允许退休员工“试驾”年金[外文翻译].doc

1、外文文献翻译译文题目A公司基于员工稳定性企业年金方案设计原文ALLOWINGRETIRINGEMPLOYEESTO“TESTDRIVE”ANANNUITYBYMELISSAKAHNANDJODYSTRAKOSCHIFDEFINEDCONTRIBUTIONDCPLANSPONSORSHAVENTALREADYDONESO,THEYSOONWILLBEGIVINGSERIOUSCONSIDERATIONTOPROVIDINGRETIRINGPLANPARTICIPANTSWITHOPTIONSTOCONVERTATLEASTAPORTIONOFTHEIRSAVINGSINTORETIREMENTI

2、NCOMEONLYTIMEWILLTELLWHETHEREMPLOYERSWILLBEENCOURAGEDTOMAKETHOSEOPTIONSAVAILABLETOPARTICIPANTSORREQUIREDTODOSOEITHERWAY,TRIALANNUITIZATIONACONCEPTTHATBUILDSONTHEDCINDUSTRYSSUCCESSWITHAUTOMATICENROLLMENTANDAUTOMATICINCREASEISWORTHEXPLORINGFURTHERANDMAYBEACONCEPTWHOSETIMEHASCOMECHANGINGDEMOGRAPHICSAND

3、THESHIFTINGRETIREMENTLANDSCAPEPRESENTCURRENTANDFUTUREGENERATIONSOFRETIREESWITHSIGNIFICANTCHALLENGESMANYUSWORKERSAREATRISKOFNOTHAVINGADEQUATERETIREMENTINCOME,ANDTHEDIFFICULTECONOMICENVIRONMENTHASONLYEXACERBATEDTHEPROBLEMTHEMOVEFROMTRADITIONALDEFINEDBENEFITDBPLANS,WHICHTYPICALLYACCRUEBENEFITSFORWORKER

4、SBASEDONYEARSOFSERVICEANDEARNINGS,TODEFINEDCONTRIBUTIONDCPLANSSUCHAS401KPLANS,INWHICHPARTICIPANTSFINANCETHEIROWNRETIREMENTS,HASSHIFTEDTHEBURDENOFRETIREMENTSAVINGSFROMEMPLOYERTOEMPLOYEEYET,DCPLANSGENERALLYWERENEVERINTENDEDTOSERVEASEMPLOYEESPRIMARYSOURCEOFRETIREMENTSAVINGS,NORWERETHEYDESIGNEDTOPROVIDE

5、GUARANTEEDLIFETIMEINCOMETODAY,EMPLOYERSAREGRAPPLINGWITHTHECHALLENGEOFENSURINGTHATTHEMONEYTHEIREMPLOYEESSAVEDINTHESEPLANSISMANAGEDSOTHATINDIVIDUALSDONOTOUTLIVETHEIRSAVINGSONEOFTHEMOSTIMPORTANTDECISIONSEMPLOYERSARECONTEMPLATINGRIGHTNOWISHOWTOHELP401KPLANPARTICIPANTSCONVERTAPORTIONOFTHEIRRETIREMENTSAVI

6、NGSINTOGUARANTEEDLIFELONGINCOMETHISSHIFTINFOCUSISGENERALLYTHOUGHTOFAS“CHANGINGTHECONVERSATION”WITHEMPLOYEESTOHELPTHEMRECOGNIZETHATDCPLANSNOWNEEDTOBETHOUGHTOFAS“RETIREMENTINCOME”PLANSTHEREHASRECENTLYBEENINCREASEDATTENTIONAROUNDANNUITIESPROMPTEDBYDISCUSSIONATTHEFEDERALLEVELABOUTTHEBENEFITSOFADDINGANAN

7、NUITYTOINDIVIDUALRETIREMENTPORTFOLIOSATTHEHEARTOFTHEDISCUSSIONISTHEFACTTHATCONSUMERSNEEDTOPROTECTTHEMSELVESFROMOUTLIVINGTHEIRSAVINGSBYADDINGARELIABLEGUARANTEEDRETIREMENTINCOMESOURCETOTHEIRRETIREMENTFUNDSRETIREMENTFUNDSWHICHHAVEDIMINISHEDBECAUSEOFTHEDECLINEOFPENSIONPLANSANDHAVEBEENFURTHERDEPLETEDBYTH

