整个生命周期的投资、储蓄和集体养老资金的作用[文献翻译].doc

1、本科毕业论文（设计）外文翻译题目A企业弹性福利制度研究学院商学院专业人力资源管理班级学号学生姓名指导教师外文题目SAVINGANDINVESTINGOVERTHELIFECYCLEANDTHEROLEOFCOLLECTIVEPENSIONFUNDS外文出处DEECONOMIST,20074P347415外文作者LANDBOVENBERG,RALPHKOIJEN,THEONIJMAN原文SAVINGANDINVESTINGOVERTHELIFECYCLEANDTHEROLEOFCOLLECTIVEPENSIONFUNDSDEFINEUSSOCIALINSURANCESYSTEMKNOWNAS“T

2、HREELEGGEDWALK“,KNOWNASTHREEPILLARMODEL,ISAVERYCOMPLETEMULTILEVELOLDAGESECURITYSYSTEMPILLARSTATESPONSOREDSOCIALINSURANCETHESECONDPILLARTHEEMPLOYERFUNDEDPRIVATEPENSIONSALSOINCLUDESOTHERNONPROFITORGANIZATIONS,SUCHASEDUCATION,PENSIONSANDSTATEMEDICALINSTITUTIONS,LOCALGOVERNMENTPENSIONTHETHIRDPILLARPERSO

3、NALSAVINGSALTHOUGHTHEUNITEDSTATESSOCIALSECURITYSYSTEMISPERFECT,BUTTHEUSSOCIALSECURITYSYSTEMFACESENORMOUSCHALLENGESOFAGING,ESPECIALLYAFTERWORLDWARII76MILLION“BABYBOOMERS“WILLREACHRETIREMENTAGEIN2011,ANDWILLCONTINUEUNTIL2029WILLBETHECURRENTSOCIALINSURANCESYSTEM,WHICHISANENORMOUSCHALLENGEANAVERAGEOF419

4、IN1945,THEUSACTIVEEMPLOYEESSUPPORTARETIREEIN1999,HASBECOMEASUPPORTSERVICEWORKERS341RETIREES,WILLBEDEVELOPEDBY2030TOTWOINSERVICEWORKERSTOSUPPORTONERETIREEIFTHEUSGOVERNMENTDOESNOTTAKEANYMEASURES,BY2041THESOCIALINSURANCEPENSIONFUNDWILLBEDEPLETEDINTHISCONTEXT,ITISSENTTORELOOKTHEPRIVATEPENSION,PRIVATEPEN

5、SIONISMOREIMPORTANTTOTHEGOVERNMENTPENSIONSUPPLEMENT,ANDITSIMPORTANCETOSOMEEXTENTOVERTHEFIRSTPILLARDEVELOPMENTSTATUS1、PLANTYPEBECAUSETHEUNITEDSTATESANDTHEVASTGEOGRAPHICALDIVERSITYOFTHEECONOMYANDCORPORATEPENSIONPLANSTOESTABLISHAVOLUNTARY,CORPORATEPENSIONPLANISALSOVARIEDINACCORDANCEWITHTHECREATIONOFTHE

6、SUBJECTCANBEDIVIDEDINTOSINGLEEMPLOYERPLANSANDMULTIEMPLOYERPLANSAMONGTHEM,THESINGLEEMPLOYERPLANMEANSASINGLEEMPLOYERFORTHEIREMPLOYEESTOESTABLISHASEPARATEPROGRAMANDMULTIEMPLOYERPLANISINACCORDANCEWITHATRADEUNIONREPRESENTINGTHEWORKERSINCOLLECTIVEBARGAININGAGREEMENTREACHEDBYTHEESTABLISHMENTOFWORKERSCOVERE

7、DBYANUMBEROFENTERPRISESWITHINTHEINDUSTRYPLANIN2003,INTHEUNITEDSTATESNEARLY730,000SMALLANDLARGECORPORATEPENSIONPLANSONLYMORETHAN3,100MULTIEMPLOYERPLANS,COVERINGABOUT15OFPRIVATESECTORWORKERSTHERESTARESINGLEEMPLOYERPLANSFINANCINGANDPAYMENTMETHODSFROMTHEPOINTOFVIEW,THEENTERPRISEANNUITYPLANCANBEDIVIDEDIN

