從美國企業退休金制度之發展趨勢論台灣勞工退休金制度之改制

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(1)*~'t~N1Ii1Jt. I Jtfl ~ 27~55 W Insurance Issues and Practices 1: 27~55 (2002) ~. ~k~~~~~~~~*~4~ ~~~*~~~~~&~ The Impacts of Employer Pension System. on Retirement Income: the Analysis of the Revolutions. in the United State and Taiwan. .... £11.* (Jennifer L. Wang) M4 ~~.~Jt*.-#~W~~~'~~~.~-#~N.~ •• ~'~~.~. ~.~Jt4~.~~ffl~~a~~~~.~~~o~~~~+.t·~I~~.~ '4A~~~.~~.~Jtt'~4*41~~~.m.~ ~~~~.~~o. ••. ••. ~1.I~~.~Jt~~k.m.~_#~I~~ I~~.~~.~.~mk .rM~ ~J·r.A~fo~Jar.~ ~J~~~ff·.trM~ ~. •• •• •• J.r.~ •• ~J~ •• ~_#~.~r.A~fotiJm •• ~ • • ~·*~~. •• ••. ••. ••A. ~~MA~~.~~.~Jt~.& ·~.n~.& ffl.~~~.a I*I~~ffl~~~~N.~~~~~IL~-~~~~.A~.I~~~~~. ~.A~.I~~Q.~~~~ ~~~~~o ~.*:~.~~.~Jt·.~-#~·.~. •• ~·~~ffl~. Abstract Pension research has focused on two major types of pension plans: defined benefit plans and defined contribution plans. The participants of these two kinds of plans face different advantages and risks. Much research and discussion has been devoted to debate which type of plan has better protection for retirement income. Over the past twenty years the trend in private employer pension system in the United States has been moving away from traditional defined benefit plans and toward defined contribution plans. On the other hand, the employer pension system in Taiwan also embarks a new revolution to establish the defined contribution plans for workers. This paper first investigates the impacts of recent pension trend on retirement income in the United State. We further analyze the possible effects of the new pension revolution on retirement income in Taiwan. Keywords: employer pension, defined benefit plan, defined contribution plan, retirement income. aH~ *-*afitT J.!& 1iiHit* ~ *{$:1l/Jtt~;J1 • Assistant Professor, Risk Management and Insurance Department, National Chengchi University..

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(11) ..I. il,Jt :. .fjt.k ~ k:t iI! #.1t 7jl~ It ~ Jll;;i! ~;fr {:: 14" f' ..L iI! #.1t Z & 7jl~. 1\ tm 1< ~ a. ~. it $250,000. 37. 1978-1997 ~ ~ ~ i!1:f.~1,I! ,~.:t.MHf~$Jl ~1t. ,,~-.~-.--.......,-,,---. r---------~.-. -,. $200,000 I. /. ;;>.-. mml. •~a. acr-J m~. $150,000 I $100,000 I. :aL. "t'. ~. I. :v-~ •. $50,000. $0 -'_--1-"::""'L . ~%. -~~~~~~~--~~--~~--~~--~. ~{)-. ~<fi>. .:&". 4P. ~qp. o. ~. -0'. #. .... ,. ~. -&'. ~,.,. I -+- Defined. A'A~~t. Benefit. -II-. Defined Contribution - - Total. •• *#~ • • 4~ •• ~~.~. •• ••. .~~~~~'~~~~.~'~~~M~t, .~.#~. ~.~. ~*ti!1:f.~~.~. ~.~.~k#.~.~'~~4~.~.:t.~~. J!j. !liI ~ reTurner and Beller, 1992; Wang, 1998) ;. (- )f-fhifiJl,ttlltr.Ja ft .:#}jIHfta!j~~,. if*- Tx-:l"a!j'f,j,*t,. ,,;1,am.~~~J;t.~~16#!X~tt~'-~t-0-~']-. , ~1l~~:fk~~. ~'.:#- • • • ~.~AA~ • • '~+~.~~~.~~. 5. I. 0. :fEl.t2:#-:il!. ~~.~. •• ~.#Mr~«.&~o~-~~,.:#a. t, t'l,~ta!jiil1t, • ..r..a9~tLtHtft~ , .:#.~ • • 7jlu.A~~~if ~' • ..r.. •• ~~ • • ..r..~~,~~~~ • • ~a« •••• ~~.r' ..L'ffl~~~.~~~~. ~. .. .. !~A~}j.lf!t-0-~~.~t;f4~. .~tt.it'~ ~ 1';1, 4jijl1 69 ~$Jl J;t.p,tf;t~~#lt ,~~ *-1l ~ (Hay/Huggin,. 1986). Q. Ippolito(I 995)1';1, aGustman and Steinmeier(I 992).:t~ d:: ~ 1980~ 1';1, ~ , ~ ~ ~~~~k.~t'ffl~.1t.~.#M~-0-~.~~'~~~~.:il!~..