8、ERECENTFINANCIALCRISISTHISBROADRECOGNITIONOFANEEDTOESTABLISHA“PERSONALPENSION“BRINGSTOLIGHTTHEVALUEOFIMMEDIATEANNUITIESASPARTOFTHESOLUTIONTOTHERETIREMENTSAVINGSRISKTHATMILLIONSOFFAMILIESAREFACINGPRIORTO2008THEADDITIONOFANINCOMEANNUITYTOARETIREMENTPLANHADSTARTEDTOBECOMEAPARTOFPLANNINGDECISIONSTHENTHE

9、GREATRECESSIONTOOKHOLDTHESTOCKMARKETDECLINED,LOSINGMORETHANHALFITSVALUETHEAVERAGE401KANDIRAVALUESPLUMMETED,NEGATIVELYIMPACTINGRETIREMENTPLANS,ANDFORMANYRETIREMENTAGEDPEOPLE,WHOHAVELESSTIMETORECOUPTHEIRLOSSES,ITHINTEDATDISASTERINFACT,THEMARKETMELTDOWNCAUSEDTHEREDUCTIONOFRETIREMENTNESTEGGSBY25TO40INMA

10、NYCASES,MEANINGA5K0C0RETIREMENTNESTEGGWASWORTHASLITTLEAS3K00GENERATINGSIGNIFICANTLYLESSINCOMEINRETIREMENTWHILEMARKETSHAVERECOVEREDSOMEWHATMANYPORTFOLIOSARESTILLDOWN25ORMOREACCESSTOANNUITIESASADISTRIBUTIONOPTIONISLIMITEDALTHOUGHTHEMAJORITYOFWORKERSTODAYARECOVEREDBYDCPLANS,NEARLY86OFTHESEPLANSDONOTOFF

11、ERTHEOPTIONTOANNUITIZEASSETSWHENWORKERSRETIRE,ACCORDINGTOHEWITTSTRENDSANDEXPERIENCEIN401KPLANS2009HEWITTASSOCIATES,2009MANYPLANSHAVEELIMINATEDTHEANNUITYDISTRIBUTIONOPTIONFORANUMBEROFREASONSCHIEFAMONGTHEMAREFIDUCIARYLIABILITYCONCERNSANDTHEADMINISTRATIVEISSUESRELATEDTOOFFERINGANNUITIESTHEUNCERTAINTYOF

12、PLANSPONSORSPRECISEFIDUCIARYDUTIESWHENOFFERINGANNUITIESTOTHEIRWORKERSHASHISTORICALLYBEENACHIEFDETERRENTTOINCLUDINGANNUITIESASADISTRIBUTIONOPTIONINOCTOBER2008,THEUSDEPARTMENTOFLABORDOLASDIRECTEDBYTHEPENSIONPROTECTIONACTOF2006PPAISSUEDAFINALREGULATIONTHATCLARIFIESTHEFIDUCIARYSTANDARDASITRELATESTOTHESE

13、LECTIONOFANANNUITYPROVIDERFORTHEPURPOSEOFBENEFITDISTRIBUTIONSFROMINDIVIDUALACCOUNTPLANSSUCHAS401KPLANSTHEREGULATION,WHICHISSTRUCTUREDASASAFEHARBOR,SETSOUTCLEARFACTORSTHATSHOULDBEUSEDINASSESSINGTHEANNUITYPROVIDERSABILITYTOMAKEFUTUREPAYMENTSUNDERTHECONTRACTANDINREVIEWINGTHECOSTSOFTHEANNUITYINRELATIONT

14、OTHEBENEFITSANDSERVICESPROVIDEDUNDERTHECONTRACTANNUITIESCOMEINAVARIETYOFFORMS,ANDNEWPRODUCTSAREBEINGDEVELOPEDBYTHEINSURANCEINDUSTRYWELLKNOWNANNUITYPRODUCTSINCLUDESINGLELIFEANNUITYPROVIDESFIXEDMONTHLYBENEFITPAYMENTSGUARANTEEDFORLIFENOSURVIVORBENEFITISPAIDAFTERTHEANNUITANTSDEATHALSOCALLEDASTRAIGHTLIFE