8、TOTWOCATEGORIES,NAMELY,DBTYPEPLANSANDDCTYPEPLANSDCTYPEPLANSCALLFORBOTHEMPLOYERSANDEMPLOYEESTOGETHERFORTHESCHEME,EACHPLANPARTICIPANTHASASEPARATEPERSONALACCOUNTEMPLOYERSTAKEADVANTAGEOFTAXINCENTIVESSUCHASDEFERREDTAXPROVISIONOFPENSIONBENEFITSTOEMPLOYEESEMPLOYERSGENERALLYWILLCREATEAPERSONALACCOUNTMANAGEM

9、ENTINSTITUTIONS,TOASSISTEMPLOYEESINTHEINVESTMENTOPTIONSINVESTINMUTUALFUNDSISTHEMAINDCBASEDWAYOFPENSIONINVESTMENTPLANSTHEFINALACCUMULATIONOFINDIVIDUALACCOUNTSANDINVESTMENTINCOMEDETERMINESTHEAMOUNTOFTHEFINALRETIREMENTBENEFITSOFEMPLOYEESDCBASEDOCCUPATIONALPENSIONSCHEMETHEREAREFOURMAINCATEGORIES,NAMELYC

10、ASHPURCHASEPLAN,PROFITSHARINGPLANS,401KPLANSANDEMPLOYEESTOCKOWNERSHIPPLANWHICHISDOMINATEDBY401KPLANINTHEDCSCHEME,INDIVIDUALEMPLOYEESBEARTHEINVESTMENTRISKOFITSACCOUNTSANDTHEACCUMULATIONOFFUNDSFACINGDEPLETIONOFTHELONGEVITYRISKINHISLIFETIMEBUTTHERETIREMENTBENEFITSOFSUCHPLANSTOOWNERSHIPOFTHEDESIGNANDPOR

11、TABILITYOFRETIREMENTBENEFITSHASGREATADVANTAGES,SOTHE20THCENTURY,80YEARS,BASEDONANINDIVIDUALACCOUNTTHERAPIDDEVELOPMENTOFDCTYPEPLANSASOF2003,APPROXIMATELY670,000DCTYPEPLANSDBTYPEPLANISANONGOVERNMENTALMANDATORYSCHEME,THEREISNONATIONALUNIFORMSTANDARDSOFTREATMENT,THEREISNOLEGALMAXIMUMLIMITPLANISNOTSETUPI

12、NDIVIDUALACCOUNTSFORPARTICIPANTS,BUTATOTALJOINTACCOUNTTHEREFORE,EMPLOYEESCANONLYBEBASEDONTHEFORMULA,CALCULATETHEIRRETIREMENTINCOMEWILLBERECEIVED20THCENTURY,70YEARSAGO,DBTYPEPLANFUNDINGMODELFORAPAYSYSTEM,THEMAJORITYOFENTERPRISESTOADOPTTHEEMPLOYERUNILATERALLYCAPITALINJECTIONHOWEVER,DUETOLACKOFCOLLATER

13、AL,FUNDINGSOURCESANDTHEINTERESTSOFEMPLOYEESCANNOTBEGUARANTEED1974INTRODUCEDTHE“EMPLOYEERETIREMENTINCOMESECURITYACT“ERISAHEREINAFTERREFERREDTOAS“SECURITYLAW“,DEFINEDTHEIMPLEMENTATIONOFDBBASEDEMPLOYERSMUSTBECHANGEDTOTHEACCUMULATIONOFFUNDSSYSTEMINDBPLANS,THEINVESTMENTANDMORTALITYRISKBORNEBYTHEEMPLOYERS

14、PONSOREDPLAN,EMPLOYERSMAKEUPTHESHORTAGEOFFUNDSANDANNUITYPAYMENTSUNTILTHERETIREEDIEDSOFARIFTHEEMPLOYERSBANKRUPTCYANDPLANASSETSAREINSUFFICIENTTOPAYBENEFITS,PENSIONBENEFITSGUARANTEECOMPANIESPBGCWILLTAKEOVERTHEPLANANDPAYPENSIONBENEFITSEVERYYEAR,BUTTHEBENEFITSDONOTEXCEEDCERTAINLIMITS65YEAROLDRETIREDIN200

