现金余额型职业养老金计划及其对我国的启示

现金余额型养老金计划是美国职业养老金近年衍生出的创新模式之一,作为混合型计划的一种,其兼具确定给付型和确定缴费型养老金制度的特点。本文运用比较法分析了现金余额型养老金计划的运行机理,进而在分析我国目前职业养老金面,临的困境的基础上,指出现金余额型养老金计划对我国职业养老金建设的借鉴意义,具体包括：DC计划不是职业养老金...     

精算模型在确定给付养老金计划风险管理中的应用

养老基金的风险管理越来越多地受到各国的关注.捐纳金风险和偿付能力风险是确定给付(DB)养老金计划的主要风险,通过分析和评价确定型模型、随机模型和动态随机控制模型等三类精算模型在评估和控制DB计划风险中的作用,说明养老金计划的决策者能够利用精算模型逐年确定恰当的捐纳金并进行有效的风险管理.     

美国企业养老金会计准则及其对我国的启示(下)

三,美国企业养老金会计与报告 （一）企业养老金会计处理 由于缴费确定型计划和待遇确定型计划中养老金的具体内容和约定条款不同,相关的会计处理也存在明显的差异,现就两种不同计划下美国的会计处理进行介绍。     

国外通货膨胀指数年金发展与启示

通货膨胀将可能降低到期保险金的实际购买力,削弱保险的保障作用.通货膨胀指数年金产品的年金给付与消费者物价指数挂钩,有效化解了通货膨胀风险.国外通货膨胀指数年金的存在以政府发行通货膨胀指数债券为基础.我国企业年金和其它合格养老金计划应制定强制转换年金产品的规定.政府尽快发行通货膨胀指数债券,鼓励年金发展,为人们提供化解通货膨胀风险的工具.     

美国现金余额计划及其对我国的启示

混合型养老金计划是国际养老金计划发展的重要趋势,现金余额计划是美国养老金混合计划中发展较好、规模较大的一种私人养老金计划。该计划具有较低的养老金计划成本、资金筹措较具弹性、养老金给付享受政府担保、较好的激励机制、较强的透明度和携带性、为雇主和关键员工提供更高的福利保障、与其他计划搭配的计划组合效应等特定优势。美国2006年养老金保护法颁布实施后,该计划的年龄歧视、转换期的养老金蚀损、给付贴现则所导致的制度法律风险得以消除,使该计划具有较好的发展前景。美国现金余额计划对中国企业年金发展具有重要借鉴意义。     

延税型个人养老金计划的国际经验及其启示

老龄化引起的养老金支付危机人口老龄化会提高养老金计划的领取/缴费,从而使养老金制度出现支付危机。因此,各国纷纷采取措施改革现有的养老保险制度,以应对老龄化带来的养老保险支付危机。这些措施包括通过经济杠杠,促进企业年金、个人储蓄型养老金等私人养老金的发展,以减轻政府养老负担,提高个人、企业等市场主体的养老保险责任。其中,延税型养老金以其节税等优点被民众广泛接受,并逐渐发展成一种成熟的养老制度。     

加快DC型养老金计划 发展助推养老保障体系建设

随着老龄化社会的来临,我国养老保障体系面临的结构失衡、资金缺口等问题日益凸显。当务之急是合理安排政府、企业和个人三方面的养老责任,加快发展缴费确定型(DC型)养老金计划,推动我国养老保障体系不断完善。随着老龄化社会的来临,我国养老保障体系面临的结构失衡、资金缺口等问题日益凸显,当务之急是厘清政府、企业和个人的养老责任,转变目前第二支柱和第三支柱发展不足的现状。     

养老资产年金化:基于消费、遗产和长寿保护的精算建模分析

随着经济增长放缓和人口老龄化加剧,由政府主办的社会养老保险提供的养老金份额呈下降趋势,由雇主主办的职业养老金计划呈转向缴费确定型(DC)计划的趋势,DC计划在缴费期间积累的资产以及个人和家庭通过其他途径为养老积累的资产,都面临如何转化为终身养老保障的问题。相关理论研究表明,养老资产年金化是退休者的最优选择,但在实践中养老年金的发展并不尽如人意。本文在相关文献评述的基础上,从养老年金需求着手,通过构建精算财务模型,探索养老资产年金化的福利与损失,并基于实际数据,通过测算分析,评估个人选择养老资产年金化的意愿,探索养老资产年金化的发展道路。研究发现:在消费、遗产和长寿保护三者之间,存在一个“三元悖论”。在没有遗产动机的情况下,养老资产年金化既能规避长寿风险又能实现终身福利的最大化。而如果将消费和遗产动机同时纳入终身福利框架,养老资产年金化会增大终身福利的波动性,年金化就成为一种次优的选择。     

欧洲年金改革的"荷兰模式"

年金计划设计中最重要的部分就是各参与方的风险分担机制,荷兰年金计划的改革可以用三句话来概括:"下调基本养老金计算基数,确保基本养老金的发放,养老金的计发不再完全反映物价指数".这一实践走的是一条中间道路,年金运作兼有DB计划和DC计划的特点.我国的企业年金计划虽尚处于起步阶段,短期内不会面临发达国家正在经历的给付高峰期,但考虑到年金计划的可持续性,在设计的过程中也应努力平衡各参与方的风险与利益.     