(12) f,fd~'1rit$t~1Jt 1:. 38. 27-55 (2002). fit 1~ ~ ..:L tiJ ~ii;fh ~ ,~ .1. A}] 1!!. .flj r 1990 -+ YA {! ' 1} fh ,tH~ ..t. ~ Jt YAJjfH*~~..t. ' dJ~HIt$~ ~ ..:L)iLfh~*Q~ , ll~iij ;iJ~A~Utlj, , :f ~ ~;tt~. ~1 Jt. 0. ~»#~~~.~ff4*~~*'~~*#~~~~.~.. ~~iij~'~~~~»#~~*~~*~~B·~~.#-.~»#~'.~ ~.~:fS~t~±~t.t.~.~.~~iij~~~.aWJl-.ff4.. ~ it. ~. tl.. t!:' -wIJ. Jf) .~~.*,1. ' • Ji!:.:ti• ..t. ~ Jl:f $. •. ..t.~a~.~*~m_#-~. ~ {t~. IJ,. ,. ~ 1ft ~ ~ iij 1jU7)-1;)- # ~ -it. 0. (.=.)1t-t:P.fifmJ l"i9:t-l' dJ#-ft~.&~M.'~~£~k~ • • ~.1f.~_.~.~~~~1. Black and Fischer( 1980)~~ft~Jt a{J •.t- .1t 1,"~ iij ~lf~~£ .1t'f ~~ ~~. ~# • •(Overfunded)· Myers, Majluf, SetwartYAJlNicholas(l984Hl.cl:l dJ#--i ff• • ~~ • • • 'f~ • • ~iij~~l.*~~M.'ffl~~.'f.dJ~* .1f.~.£.~~A*~~~iij~W.S**~_Jt~-l:'Ji!:.~l.~~~ .~_#.W~·~r~~~.~*OC*.1.*~~~~..:L~~~;fI:~'. ~ i p. • • ~~~»#~Jtt'~..:L~~~.»#kdJ~iij~~'~~iij~ ~~ • • ~.*:f~~~~.WAaW~~~.}]»#~..:L~~.·.~~ 1974 -+ 1}..:L ~ ~ fJf 1'" -* 1:- it. ~ (Employee Retirement Income Security Act ' ErusN~ • • ~~I~.~»#~Jt~'~iij~.»1}..:L~~~»#~mdJ 4JR-a{J~~.;fI:;.fll~~~iij(Pension Benefit Guarantee Corporation' PBGC)1* ~~~»#I-~.Jt·~~~~~»#~~ • ..t.~m*H~~~~#~ t ~..:L~!4Att . . ~~£ • • *lJ;t$x.(l!r£.kJt..~:fJt..tJt1f.)YAJl~~ £.tJt.*.~.*'~ • • ~-.~~.~4JR-~~~.;fI:~~~~ iij , ~{!ttit.-l:51~*JtIJaJitA*~.~(Hustead, 1997) I 1J:.1,"~~.~»+t ~1~ • ..t.a{J ~ {t~*~-t' . Clark and McDermed(1993);ft1Kruse(l995H~ cl:l dJ# ~~~ltJl'.it.~a{J ~~ , 1t1," • ..t.'.ibjJ!~ • .t. ~ a{J~ ~£~.flj ~~~;fI:;.f'l*. ~.$IM~~*~ff4~*.~;~1l'. J.. ~. *+~*~.~»#~~'~iij*~.~~£~~aW~~#~~iij~~W. (1.

