost- Bnfit Modling Jason W. Rup U S WEST Advancd Tchnologis Bouldr Ky Words: Maintnanc, Managmnt Stratgy, Rhabilitation, Cost-bnfit Analysis, Rliability
More informationFactorials! Stirling s formula
Author s not: This articl may us idas you havn t larnd yt, and might sm ovrly complicatd. It is not. Undrstanding Stirling s formula is not for th faint of hart, and rquirs concntrating on a sustaind mathmatical
More informationrestaurants and bars report december 2013
rstaurants and bars rport dcmbr 2013 introduction Wlcom to th latst dition of our rviw of th rstaurant and bar sctor. It has bn a yar sinc our last rport, and 2013 has dfinitly bn th yar whn our prdictd
More informationOPINION NO. 90-17 December 28, 1990
OPINION NO. 90-17 Dcmbr 28, 1990 FACTS: Th inquiring law firm has bn rtaind by a workrs compnsation carrir~ primarily to proscut third-party lawsuits that injurd mploys hav lctd not to pursu. Th carrir
More informationUser-Perceived Quality of Service in Hybrid Broadcast and Telecommunication Networks
Usr-Prcivd Quality of Srvic in Hybrid Broadcast and Tlcommunication Ntworks Michal Galtzka Fraunhofr Institut for Intgratd Circuits Branch Lab Dsign Automation, Drsdn, Grmany Michal.Galtzka@as.iis.fhg.d
More informationITIL & Service Predictability/Modeling. 2006 Plexent
ITIL & Srvic Prdictability/Modling 1 2 Plxnt Th Company 2001 Foundd Plxnt basd on an Expandd ITIL Architctur, CMMI, ISO, and BS15000 - itdna 2003 Launchd itdna Srvic Offring 2003 John Groom, past Dirctor
More informationDeveloping Economies and Cloud Security: A Study of Africa Mathias Mujinga School of Computing, University of South Africa mujinm@unisa.ac.
Journal of Emrging Trnds in Computing and Information Scincs 2009-2012 CIS Journal. All rights rsrvd. Dvloping Economis and Cloud Scurity: A Study of Africa Mathias Mujinga School of Computing, Univrsity
More informationCaution laser! Avoid direct eye contact with the laser beam!
Manual ontnt 1. aturs 3 2. Spcifications 3 3. Packag contnts 3 4. Th mous at a glanc 4 5. onncting to th P 5 6. Installing th softwar 5 7. Th ditor 6 7.1 Starting th ditor 6 7.2 Main ontrol window 6 7.3
More informationManaging Risk with Composite Information Systems
Managing Risk with Composit Information Systms Ying-Sung Tay May 1990 WP # CIS-90-10 MANAGING RISK WITH COMPOSITE INFORMATION SYSTEMS Ying-Sung Tay May 31, 1990 Rsarch Assistantship Rport ABSTRACT With
More informationEssays on Adverse Selection and Moral Hazard in Insurance Market
Gorgia Stat Univrsity ScholarWorks @ Gorgia Stat Univrsity Risk Managmnt and Insuranc Dissrtations Dpartmnt of Risk Managmnt and Insuranc 8--00 Essays on Advrs Slction and Moral Hazard in Insuranc Markt
More informationHave Debit Cards Changed Thai Consumer Shopping Behavior?
Intrnational Journal of Markting Studis Novmbr, 2009 Hav Dbit Cards Changd Thai Consumr Shopping Bhavior? Chtsada Noknoi Economics and Businss Administration Faculty, Thaksin Univrsity 140 Moo 4, Kanajanavanit
More informationSci.Int.(Lahore),26(1),131-138,2014 ISSN 1013-5316; CODEN: SINTE 8 131
Sci.Int.(Lahor),26(1),131-138,214 ISSN 113-5316; CODEN: SINTE 8 131 REQUIREMENT CHANGE MANAGEMENT IN AGILE OFFSHORE DEVELOPMENT (RCMAOD) 1 Suhail Kazi, 2 Muhammad Salman Bashir, 3 Muhammad Munwar Iqbal,
More informationIEEE Member Group Insurance Welcome Kit. For peace of mind beyond calculation.
IEEE Mmbr Insu Wlcom Kit For pac of mind byond calculation. IEEE Mmbr Insu Program: Th pac of mind that coms from putting IEEE bnfit xprts on your sid. EXCEPTIONAL PROGRAM FOR TECHNOLOGY PROFESSIONALS
More information