15、ANNUITYJOINTANDSURVIVORANNUITYPROVIDESFIXEDMONTHLYBENEFITPAYMENTSGUARANTEEDFORLIFEAND,UPONTHEANNUITANTSDEATH,CONTINUESPARTIALPAYMENTSTOTHESURVIVINGSPOUSEOROTHERBENEFICIARYFORTHERESTOFHISORHERLIFEINFLATIONINDEXEDANNUITYPROVIDESMONTHLYBENEFITPAYMENTSGUARANTEEDFORLIFETHATINCREASETOKEEPUPWITHINFLATIONAN

16、NUALINCREASESMAYBECOSTOFLIVINGINCREASESORLINKEDTOTHECONSUMERPRICEINDEXVARIABLEANNUITYPROVIDESMONTHLYBENEFITPAYMENTSGUARANTEEDFORLIFETHATMAYINCREASEORDECREASEBASEDONPERFORMANCEOFUNDERLYINGINVESTMENTSTHEPURCHASERSELECTSDEFERREDANNUITYMONTHLYBENEFITPAYMENTSAREPURCHASEDOVERTIMEBUTARENOTSCHEDULEDTOBEGINU

17、NTILAPERSONRETIRESANDTHENAREGUARANTEEDFORLIFELONGEVITYANNUITYATYPEOFDEFERREDANNUITYGENERALLYPURCHASEDATTHETIMEOFRETIREMENTTHATPROVIDESAGUARANTEEDSTREAMOFINCOMETYPICALLYSTARTINGAFTERALATEAGE,SUCHAS85SOURCEUSGOVERNMENTACCOUNTABILITYOFFICE,JULY2009ANNUITIES,WHENOFFERED,OFTENOVERLOOKEDINTHESMALLPERCENTA

18、GEOFPLANSTHATDOALLOWPARTICIPANTSTOANNUITIZE,MOSTPARTICIPANTSCONTINUETOTAKETHELUMPSUMOPTIONONLYABOUT1OF401KPARTICIPANTSCHOOSETOCONVERTTHEIRSAVINGSINTOANNUITIESUPONRETIREMENT,ACCORDINGTOHEWITTASSOCIATESITSUNFORTUNATETHATPARTICIPANTSOFTENOVERLOOKANNUITIESATTHEPOINTOFRETIREMENTTHECHIEFADVANTAGEOFANINCOM

19、EANNUITYISTHATITPROVIDESGUARANTEEDLIFETIMEINCOMEANNUITIESARETHEONLYPRODUCTTHATCANPAYGUARANTEEDINCOMEFORLIFENOOTHERPRODUCTCANOFFERTHISBENEFITACADEMICSGENERALLYSAYTHATPUTTINGMONEYINTOANANNUITYCANHELPAPERSONMEETBASICEXPENSESINRETIREMENTANOTHERKEYADVANTAGEOFINCOMEANNUITIESISTHATTHEYGENERALLYHAVETHEABILI

20、TYTOPRODUCETHEHIGHESTLEVELOFGUARANTEEDINCOMEPERDOLLAROFASSETS,WHICHPROVIDESTHEANNUITANTWITHTHEABILITYTOMAXIMIZEINCOMEFOREXAMPLE,ANAVERAGERETIREEWOULDNEEDTOSAVEABOUTONETHIRDMORETOREPLICATETHEPOWEROFTHELIFETIMEINCOMEANNUITYWITHTHISTAKENCAREOF,REMAININGASSETSCANBEMOREEFFICIENTLYINVESTEDTOPOTENTIALLYGRO

21、WANINDIVIDUALSOVERALLPORTFOLIOWHILEARETIREETRADESOFFABITOFLIQUIDITYFORTHEPORTIONOFASSETSPUTINTOANANNUITY,HEORSHELIKELYWILLHAVEMOREINCOMETOSPENDOVERALLPUTTINGTHESEADVANTAGESTOGETHERMEANSTHATINCOMEANNUITIESCANPERFORMTHEDOUBLETASKOFMAXIMIZINGCURRENTINCOME,WHILEALSOAVOIDINGTHERISKOFRUNNINGOUTOFMONEYLATE

22、RANNUITIESAREIDEALLYSUITEDFORTHELARGEMAJORITYOFINDIVIDUALSINDIVIDUALSCANNOTSELFINSURETHERISKOFOUTLIVINGTHEIRMONEYBECAUSETHEYCANNOTACCURATELYPREDICTHOWLONGTHEYWILLLIVEWHEREASANINDIVIDUALCANDECREASEHISINVESTMENTRISKBYCHANGINGHISINVESTMENTSTRATEGY,THEREISNOWAYTHATANINDIVIDUALCAN,ONHISORHEROWN,REDUCELON