15、3TREATEDTHEWORKERSPAYTHELIMITISUSD43,99724PERYEARTHISLIMITSSUFFICIENTTOCOVERTHEFULLANNUALAVERAGEWORKERPENSIONSINTHE20THCENTURY,70YEARSAGO,USCORPORATEPENSIONPLANSTOTHEMAINDBTYPEPLANS1975,87OFTHEPARTICIPANTSAREUNDERTHEDBTYPEPLANSBY2003,ONLYABOUT60000DBTYPEPLANSINADDITIONTOTHESETWOMODELSOTHERTHAN,RECEN

16、TLYALSOAPPEAREDINBOTHTHECHARACTERISTICSOFTHESETWOMODESOFHYBRIDPLANTHEREAREMANYTYPESOFHYBRIDPENSIONCASHBALANCEPENSIONPLANCASHBALANCEPENSIONPLAN,BALANCEPENSIONPLANPENSIONEQUITYPLAN,TARGETPROFITPLANTARGETBENEFITPLAN,THEFUNDCOMPENSATIONPLANFLOOROFFSETPLAN,WHICHTHEMOSTFAMOUSISTHECASHBALANCEPLANINLEGALTER

17、MS,THECASHBALANCEOFTHISARRANGEMENTISDBTYPEPLANS,THEEMPLOYERCONTRIBUTIONSACCUMULATEDINADVANCE,INORDERTOHAVEACHOICEOFINVESTMENTASSETSANDRISKEMPLOYEES,THECASHBALANCEPLANISMORELIKEDCTYPEPLANS2REGULATORYSYSTEMUSGOVERNMENTAGENCIES,ENTERPRISEANNUITIESTOTHEUNITEDSTATESALEGALBASISFORSUPERVISIONANDCONTROLFROM

18、THETWOIMPORTANTFEDERALLAWS,NAMELY“TAXLAW“THEINTERNALREVENUECODEANDTHE“EMPLOYEERETIREMENTINCOMESECURITYACT“ERISA,HEREINAFTERREFERREDTOAS“PROTECTIONACT“USFEDERALGOVERNMENTISRESPONSIBLEFORMONITORINGCORPORATEANNUALPLANHASTHREEDEPARTMENTSUNITEDSTATESDEPARTMENTOFLABORISRESPONSIBLEFORCORPORATEPENSIONPLANST

19、OENSURETHE“SECURITYLAW,“THECOMPLIANCEANDENFORCEMENTTHEUSTREASURYDEPARTMENTANDITSSUBORDINATESTATEADMINISTRATIONOFTAXATIONFINDSTHATTHEENTERPRISEISRESPONSIBLEFORPENSIONTAXINCENTIVESPROGRAMELIGIBILITY,TOENSURETHATOCCUPATIONALPENSIONPLANSTOCOMPLYWITHTAXINCENTIVESANDENFORCEMENTOFLAWSANDREGULATIONSPENSIONS

20、DBSECURITYCOMPANIESINTHEENTERPRISEANNUITYPLANTOPROVIDESECURITYBUTALSOTHESOLVENCYOFTHEPROGRAMTOMONITORCOMPLIANCEMANAGEMENT1DEPARTMENTOFLABORTHEUSGOVERNMENTRESPONSIBLEFORTHE“SECURITYLAW“FORMONITORINGTHEIMPLEMENTATIONOFTHESECTORISTHEUSDEPARTMENTOFLABOR,THEDEPARTMENTISINCHARGEOFEMPLOYEEBENEFITSUNDERTHEM

21、INISTRYOFLABOURANDSOCIALSECURITYBUREAUSPECIFICALLY,UNDERAUSDEPARTMENTOFLABOROFFICEOFTHEMINISTER,DEPUTYMINISTER,HEAPPOINTEDBYTHEPRESIDENTANDTHEPENDINGPRESIDENTIALDIRECTIVEANDISUSUALLYLIMITEDTOTHETERMOFOFFICEOFPRESIDENTOFTHEGOVERNMENTREPORTDIRECTLYTOTHEDEPUTYMINISTEROFADMINISTRATION,17,OFWHICHTHEREARE

