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2626.1AIMRFAFICFACFAIIIIII26-126-126-126.1.1risk-returntrade-off26-126-226-22667526.1.226-126.1.3personaltrustsincomebeneficiariesremaindermen72067626677JohnSteffensSamScottMillerA.G.Edwards&SonsInc.RaymondJames&AssociatesInc.St.Petersburg,Fla.RaymondWorseckMerrillLynch678CharlesCloughwillianPower“MerrillLynchAsks:HowMuchRiskCanYouTake?”TheWallStreetJournal,July2,1990.26.1.4426.1.5definedcontributionplansdefinedbenefitplans26.1.6endowmentfunds26.1.7102whole-lifeinsurancepolicy65terminsurance70804~51981variablelifeuniversallife1986guaranteedinsurancecontracts,GICmutualcompanyPruderctialandMutualofOmahaTravelersAetna26.1.826.1.926.226-326-3ERISA2667926.2.11[1]5026.2.2investmenthorizon26.2.3prudentmanlaw526.2.426.2.526.326-1680[1]3266811)a.b.c.d.e.f.2)3)4)IRA39.6HPR226.426.4.126.4.226.4.365852026-426-43535~545554577130302114188211MarketFacts,Inc.,Chicago,IL.68226-4LipperAnalyticalServicesMichaelLipperBrownBrothersHarriman&Co.OwenQuattlebaum313122668368410%20%15TheWallStreetJournal,September14,1989.1a.b.30c.26.4.426.4.52U.S.InternalRevenueCode[1]tax-deferraloptionIBM1551015IBM200052810.8(0.7215)510001.1081669.933.6(0.725)1000(10.0360.10)510001.13651891.871891.8710001.03651891.871193.44698.43195.561696.3126.38tax-deferredretirementplansIRAKeoghEloise20000010000021015526685[1]28deferredannuities(IRA)[1]fixedannuitiesvariableannuitiesmortalitytables1)2)3)JohnShortlife100000AIR43BtBtBt1(26-1)Rtt41Rt4Rt441000001+Rt1+AIR686[1]LaurenceJ.KotlikoffandAviaSpivak,TheFamilyasanIncompleteAnnuitiesMarket,JournalofPoliticalEconomy89(April1981).266873603526-3Rt624100000RttAIR4%BttBt-1(1Rt)/1AIRB0360354%100000AtBttRtBt/AtAt1(1Rt)Bt/010000016367286927222360223463534360220100000-[1]3(Victor)7580100000450054108250100000[1]ZviBodie,AnInnovationforStableRealRetirementIncome,JournalofPortfolioManagement,Fall1980;andZviBodieandJamesE.Pesando,RetirementAnnuityDesigninanInflationaryClimate,inZviBodieandJ.B.Shoven,FinancialAspectsoftheUnitedStatesPensionSystem(Chicago:UniversityofChicagoPress,1983),chapter11.6901986TaxReformActof198626.526.5.1156882668926.5.265207026.5.3cost-of-livingadjustment,COLA(1)(2)(3)theFinancialAccountingStandardsBoardCongressFASB87ABO1987OmnibusBudgetReconciliationAct,OBRAFASB8787PBO87440156588026.5.451005100immunizationFASB871006902669110012010010010010010010040~602080FSLIC8C(CPI)R2R21.a.b.c.d.e.f.g.2.--3.a.b.c.d.4.5.692266936.7.8.(IRA)9.10.11.-Maginn,JohnL,;andDonaldL.Tuttle,eds.ManagingInvestmentPortfolios.2nded.NewYork:Warren,Gorham,&Lamont,1990.Brinson,G.P.;J.J.Diermeier;andG.G.Schlarbaum.ACompositePortfolioBenchmarkforPensionPlans.FinancialAnalystsJournal,March-April1985.694Bodie,Z.;J.Light;R.Morck;andR.A.Taggart,CorporatePensionPolicy:AnEmpiricalInvestigation.FinancialAnalystsJournal,September-October1985.Bodie,Z.ManagingPensionandRetirementAssets:AnInternationalPerspective.JournalofFinancialServicesResearch,December1990.Bodie,Z.;andD.Crane.PersonalInvesting:Advice,Theory,andEvidence.FinancialAnalystsJournal,November-December1997.1.10008500000(5)()19986308500000()1998()199863085000005000003199819985a.b.2.a.b.c.d.3.a.b.c.d.4.a.b.c.d.266955.a.b.c.d.6.SanShortGSSGSSGSSa.GSSb.()7.AmbroseGreen63(ClaytonAssetManagementAssociates,)()9000008100000010000100040100000080000a.108000010000i.ii.696b.60301040402026-526-60.50.2526-526-5151012340201280401055020452725310026-61996~1999(26-5)2.51.03.03.01.06.08.258.004.006.257.502.004.502.506.505.259.002.003.256.504.001.501.500.50i.40402060301026-6ii.26-540402060301026-526-6iiii.c.26-726-70.5/0.826-71926~1994()3.00.50.80.65.63.54.99.9d.c8.SusanRIRI58IR65500000()2000000IRIR10000000()35()43512103HH()b.26-82000000()ac.HH26-9ai.ii.26-9952669726-8()()()15.04.54.510.07.57.510.05.55.50.03.511.00.02.513.0(EAFE)35.02.013.5(REIT)25.09.012.05.00.020.0100.04.910.7(CPI)4.026-9HH()()A(B(C(D(E(4.52.51020255106.011.00250007.210.84003003013.017.020153525515.021.010100155(EAFE)15.021.0101001510(REIT)10.015.0101010253526.064.00100155100100100100100ABCDE()9.911.08.814.410.3()7.47.26.59.47.4()9.412.48.518.110.10.5740.5240.5060.574d.4.5i.Dii.26-9e.26-99.4500(10005500)69826699555a.b.ac.b(10026-10/)26-101926~19921993~2000()3.74.25.25.84.87.7(AAA)5.58.8(AAA)N/A8.4()10.39.0()12.212.0()N/A10.13.13.510.450090a.b.11.50?12.70HCSnow300000300000PL/()257500014.7351050008.0HC401200007.910030000012.0700PL65(18)1960030600()6000015000()753017.5125HCa.b.c.b(26-11)()32000(25000)3200026-1114.714.414.0(A)15.116.010.211.11.017.05.21.114.84.0HC1.314.87.9()8.98.05~157~1013.George4010000015006580a.366526701b.c.3000014.1.5Joe603540000a.65880b.()15.(FoodProcessorsInc.,FTP)ERISA75000000020000000045981012910(26-12)a.26-12b.26-121929~1984~1994~199319931984~199320003.76.42.23.55.311.45.65.05.014.411.76.0(AAA)5.614.08.96.5(AAA)n/a15.414.56.5()9.514.918.08.5()12.010.019.910.5()n/a17.923.79.5n/a9.32.47.53.25.5n/a3.3702c.(underfunded)d.871618PTC103076643(BAG)BAG5316.BAG/a.b._____~_____________~_____________~________26703()_____~_____________~_____________~________100c.i.26-1326-13ii.26-13iii.26-13ii100d.17.a.12A19839523(45)19931