23、GEVITYRISKFURTHERMORE,THE2009METLIFESTUDYOFTHEAMERICANDREAMFOUNDTHATWITHOUTASTEADYPAYCHECK,50OFAMERICANSSAYTHEYCOULDNOTMEETTHEIRFINANCIALOBLIGATIONSFORMORETHANAMONTHOFTHAT,ADISTURBING28COULDNTSUPPORTTHEMSELVESFORMORETHANTWOWEEKSOFUNEMPLOYMENTMETLIFEINC,2009AASEMPLOYERSCONSIDERWHETHERTOOFFERDCPLANPAR

24、TICIPANTSTHEABILITYTOCREATERETIREMENTINCOMEATTHEPOINTOFRETIREMENT,PUBLICPOLICYMAKERSAREPAYINGLOTSOFATTENTIONTOTHESEISSUESMOSTRECENTLY,DOLANDTHEUSDEPARTMENTOFTHETREASURYISSUEDAREQUESTFORINFORMATIONTOEXPLORE,AMONGOTHERISSUES,WAYSTOINCREASELIFETIMEINCOMEAND/ORANNUITIZATIONSOTHAT401KPLANPARTICIPANTSHAVE

25、ANOPPORTUNITYTOCONVERTATLEASTAPORTIONOFRETIREMENTSAVINGSINTOLIFELONGINCOMEAUTOMATICTRIALINCOMEGAININGATTENTIONONECONCEPTGAININGATTENTIONISAUTOMATICTRIALINCOMEATTHEPOINTOFRETIREMENTOFTENREFERREDTOASTRIALANNUITIZATIONTHISCONCEPTOFAUTOINCOMEBUILDSUPONTHESUCCESSTHEDCINDUSTRYHASSEENWITHAUTOMATICENROLLMEN

26、TANDAUTOMATICINCREASETHESECONCEPTS,ENDORSEDBYPPA,ACKNOWLEDGETHEPOWERFULROLEOFINERTIACOMMONWISDOMANDMANYSTUDIESINFORMUSTHATPARTICIPANTSDONTTAKETHEAPPROPRIATEACTIONSTOPROVIDETHEMSELVESWITHTHEBESTOUTCOMESPARTICIPANTSOFTENSAY,“PLEASEDOITFORME”THEGENERALIDEAOFTRIALANNUITIZATIONISTHATALLOCATINGAPORTIONOFA

27、RETIRINGEMPLOYEESPLANASSETSAUTOMATICALLYINTOALIFETIMEINCOMEANNUITYATTHEPOINTOFRETIREMENTESSENTIALLYGIVESRETIREESANOPPORTUNITYTO“TESTDRIVE”THEBENEFITSOFRECEIVINGARETIREMENTINCOME“PAYCHECK”AND,ASPREVIOUSLYSTATED,WEKNOWTHATAMERICANSDEPENDONTHEIRPAYCHECKSTOMEETFINANCIALOBLIGATIONSAPAPERRELEASEDIN2008BYT

28、HERETIREMENTSECURITYPROJECT,AWASHINGTON,DCBASEDTHINKTANK,ENTITLED“INCREASINGANNUITIZATIONIN401KPLANSWITHAUTOMATICTRIALINCOME,”SETSFORTHAPROPOSALTHATWOULDINCREASETHEROLEOFLIFETIMEINCOMEPRODUCTS,SUCHASINCOMEANNUITIES,INANEFFORTTOHELPRETIREESENJOYASECURERETIREMENT1THEAUTHORSEXPLAINEDTHATAUTOMATICFEATUR

29、ESIN401KPLANSHAVESHOWNTHATTHEPOWEROFINERTIACANBEUSEDTOSIGNIFICANTLYIMPROVEOUTCOMESWITHOUTRESTRICTINGRETIREESCHOICES2SPECIFICALLY,THEPAPERPROPOSESTHEFOLLOWINGASUBSTANTIALPORTIONOFASSETSIN401KTYPEACCOUNTSGENERALLYCONSIDEREDTOBENOMORETHAN50OFTHEACCOUNTBALANCEWOULDBEAUTOMATICALLYDIRECTEDINTOANINCOMEPROG