22、EMPLOYEEBENEFITSANDSOCIALSECURITYBUREAUEMPLOYEEBENEFITSSECURITYCOUNCILSECRETARYISEQUIVALENTTOTHELEVELOFASSISTANTSECRETARYOFLABOR,WHOPROVIDEPOLICYADVICETOTHEINSTITUTIONALLEADERSHIP,ANDRESPONSIBLEFORTHEMANAGEMENTBODIESOVERALL,THEUSDEPARTMENTOFLABORONTHEENTERPRISEANNUITYPROGRAMANDFUNDREGULATIONISUNDERT

23、HE“SECURITYACT“TOIMPLEMENTTHERELEVANTPROVISIONSDEPARTMENTOFLABORSREGULATORYACTIVITIESINCLUDETHEREVIEWOFCORPORATEPENSIONPLANSANDSURVEYSOFILLEGALOPERATIONSOFANYILLEGALBEHAVIORANDTHEEVENTSRESOLVEDTHROUGHLEGALPROCEEDINGSINTHERELEVANTADMINISTRATIVEDEPARTMENTSORTOTAKEPUNITIVEANDCORRECTIVEACTIONS“SECURITYL

24、AW“TOTHELABORDEPARTMENTENFORCEMENTACTIONCANBEDONETHEFOLLOWINGPROVISIONSFIRST,THOSEWHOMANAGECORPORATEPENSIONPLANSANDFUNDSOFINDIVIDUALSANDINSTITUTIONSMAINLYCORPORATEPENSIONPLANTRUSTEES,ACCOUNTMANAGER,TRUSTEE,CUSTODIANANDADMINISTRATOROFTHEACTISFULLYINACCORDANCEWITHTHE“SECURITYLAW“PROVISIONSOFTHESOCALLE

25、D“TRUSTEE“STANDARDDUTYTOACT,ISINACCORDANCEWITHTHE“PRUDENTMAN“ACTTOMONITORTHESTANDARDSOFCONDUCTSECOND,THESUPERVISIONANDENSURETHATCORPORATEFUNDEDENTERPRISEANNUITYPLANWHETHERTHEPLANSASSETSPLACEDINASEPARATEBUSINESSOROTHERASSETSOFTHETRUSTAMONGTHEPARTIESTHIRD,THESUPERVISIONOFANYOCCUPATIONALPENSIONSCHEMETR

26、USTEESINTHEDISCHARGEOFTHEIRDUTIESWHETHERTHEACTIONSTAKENBYTHEINTERESTSOFSCHEMEMEMBERSONLYASASTARTINGPOINT,NOTFORTHEMSELVESANDANYOTHERPARTIESASSOCIATEDWITHTHESCHEMEBENEFITSFORPROFITFOURTH,SUPERVISIONANDMANAGEMENTOFLEGALREQUIREMENTSOFTHERELEVANTGOVERNMENTDEPARTMENTSANDTHEPLANSTOTHEFEDERALEMPLOYEESINVOL

27、VEDININFORMATIONDISCLOSUREANDREPORTINGONTHEIMPLEMENTATIONOFTHEENTERPRISEANNUITYPLANTOASSISTTHEGOVERNMENTTOMONITORTHEOPERATIONTOPREVENTTHEABUSEOFCORPORATEPENSIONFUNDSTOENSUREPROGRAMPARTICIPATIONTHERIGHTSOFEMPLOYEESFIFTH,THEIMPLEMENTATIONOF“SECURITYLAW“ANDLEGALAPPEALSANDTHERELEVANTPROVISIONSOFLEGALREM

28、EDIES,INCLUDINGTHEIMPLEMENTATIONOFTHE“SECURITYLAW“TOGIVETHELABORDEPARTMENTTOINVESTIGATETHEPLAN,ANDANYIRREGULARITIESINTHESCHEMETRUSTEESORSCHEMEOFANENTERPRISEOFLEGALAPPEALSPOWER2MINISTRYOFFINANCEANDTAXTHEUSTREASURYDEPARTMENTANDTHEIRRESPECTIVETAXOFFICEISTHEUSGOVERNMENTSTAXPOLICYENTERPRISEANNUITYPLANTHE