中国企业补充养老保险计划类型的选择

确定缴费制和确定给付制的比较研究 确定缴费制的主要优点,是在缴费、投资和转移方面的灵活性,且机理简单,透明度高,易被接受,同时能够建立积累完全的养老保险基金,缺点是待遇不稳定和易受通货膨胀的影响.确定给付制的主要优点是能够提供一定的给付,并对建立养老保险计划时有一定工龄的雇员的历史贡献予以养老金承诺,缺点是缴费需要随着计划基金状态的变动而调整,稳定性较差.如果希望提供稳定的、随着通货膨胀而调整的收入,并且希望职工能长期稳定地工作,同时对死亡、伤残提供一定水平的给付,应该选择确定给付养老金计划.如果希望由雇员承担未来基金的风险,提供灵活的、便于流动的账户,应该选择确定缴费制.     

Impact of Replacing a Defined Benefit Pension with a Defined Contribution Plan or a Cash Balance Plan

Abstract

Four pension plan conversions are examined to determine the impact on retirement benefits of workers. The study was based on interviews with top management, employee surveys, and actuarial analysis of retirement benefits under the old and new pension plans. In general, workers who leave the firm prior to the age of early retirement can expect increased benefits under the new defined contribution and cash balance plans, whereas older, more senior workers can expect to accrue smaller benefits after the plan conversions. Recognizing these potential adverse effects, the employers in our studies provided various types of transition benefits to existing workers or gave employees the choice of remaining in the old defined benefit plan. Employee surveys reveal that younger workers are more supportive of the new pension plans than are older workers. These case studies also indicate that communication by managements with their employees is very important to the successful implementation of plan conversions.     

The Impact of Taxes on Corporate Defined Benefit Plan Asset Allocation

This paper investigates the extent to which taxes affect a corporation's decision to allocate its defined benefit plan's assets between equity and bonds. Prior theoretical research shows that if a corporation integrates its financial policy and pension investment policy, differences in tax rates create an arbitrage opportunity. The firm's tax benefits from the arbitrage should be positively related to the percentage of its pension assets allocated to bonds. Consistent with this prediction, but contrary to prior empirical work, this paper finds firms' tax benefits are positively and significantly associated with the percentage of their pension assets invested in bonds.     

Downside Risk Management of a Defined Benefit Plan Considering Longevity Basis Risk

To control downside risk of a defined benefit pension plan arising from unexpected mortality improvements and severe market turbulence, this article proposes an optimization model by imposing two conditional value at risk constraints to control tail risks of pension funding status and total pension costs. With this setup, we further examine two longevity risk hedging strategies subject to basis risk. While the existing literature suggests that the excess-risk hedging strategy is more attractive than the ground-up hedging strategy as the latter is more capital intensive and expensive, our numerical examples show that the excess-risk hedging strategy is much more vulnerable to longevity basis risk, which limits its applications for pension longevity risk management. Hence, our findings provide important insight on the effect of basis risk on longevity hedging strategies.     

Guaranteeing Defined Contribution Pensions: The Option to Buy Back a Defined Benefit Promise

After a long commitment to defined benefit (DB) pension plans for U.S. public sector employees, many state legislatures have introduced defined contribution (DC) plans for their public employees. In this process, investment risk that was previously borne by state DB plans has now devolved to employees covered by the new DC plans. In light of this trend, some states have introduced a guarantee mechanism to help protect DC plan participants. One such guarantee takes the form of an option permitting DC plan participants to buy back their DB benefit for a price. This article develops a theoretical framework to analyze the option design and illustrate how employee characteristics influence the option's cost. We illustrate the potential impact of a buy‐back option in a pension reform enacted recently by the State of Florida for its public employees. If employees were to exercise the buy‐back option optimally, the market value of this option could represent up to 100 percent of the DC contributions over their work life.     

名义帐户制探析

名义帐户制度是近年来国际养老保险制度改革中出现的一种制度创新,它已引起了部分转型国家的极大兴趣和许多专家学者的关注.但作者认为,名义帐户制作为一种过渡安排,并不能解决养老保险制度的根本问题.中国仍应坚持社会统筹与个人帐户相结合的部分积累制的养老保险制度.当前,中国应继续完善试点,积级探索做实个人帐户的有效方式,着力解决个人帐户的隐性负债问题.     

Getting Feedback on Defined Contribution Pension Plans

With the growth of private and public defined contribution (DC) pension plans around the world, market rates of return should increasingly play a large role in the retirement patterns of individuals. The reverse could, however, also be true—i.e., a country's population demographics could influence the financial markets. In this article, we model the potential impact of aggregate retirement patterns on macroeconomic variables with the goal of further understanding the implications of a traditional DC pension becoming the predominant source of retirement income for an entire society. We find that the economic-system feedback dampens fluctuations in the size of the working population.     

The Shift to Defined Contribution Pension Plans

Abstract

There has been a strong shift away from defined benefit (DB) pension plans toward defined contribution (DC) pension plans in the United States over the last 20 years. A variety of reasons for this shift have been proposed. In another paper in this issue, Krzysztof Ostaszewski presents a new hypothesis to explain the shift to DC plans in the United States. He argues that the decline in importance of DB plans is due to a shift in the way relative returns to macroeconomic factors of production, that is, capital and labor, are being rewarded in the national economy.

This paper attempts to test the Ostaszewski hypothesis using Canadian data. In Canada there has been only a slight decrease in DB plan coverage. It is shown that the Ostaszewski theory does not fit the Canadian experience well. Instead, it is argued that pension regulation and tax legislation play a crucial role in pension design and reform. It is also argued that the difference in pension regulation and taxation in Canada versus the United States has directly influenced plan sponsors in considering their pension objectives, costs, and risks. Differences in the proportion of the workforce that is unionized may also be important. The paper concludes that pension regulation and taxation are more important variables than are macroeconomic reward systems in the use of DB versus DC pension plans.