30、RAMFORATWOYEARTRIALPERIODTHEDEFAULTTRIALARRANGEMENT,UNLESSWORKERSAFFIRMATIVELYELECTADIFFERENTFORMOFPAYOUTPERMITTEDUNDERTHERETIREMENTPLANTHEREWOULDBETRIALINCOMEOF24CONSECUTIVEMONTHLYPAYMENTSAFTERTHETRIALPERIOD,PARTICIPANTSWOULDREGAINTHEABILITYTOOPTFORALTERNATIVEFORMSOFPAYMENTTHOSEWHOMADENOAFFIRMATIVE

31、CHOICEWITHINASPECIFIEDPERIODWOULDCONTINUETORECEIVEINCOMEPAYMENTSBECAUSETHEPROGRAMWOULDCONVERTAUTOMATICALLYFROMTRIALPERIODINCOMETOPERMANENTINCOMEUNDERTHERETIREMENTSECURITYPROJECTPROPOSAL,PLANSPONSORSCOULDCHOOSETOADMINISTERTHEPAYOUTOFTHEINCOMEPROGRAMORARRANGEFORANOUTSIDEPROVIDERTOOFFERITPLANSPONSORSCO

32、ULDDETERMINETHEPORTIONOFTHEACCOUNTBALANCETHATWOULDBESUBJECTTOTHEDEFAULTTRIALPERIODINCOMEOPTIONANDWOULDALSOCHOOSETHEPROVIDERORPROVIDERSANDTYPEOFDEFAULTTRIALINCOMEANDPOSTTRIALINCOMEPRODUCTS,SUBJECTTOREGULATORYGUIDELINESUNIVERSITYOFILLINOISPROFESSORJEFFREYRBROWNIN2009MADEASIMILARPROPOSAL,ENTITLED“AUTOM

33、ATICLIFETIMEINCOMEASAPATHTORETIREMENTINCOMESECURITY”HESUGGESTEDTHATEMPLOYERSBEENCOURAGEDTOADOPTANAUTOMATICANNUITIZATIONPLANUNDERWHICH,WHENANEMPLOYEEMAKESANINITIALREQUESTFORANONHARDSHIPWITHDRAWALFROMADCPLAN,THEEMPLOYEEWOULDBENOTIFIEDTHATHEORSHEISBEINGAUTOMATICALLYENROLLEDINTOAPARTIALANNUITIZATIONPROG

34、RAMTHEPROGRAMWOULDCONVERTHALFOFTHEPARTICIPANTSTOTAL401KACCOUNTBALANCEINTOAJOINTAND100SURVIVORANNUITYFORAMARRIEDPERSONORASINGLELIFEANNUITYFORANUNMARRIEDINDIVIDUALTHESEANNUITIESCOULDBEIMMEDIATEANNUITIESSUBJECTTOATRIALPERIOD,ASERIESOFLADDEREDANNUITIESWITHPAYOUTSTHATCOMMENCEOVERASEVERALYEARPERIODAFTERTH

35、EINITIALDISTRIBUTIONDECISIONS,ORVARIOUSINTEGRATED,INPLANANNUITYOPTIONSTHATALLOWPARTICIPANTSTOINVESTINDEFERREDANNUITYCONTRACTSDURINGTHEACCUMULATIONPHASEONEOFTHEMOSTIMPORTANTDECISIONSEMPLOYERSARECONTEMPLATINGRIGHTNOWISHOWTOHELP401KPLANPARTICIPANTSCONVERTAPORTIONOFTHEIRRETIREMENTSAVINGSINTOGUARANTEEDLI

36、FELONGINCOMETHISSHIFTINFOCUSISGENERALLYTHOUGHTOFAS“CHANGINGTHECONVERSATION”WITHEMPLOYEESTOHELPTHEMRECOGNIZETHATDCPLANSNOWNEEDTOBETHOUGHTOFAS“RETIREMENTINCOME”PLANSONEPOTENTIALWAYTHATPLANSPONSORSCANENSUREFINANCIALREADINESSINRETIREMENTISTOTAKE“CONTROL”OFTHEEMPLOYERMATCHSPONSORSCOULDUSETHISTRIALINCOMEC

