In this paper, we use a portfolio selection model suggested by Telser [1955], which allocates financial assets by maximizing expected return subject to the VaR constraint set by the fund manager.

• 确定提拨计画只问提拨过程而不问投资结果的方式，使得退休员工必须自行承担基金运用成败的风险，而资产配置是决定一个投资组合的报酬与风险的最重要因素。