29、MAINSECTORSWEREGULATEAMONGTHEM,THETREASURYSROLEISMAINLYRELATEDTOCORPORATEPENSIONPLANSANDMANAGEMENTOFTAXPOLICYPLANNINGTHEROLEOFTHEINLANDREVENUEDEPARTMENTISUNDERTHEUS“TAXLAW“ANDTHEMINISTRYOFFINANCEONTHETAXANNUITYPOLICIESFORMULATEDBYTHESPECIFICIMPLEMENTATIONANDSUPERVISIONMINISTRYOFFINANCEONTAXPOLICY,CO

30、RPORATEANNUITYISTHEPRINCIPALORGANUNDERTHEOFFICEOFGENERALCOUNSELATTORNEYSOFFICEINCHARGEOFENTERPRISEANNUITYOFFICEOFCHIEFCOUNSEL,EMPLOYEEPLANSTAXISTAXONTHEUSCORPORATEANNUITYMANAGEMENTCONTROLANDSUPERVISIONOFIMPLEMENTATIONOFTHEPOLICYDEPARTMENTTOTHISEND,THEIRSHASESTABLISHEDTHETAXASPECTSOFCORPORATEPENSIONR

31、EGULATORYDEPARTMENTSANDAGENCIESANDEMPLOYSTHOUSANDSOFHIGHLYTRAINEDPROFESSIONALSANDLAWYERSINORDERTOIMPROVETHEIMPLEMENTATIONOFTHEUNITEDSTATESIRS“TAXLAW“,INCREASETHEEFFICIENCYANDEFFECTIVENESSOFTAXPOLICY,THEUSCONGRESSIN1998PASSEDTHE“IRSRESTRUCTURINGANDREFORMACT“THEACTREQUIRESTHEIRSBASEDONTHENEEDSOFTHOSET

32、AXESUNDERTHEFOURDIVISIONSUNDERTHEREGULATIONS,THEIRSWASRESTRUCTUREDIN2000ANDREFORMOFITSORIGINALGEOGRAPHICAREATHEUNITEDSTATESBASEDORGANIZATIONSTOCHANGETHEBUSINESSOPERATIONSOFTAXBASEDFOURDIVISIONSDIVISIONWAGESANDINVESTMENTINCOME,SMALLBUSINESSESANDSELFEMPLOYEDTAXDIVISION,TAXDIVISIONANDMEDIUMSIZEDENTERPR

33、ISESEXEMPTORGANIZATIONSANDGOVERNMENTAGENCIESDIVISIONCORPORATEPENSIONPLANSANDTAXEXEMPTORGANIZATIONSCLASSIFIEDBYTHEINLANDREVENUEDIVISIONMANAGEMENTGOVERNMENTAGENCIESTAXEXEMPTORGANIZATIONSANDGOVERNMENTAGENCIESANDHASESTABLISHEDUNDERTHEDIVISION“ATTHEENTERPRISEANNUITYPLAN“ALSOATTHEENTERPRISEANNUITYPLANHAST

34、HREESECTIONSCORPORATEPENSIONPLANSINSPECTIONSECTION,GUIDANCESECTIONANDTHELAWABIDINGCORPORATEPENSIONANNUITYPUBLICEDUCATIONBRANCH3PENSIONTREATMENTGUARANTEEEARLYAMERICANENTERPRISEDBPENSIONPLANISTHEMAINTYPEOFPLAN,1974,“SECURITYLAW“BEFORETHEENACTMENTOFENTERPRISEANNUITYPLANWHATALMOSTNOLEGALPROTECTIONANDSEC

35、URITYYEARSOCCURREDIN1963,“SECRETARYTUTEBEIKE“CARMANUFACTURINGCOMPANYCLOSEDDOWNTHEEVENTSOFAMERICANSOCIETYANDTHEGOVERNMENTISNOTAWAREDBENTERPRISEANNUITYPLANTOPROVIDEADEQUATEPROTECTIONOFTHEDANGERSOFTHEGOVERNMENT1974“PROTECTIONLAW“GUARANTEEISSUEDBYTHECOMPANYLEDTOTHEESTABLISHMENTOFPENSIONBENEFITSTHEESTABL