37、ONCEPTFORTHEIRMATCH,THEREBYENSURINGTHATEMPLOYEESWILLHAVEABASELINEOFRETIREMENTINCOMETHISFOLLOWSALONGTHEPHILOSOPHICALLINESOFDBPLANS,YETASWITHALLAUTOMATICDEFAULTPROGRAMS,PARTICIPANTSMAYOPTOUTIFTHETRIALINCOMEISNOTTHEBESTSOLUTIONFORTHEIRSITUATIONINTERESTINGLY,INITS2009STUDYOFEMPLOYEEBENEFITSTRENDS,METLIF

38、EFOUNDTHAT50OFSURVEYEDEMPLOYEESVOICEANINTERESTINTHEIREMPLOYERSPROVIDINGWAYSTOCONVERTRETIREMENTPLANLUMPSUMSINTOINCOMEFORLIFEONTHEOTHERHAND,ONLY21OFEMPLOYERSHAVEEXPRESSEDINTERESTINHAVINGTHEIRCOMPANYPROVIDESOLUTIONSTHATTHEAUTHORSMELISSAKAHNISAVICEPRESIDENTWITHMETLIFE,THELARGESTUSLIFEINSURERANDALEADINGP

39、ROVIDEROFEMPLOYEEBENEFITSBASEDINMETLIFESWASHINGTON,DCGOVERNMENTRELATIONSOFFICE,KAHNISRESPONSIBLEFORREPRESENTINGTHECOMPANYBEFOREFEDERALLEGISLATORSANDREGULATORSONALLISSUESRELATINGTORETIREMENTINCOMESECURITY,INCLUDINGISSUESAFFECTINGQUALIFIEDPENSIONPLANS,SOCIALSECURITYANDLONGTERMCARESHEALSOPROVIDESGUIDAN

40、CEONINTERNATIONALRETIREMENTSECURITYISSUESJODYSTRAKOSCHISTHENATIONALDIRECTORFORMETLIFESRETIREMENTPRODUCTSGROUPSHEISRESPONSIBLEFORDEVELOPINGANDSERVICINGSTRATEGICALLIANCESTHROUGHCOBRANDINGANDPRIVATELABELINGPARTNERSHIPSFORRETIREMENTINCOMEPROGRAMSWITHMAJORFINANCIALSERVICESFIRMSSTRAKOSCHHASBEENSPEARHEADIN

41、GTHISEFFORTFORTHELASTSIXYEARSANDHASBEENWITHMETLIFEFOROVER25YEARSACCOMPLISHTHISGOALMETLIFEINC,2009BASMILLIONSOFAMERICANWORKERSAREAPPROACHINGRETIREMENT,ENSURINGTHATTHEYDONTRUNOUTOFMONEYINRETIREMENTHASBECOMEAMAJORSOCIETALANDWORKPLACEISSUEWHETHERTHESPECIFICCONCEPTOFTRIALANNUITIZATIONWILLHAVETHEIMPRIMATU

42、ROFTHEOBAMAADMINISTRATIONREMAINSTOBESEENWHATISCLEARISTHATPLANSPONSORS,IFTHEYHAVENTALREADYDONESO,WILLSOONBEGIVINGSERIOUSCONSIDERATIONTOTHEWAYSINWHICHTHEIRPLANPARTICIPANTSWILLBEABLETOCONVERTATLEASTAPORTIONOFTHEIRSAVINGSINTORETIREMENTINCOMEONLYTIMEWILLTELLWHETHEREMPLOYERSWILLBEENCOURAGEDTOMAKETHOSEOPTI

43、ONSAVAILABLETOPARTICIPANTSORREQUIREDTODOSOEITHERWAY,TRIALANNUITIZATIONISACONCEPTWORTHEXPLORINGFURTHER,ANDITMAYBEACONCEPTWHOSETIMEHASCOMEENDNOTES1THERETIREMENTSECURITYPROJECTISSUPPORTEDBYTHEPEWCHARITABLETRUSTSINPARTNERSHIPWITHGEORGETOWNUNIVERSITYSPUBLICPOLICYINSTITUTEANDTHEBROOKINGSINSTITUTION2THESTU

44、DYSAUTHORSAREWILLIAMGGALE,DIRECTOROFTHERETIREMENTSECURITYPROJECTANDTHEARJAYANDFRANCESMILLERCHAIRINFEDERALECONOMICPOLICYATTHEBROOKINGSINSTITUTIONJMARKIWRY,NOWSENIORADVISORTOTHESECRETARYOFTHETREASURY,DEPUTYASSISTANTSECRETARYFORRETIREMENTANDHEALTHPOLICYFORTHEOFFICEOFTAXPOLICYDAVIDCJOHN,MANAGINGDIRECTOR