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(14) 40. 1il.1i. % 0,9. 0,8 0.7 0,6 05. OA. OJ 0.2 0.1. °. 1984. 1985. 1986. 1987. 1988. 1989. 1990. 1991. 1992. 1993. 1994. 1995. 1996. 1997 BHe1. 4~~.~~~~~~1~.~~#~#~.~a.~. *,~~~~. ~.~#~.ff~.~#~'~~~.~#~~+.~~a~~~k~~. ~it:l~. 0. *. JJl.~.~it:l1k~ 1985if-m 4 ~iLtA-rifEl}} 69 '1£.~. R ~ :YiHq. .~~m'-.~l~Oif-~~M~~ffo~*+~.D*.'~~.~#~ &~.~~#~,~. ~*~~A~.~a.~~~~#~·~~~~.~. ~#~~-.'~~~.~#~T'.~.if-.a.-~*~~~~~~~ 'm.~~~~~4W~*~~~.4W.~a~*,~*.~#~~~~ ~~~~~~.~~~~~·~~.~.~~~,~~.~~~~a.k. M.~a.~~'.M.~.~-M4.~fo'.~a.~~~~~~~. • ~~~~~.-M.~'~~~~.~J~~MA4.~fo ~M.~~~MA~fo~.a~.*oJ~~fo •• ~*. .~~a.(.~*~. k ,j, 1& 't k. ~'~J~. ~~,-~. ~JJt.), ~7HJilk*~~,,*fo~~~;frLt,. 1iUI~Ai ~ ~ ~i ~. *it -J '. ~~ J-A -. if-iM-r;.t # '. •. nt;p k. ;frLt69. il~i tLl:.. *.4~t~~.a.~*.~'J~~~*~~~~a~~~4.~fo+ ~. ••• a;~*'m~~.A~fo~~A'J~~~~~~.M*~~,,*. (..

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(25) £ iI?t : ,f:t ~ ~ ~ 1: i!#.1t$vtifJl,tf~;t # '" of .:I.I~:* it~ it. $IJ. '•••. ~. *~.~.*.~4.~~A.¥. a. •• ~~~~.~»#~~ ••. ~. .~'~*~. _. I k ~. •. • *. .~. •. ~.**~~~.~~~a. (~)A~~~k~~A.~~.k4*.~#·.~T. .:I.~*.~M#.. I.ft.i1.t~of.:I."~". ' 2001 '. -f.:I.i!#.f!{J~~'it1lA. 2.1t.i1.t~of.:I." ~ ... ' -f.:I.i!#.£1tl/tS.1*1fai!Jfl 1!hi- •. •. '. 7. Bodie. Zvi. 1990, "Pension as Retirement Income Insurance," Journal of Economic Literature, XXVIII: 28-49 .. .~. ~7t:... o. 6. Black, Fischer. 1980, "The tax consequence of long-run pension policy," Financial Analysts Journal, 21-28.. 1!!. ~-r.t. ~~. 5. Allen, Everett T. Jr., Joseph J. Melone, Jerry S. Rosenbloom and Jack L. VanDerhei,1988, Pension Planning: Pension, Profit Sharing, and Other Deferred Compensation Plans, Homewood, Illinois: Dow Jones-Irwin.. ,jj(. ;,.;. 1.~. 28}f •. ~j. ~Ml. '~~~~~~~.A~fo~T§U~4.. ' 2001 ,r If.1t1*f1t J ' A!Jil.f1tfJll.IP£J!t ' ~+. ft.::t1t.:i;Jt&.*~ • 4. £ilIt ' 2000 ,r i!#.J!t:ffm.:l11tlf.1t1*f1t J ' i!#.£1t:f!.ftl ' 1ft -""1ft..::..$.J.l , 9. ~. t-1fi1. ~,~t~~*.~. •• ~T.~.:I.~~*.~~~.~••• 4~m •• •• • ~~~'*~~ ••• *••• **_+.~.*'*~~.:I.~I.~~* *~*_~.*.~ •• '~*~~**** • .:I.~~ •• A~~.M~. *•• ~**~.A* •• *~ •• '~~~.~.~.~•• ~**~. ~'I~~a.~~.*•• ~**MA~~~' •• ~.o. 3. £iI?t. ~*. ~. *~3tti:. if<.. ~. ••. •• ••. 51. 8. Bodie, Zvi. and Olivia S. Mitchell. 1996, "Pension Security in an Aging World," In Bodie ed., Security Employer-based Pension, Philadelphia: Pension Research Council and University of Pennsylvania Press, 1-29. 9. Clark, Robert L., Ann A. McDermed and Michelle White Trawick. 1993, "Firm Choice of Type of Pension Plan: Trends and Determinants," In Ray Schmitt ed. The Future of Pensions in the United State, 114-125. 10. Gale, William G. and Joseph M. Milano. 1997, "Implications of the Shift to Defined Contribution Plans for Retirement Wealth Accumulation," In Mitchell, Olivia ed. Living with Defined Contribution Pensions, Philadelphia: Pension Research Council and University of Pennsylvania Press, 1-14..

