老龄化背景下的我国企业年金发展研究

由于建国初期出现的婴儿潮和人均寿命延长等因素的综合作用,我国人口老龄化问题日益加剧,“空账”问题严重,这给基本养老保险制度带来了严峻挑战,而作为养老保险体系三大支柱之一的企业年金制度一直发展缓慢.在此背景下,结合我国近年来养老金替代率逐年降低的现实情况,提出通过完善发展企业年金制度来弥补基本养老保险的不足,以缓解老龄化对我国经济社会发展的不利影响.     

美国人何以养老——美国养老保险体系与可持续研究

美国的养老保险体系是由国家通过税收筹资的基本养老基金、企业建立的以401(k)计划和个人退休帐户(IRAs)为主的职业养老金计划以及相当完善的商业养老保险共同构成的三支柱式养老保险体系。通过具体分析美国国家基本养老和企业职业养老基金的构成、收入来源、支出水平以及可持续能力,说明美国养老保险体系是一个制度完善、可持续能力较强的养老保险范例,值得我国借鉴。     

优化我国企业年金资产配置方法探讨

从分析我国目前企业年金的资产配置的现状出发,在借鉴国外特别是美国成功经验的基础上,结合我国目前各种投资工具的收益率,提出了优化我国企业年金资产配置的方法。     

Mutual fund selection and performance persistence in 401(k) Plans

We examine how plan sponsors/providers select mutual funds for 401(k) plans and whether performance persistence exists for mutual funds listed in 401(k) plans. Using a hand-collected data set of 401(k) investment options, we find that plan sponsors are likely to choose actively managed growth funds, including aggressive growth funds and long-term growth funds. Furthermore, more than 50% of the mutual funds in our sample of 401(k) plans are selected from the top 10 fund families in terms of total net assets. On average, plan sponsors select funds that outperform the funds with the same investment objective and that have low expense ratios. The performance of mutual funds in 401(k) plans only persists in a short horizon. Our analysis indicates that the menus of 401(k) investment options do not exhibit a signaling effect, indicating that investment options in 401(k) plans do not supply useful information about the future performance of mutual funds for investors in selecting mutual funds.     

The effects of employer matching and income risk in 401(k) plans

Using a simple life-cycle model, this paper studies the effects of employer matching and income risk on employees' 401(k) participation and contributions. We find that both employer matching and income risk have a large impact on employee decisions. The effects differ for different income and age groups.     

A Review of Major Influences on Employee Retirement Investment Decisions

The recent retirement plan debacle of the Enron employees has caused regulators and lawmakers to think about new ways to protect and help retirement plan participants. When investigating participant investment decisions, researchers have traditionally studied the retirement plan characteristics and employee characteristics. More recently, some researchers have extended the analysis to social influences, such as social norms and peer affects. Others have expanded into behavioral finance and examined the role of various psychological biases. This paper combines and summarizes these four sets of influences so that researchers and policy makers can better understand all the influences affecting an employee when making retirement plan contribution and investment decisions.     

浅谈401k计划对股市的影响

近期有关我国养老金改革的消息在市场受到了广泛的关注,但对养老金如何改革以及引进美国401K养老金体系上的理解上,普遍存在着误解。本文将在对中国当前养老体系的特点和问题有充分理解之后,试图对401K计划与股市的行情发展进行深度分析和介绍,从而让大家能以一颗平常心去看待中国版"401K"。     

企业年金在中国的运用与发展

随着基本养老保险制度的不断完善,需要深入研究和发展年金的相关政策,如税收优惠政策和投资监管政策。同时,要着手解决制度上的障碍,推进企业年金的健康发展,发挥其在多层次养老保险体系中的作用。     

Defined Contribution Pension Plans: Determinants of Participation and Contributions Rates

Records of 793,794 employees eligible to participate in 647 defined contribution pension plans are studied. About 71% of them choose to participate in the plans, and of the participants, 12% choose to contribute the maximum allowed, $10,500. The main findings are (other things equal) (1) participation rates, contributions and (most remarkably) savings rates increase with compensation; on average, a $10,000 increase in compensation is associated with a 3.7% higher participation probability and $900 higher contribution; (2) women’s participation probability is 6.5% higher than men’s and they contribute almost $500 more than men; (3) participation probabilities are similar for employees covered and not covered by DB plans, but those covered by DB plans contribute more to the DC plans; (4) the availability of a match by the employer increases employees’ participation and contributions; the effect is strongest for low-income employees; (v) participation rates, especially among low-income employees, are higher when company stock is an investable fund.

Alphabeticity Bias in 401(k) Investing

Structural factors that cause irrational investment in defined contribution savings plans are of great concern. Using a proprietary database of 401(k) plans we show that alphabeticity—the order that fund names appear when listed in alphabetical order—significantly biases participants’ investment allocation decisions. While we show a larger impact as the number of funds in the plan increases, this bias is strong even when relatively few funds are available in the plan menu. Importantly, our findings suggest that a more strategic ordering of funds could result in favorable outcomes for participants.