45、OFTHERETIREMENTSECURITYPROJECTANDASENIORRESEARCHFELLOWWITHTHETHOMASAROEINSTITUTEFORECONOMICPOLICYSTUDIESATTHEHERITAGEFOUNDATIONANDLINAWALKER,NOWSTRATEGICPOLICYADVISORWITHAARPSPUBLICPOLICYINSTITUTEREFERENCESBROWN,JEFFREYR,2009“AUTOMATICLIFETIMEINCOMEASAPATHTORETIREMENTINCOMESECURITY,”PREPAREDFORTHEAM

46、ERICANCOUNCILOFLIFEINSURERSGALE,WILLIAMG,JMARKIWRY,DAVIDCJOHNANDLINAWALKER,2008“INCREASINGANNUITIZATIONIN401KPLANSWITHAUTOMATICTRIALINCOME,”THERETIREMENTSECURITYPROJECTHEWITTASSOCIATES,2007HEWITTSTRENDSANDEXPERIENCEIN401KPLANS2007METLIFEINC2009A,2009METLIFESTUDYOFTHEAMERICANDREAMMETLIFEINC2009B,SEVE

47、NTHANNUALMETLIFESTUDYOFEMPLOYEEBENEFITSTRENDSFINDINGSFROMTHENATIONALSURVEYOFEMPLOYERSANDEMPLOYEESUSGOVERNMENTACCOUNTABILITYOFFICEREPORT,2009PRIVATEPENSIONSALTERNATIVEAPPROACHESCOULDADDRESSRETIREMENTRISKSFACEDBYWORKERSBUTPOSETRADEOFFS,资料来源MELISSAKAHN,JODYTRAKOSCHBENEFITSQUARTERLYJ20103P1518译文允许退休员工“试

48、驾”年金米丽莎卡恩和乔迪斯达如果实行缴费确定型计划，即使赞助商还没有这样做，但是他们会很快将给予认真考虑，提供退休计划参加者在退休后的收入转换成至少有一部分储蓄。让时间告诉我们是否会鼓励雇主让这些选项提供给参加者或需要怎么做。无论哪种方式，试用年金一个概念，在直流业界具有自动注册和自动增加成功的基础，是值得进一步探讨，并可能是一个概念的时代已经到来。统计数据表明目前,我们的子孙后代正面临着很大的挑战。许多美国工人存在没有足够的退休收入的风险，困难的经济环境只会加剧这一问题。从传统的待遇确定型计划来看，收入和服务是根据工作者的工作年限而定的。而缴费确定型计划，即401（K）计划，是指参加者自己的

49、退休资金等已转移由雇主向雇员负担。然而，待遇确定型一般从来没有打算作为员工的退休储蓄的主要来源，也不是旨在提供终生保障收入。如今，雇主需要努力解决的问题，是确保他们的钱应用在这些计划的管理中，使员工个人活的没有储存款时间长。最重要的决定之一是雇主考虑如何将401（K）计划的参与者的积蓄转换成终身保障他们的退休收入的一部分储蓄。这种重心的转移，帮助他们认识到，特区的计划现在需要的是对“退休后的收入”计划的思考。因为我们现有的退休金计划，比如401（K）之类的，在大萧条中跌落了超过25（我记得好象是多少万亿）然后需要推出个更可靠的计划，原来5000左右的退休金，现在只能拿到3000了，也就是金融危机使得很多比如401计划跌了25以上，消费者需要一个更加可靠的，保障的退休金来源去保护他们自己。获得养老金作为分布的选择是有限的虽然大多数工人今天被缴费确定型计划所覆盖，但是近86的员工，在退休时不被提供这些选择。当工人退休，根据翰威特的发展趋势与401（K）的体验计划2009（翰威特咨询公司，2009）。许多计划被取消了，原因主要是受托责任的问题和有关年金的行政问题。该计划赞助商受托责任的不确定性时时向职工提供行政威慑包括年金的分配方案。在2008年10月,美国劳工部经营杠杆率养老金保护法案PPA2006年最后明确规定信托的标准,因为它涉及到