(26) 52. 1%F.tt'Jf$utll. t: 27-55 (2002). II. Gustman, Alan L. and Thomas L. Steinmeier. 1992, "The Stampede Toward Defined Contribution Pension Plans: Fact or Fiction?" Industrial Relations, 31 (2):361-369. 12.Hay/Huggins Company, Inc. 1986, Pension Plan Termination with Asset Reversions, mimeo. 13. Hustead, Edwin C. 1997, "Trends in Retirement Income Plan Administrative Expenses," In Mitchell, Olivia ed. Living with Defined Contribution Pensions, Philadelphia: Pension Research Council and University of Pennsylvania Press, 166-177. 14. Ippolito, Richard A. 1985, "The Labor Contract and True Economic Pension Liabilities," American Economic Review, 75: 1031-1043. 15. ___. 1995, "Towards Explaining the Growth of Defined Contribution Plans." Industrial Relations, 34: 1-20. 16. ___. 1998, Pension Plan and Employee Performance, Chicago: University of Chicago Press. 17.Kruse, Douglas L. 1995, "Pension Substitution in the 1980s: Why the Shift Toward Defined Contribution Pension Plans?" Industrial Relations, 34(2): 218-241.. 3. 18. Mitchell, Olivia S. and Ann. M. Rappaport. 1993, "Innovations and Trends in Pension Plan Coverage, Type, and Design," In Ray Schmitt ed. The Future of Pensions in the United State, 114-125.. 3. 19. Mitchell, Olivia S. and James F. Moore. 1998, "Can Americans Affords to Retire? New Evidence on Retirement Saving Adequacy," Journal ofRisk and Insurance, 371-400. 20. Mitchell, Olivia S. and Sylvester Schieber. 1997, "Defmed Contribution Pension: New Opportunities, New Risk," In Mitchell, Olivia ed. Living with Defined Contribution Pensions, Philadelphia: Pension Research Council and University of Pennsylvania Press, 1-14. 21. Munnell, Sunden and Lidstone. 2002, How Important are Private Pension Plan, An Issue in Brief, Center for Retirement Research at Boston College. 22. Myers, Stewart C. and N. S. Majluf. 1984, "Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have," Journal of Financial Economics, 13: 187-221. 23. Papke, Leslie E., Mitchell A. Petersen and Jame M. Poterba. 1996, "Do 401(k) Plan Replace Other Employer-Provide Pension?" Advances in the Economics of Aging, NBER, University of Chicago, 219-236. 24. ___. 1999, "Are 401(k) Plans Replacing Other Employer-Provided Pensions: Evidence from Panel Data," The Journal ofHuman Resources, 34: 346-368. 25. Peterson, Mitchell A. 1992, "Pension Revisions and Worker-Stockholder Wealth Transfers." Quarterly Journal ofEconomics, 1033-1056. 26. Petersen Mitchell A. 1996, "Allocation and Discounting Cash Flows: Pension Plan.

(27) ~.*:«A~~.m.~.4.A~. ••• ~.Lm.~~&~. 53. Finance." Pensions, Savings and Capital Markets, Fernandez ed., Wash. D. C, U.S Department of Labor, 1-26. 27. Peterson, Mitchell A. 1994, "Cash Flow Variability and Finn's Pension Choice." Journal ofFinancial Economics, 36(3): 361-383. 28. Schieber, Sylvester, Richard Dunn, and David Wray. 1997, "The Future of Defined Contribution Revolution," In Mitchell, Olivia ed. Living with Defined Contribution Pensions, Philadelphia: Pension Research Council and University of Pennsylvania Press, 273-284. 29. Stone, Mary. 1987, "A Financing Explanation for Overfunded Pension Plan Tennination," Journal ofAccounting Research, 25: 317-326. 30. The World Bank, 1994, Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth. 31. Turner, John A. and Daniel J.Beller, 1992, Trends in Pensions, Washington, DC: Department of Labor printing Office.. 11. e. IV. w. In. ia. .n nt of. an 19,. ns:. Lith Ian. 32. U.S. Department of Labor. Private Pension Plan Bulletin, Abstract of 1978-1997 Form 5500 Annual Report, Pension and Welfare Benefits Administration. Washington, DC: U.S. Government Printing Office. 33. Wang, Jennifer L. 1998, "An Analysis of Pension Trend in the Provision of Retirement Income: from Defined Benefit to Defined Contribution Plans," Ph. D Dissertation, Temple University. 34.Wang, Jennifer L., and Jack L. VanDerhei, 2000, "The Impact of Primary Pension Trends on Retirement Income: A Re-examination of Defined BenefitlDefmed Contribution Trends," Benefits Quarterly, 15: 73-82..

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