美国延迟退休激励机制分析——兼论对中国延迟退休年龄改革的启示

美国社会保障法案的颁布标志着现代社会保障制度的建立。在人口老龄化的背景下,美国对法定退休年龄和养老金领取年龄进行改革,逐步废除法定退休年龄,提高正常退休年龄,同时对养老保险制度中的退休收入核查制度进行调整,建立延迟退休补助制度,由此增强延迟退休对老年劳动力延迟退休的激励。美国废除法定退休年龄和延迟正常退休年龄的改革对中国延迟退休年龄改革提供了有益借鉴。     

渐进式差异化退休年龄的决定机制、经验借鉴与政策建议

退休年龄本质上是劳动者在职期间的劳动贡献与退休后所享福利之间的均衡。公平、合理、科学的确定退休年龄,对劳动者在生命周期不同阶段(在职期间与退休之后)的福利具有十分重要的影响。借鉴我国台湾地区经验,结合大陆实际,以工作年限为基础,采用渐进式、差异化的退休年龄政策,即采取"95(99)=标准退休年龄+工作年限"的思路,在"95制"、"96制"、"97制"、"98制"和"99制"五个方案进行优选渐进,对不同类型劳动者(工种、受教育程度、性别等)应采取差异化的退休年龄政策。     

俄罗斯经济转型过程中的养老保险制度改革及其反思

俄罗斯的养老保险制度改革已经进行了十多年。在经历了两个阶段的艰难探索之后 ,目前初步建立了“多支柱”的养老保障体系。该体系中不乏创见之举 ,但目前也面临着诸多困难 ,改革前景依然是“任重而道远”     

American-style Indexed Executive Stock Options

This paper develops a new pricing model for American-style indexed executive stock options. We rely on a basic model framework and an indexation scheme first proposed by Johnson and Tian (2000a) in their analysis of European-style indexed options. Our derivation of the valuation formula represents an instructive example of the usefulness of the change-of-numeraire technique. In the paper's numerical section we implement the valuation formula and demonstrate that not only may the early exercise premium be significant but also that the delta of the American-style option is typically much larger than the delta of the otherwise identical (value-matched) European-style option. Vega is higher for indexed options than for conventional options but largely independent of whether the options are European- or American-style. This has important implications for the design of executive compensation contracts. We finally extend the analysis to cover the case where the option contracts are subject to delayed vesting. We show that for realistic parameter values, delayed vesting leads only to a moderate reduction in the value of the American-style indexed executive stock option.     

养老保险全国统筹、渐进式延迟退休与基金可持续

基于精算模型分析养老金全国统筹与渐进式延迟退休年龄政策对养老保险基金可持续性的影响,结果显示：全国统筹政策在短期使财政负担下降100%,长期内不能有效降低财政负担。在此基础上实施“女先男后”和“男女同步”渐进式延迟退休年龄政策能分别使养老保险累计财政负担降低6.68%和34.36%。为有效减轻养老保险基金支付压力和财政负担,应完善全国统筹政策,并尽快出台渐进式延迟退休年龄方案。     

Automatic balancing mechanisms for notional defined contribution accounts in the presence of uncertainty

The notional defined contribution model combines pay-as-you-go financing and a defined contribution pension formula. This paper aims to demonstrate the extent to which liquidity and solvency indicators are affected by fluctuations in economic and demographic conditions and to explore the introduction of an automatic balancing mechanism (ABM) into the pension scheme. We demonstrate that the introduction of an ABM reduces the volatility of the buffer fund and that, in most cases, the automatic mechanism that re-establishes solvency produces the highest value of the risk-adjusted notional factor.     

陕西县域植被覆盖与土地退化关系的研究

本文依据最新遥感影像和多种统计资料,分别计算了陕西省96个市县植被覆盖与土地退化指数。采用全样本统计和典型剖面分析的方法,对陕西县域植被覆盖和土地退化的关系进行了分析,结果显示:(1)植被覆盖与土地退化有着极为密切的关系,随着植被覆盖指数的降低,土地退化呈明显的加重趋势,植被覆盖≤20%为其临界值;(2)在湿润指数≤1.2的关中平原和汉江谷底,由于农业开发和城镇建设,植被覆盖与土地退化关系不甚明显。     

Reinforcing the Link Between Contributions and Pensions: The Effect of the Population Aging

In this paper, we analyze a majority voting process on the earnings-related part of pension benefits in a Social Security system with flexible retirement. We show that the aging of the population may make it easier to implement one of the proposed reforms to achieve a delay in the average retirement age of workers, to reinforce the link between contributions and pensions.     

Pricing of Mutual Fund Services in Retirement Plans: Evidence from Open-End Equity Funds

Management fees of mutual funds are more costly to investors than is often realized. Moreover, research indicates that in many cases, the fees are not related to performance, contrary to what might be expected from an efficient market. This study uses sample data to illustrate the consequences of inefficiency to an individual investor. It then turns to an empirical examination of the determinants of the ratio of management fees to total assets (MER), investigating market concentration, fund performance, and non-performance characteristics as explanatory variables. All of these classes of variables contributed to the variation of MERs . JEL Classification G23     

Defined benefit versus defined contribution pension plans: How are the interests of employees and the public best served?

Prior to the enactment of the Employee Retirement Income Security Act of 1974 the rate of formation of defined benefit retirement plans exceeded the rate of formation of defined contribution retirement plans. Following its enactment the trend has been reversed. This article reviews the development of public policy with respect to privately sponsored retirement benefits, takes note of the legislatively mandated regulatory distinctions between defined benefit and defined contribution plans, outlines the distinctions between the plans from the perspective of plan sponsors versus plan participants, and questions the appropriateness of the movement away from defined benefit plans in terms of public policy objectives regarding retirement income security.