36、ISHMENTOFSECURITYCOMPANYPENSIONSAREMAINLYTWOPURPOSESFIRST,THEPARTICIPANTSDBENTERPRISEANNUITYPLANFORITSEMPLOYEESANDBENEFICIARIESINTHEPLANAREINALIENABLEPROVIDEBASICRETIREMENTPROTECTIONFORTHETREATMENTTHESECONDISDBTYPEPLANISTERMINATED,IFTHEPLANSAREUNABLETOPAYPENSIONBENEFITSTOBEPROVIDED,PENSIONBENEFITSGU

37、ARANTEECOMPANYSTEPPEDIN,PROVIDINGTHEPARTICIPATINGEMPLOYEESANDBENEFICIARIESTOPROVIDEPROGRAMMANAGEMENTSERVICESANDWELFAREPAYMENTSPENSIONSUNDERTHEMINISTRYOFLABOURGUARANTEECOMPANY,ISRESPONSIBLEFORRUNNINGTHEDBONTHEABORTEDENTERPRISEANNUITYPLANTOMONITORANDPROVIDESECURITY,ESPECIALLYFORTHOSECLOSETOBANKRUPTCYO

38、RINSOLVENCYOFTHEEMPLOYERFUNDEDDBPENSIONPLANSCANCONTINUETORUNTHETYPEOFOFFERGUARANTEEASAQUASIGOVERNMENTALAGENCIESWHICHREPRESENTSTHEEMPLOYEESINTHEENTERPRISEANNUITYPLANANDTHERELATEDINTERESTSOFTHEBENEFICIARYGROUPS,YOUCANALSOENJOYTHEMANYGOVERNMENTAGENCIESHAVERIGHTS,SUCHASLAWENFORCEMENTPOWER,INSPECTIONRIGH

39、TSANDPOWERSTOTHEUSTREASURYBORROWING“PROTECTIONLAW“GUARANTEEPENSIONSGRANTEDTOANYINSTITUTIONORINDIVIDUALTHEPOWERTOINVESTIGATEANDAUDIT,TOEXAMINEWHETHERTHESEORGANIZATIONSORINDIVIDUALSHASCONTRAVENEDORISABOUTTOVIOLATE“SECURITYLAW“ONADBPENSIONPLANTERMINATIONOFENTERPRISESBYPROVIDINGINSURANCELEGALREQUIREMENT

40、SINADDITION,ALTHOUGHTHEPENSIONSGUARANTEETHERIGHTOFTHEINVESTIGATIONANDPROSECUTIONISLIMITEDTOCIVILRIGHTS,BUTIFFOUNDINACIVILINVESTIGATIONRELATEDTOCRIMINALLAWINVIOLATIONOFTHECONDUCTORCIRCUMSTANCES,APENSIONBENEFITSGUARANTEETHATTHECRIMINALHASTHERIGHTTOEVIDENCEOFACRIMEBESUBMITTEDTOTHEUSCRIMINALJUSTICEDISPO

41、SALINADDITION,PENSIONBENEFITSGUARANTEETHERIGHTOFTHECOMPANYSSURVEYALSOINCLUDESANYPERSONORLEGALENTITYTOSENDAREQUESTTOPROVIDEEVIDENCEOFDOCUMENTSANDTESTIMONYUNDEROATHOFPOWERDEECONOMIST,20074P347415译文整个生命周期的投资、储蓄和集体养老资金的作用美国社会保险体系俗称“三条腿走路”，即通常所说的三支柱模式，是一个非常完备的多层次的养老保障体系。第一支柱国家主办的社会保险；第二支柱雇主资助的私营养老金还包括其他非

42、赢利组织，如教育、医疗机构养老金以及州、地方政府养老金；第三支柱个人储蓄。虽然美国社会保险体系非常完善，但美国社会保障体系也面临着老龄化的巨大挑战，特别是7600万二战结束后的“婴儿潮”出生的人将在2011年达到退休年龄，而且将一直持续到2029年，将会对现行的社会保险体系造成巨大挑战。1945年美国平均419个在职职工供养1个退休人员，1999年已经变为34个在职职工供养1个退休人员，预计到2030年将发展到2个在职职工供养1个退休人员。美国政府如果不采取任何措施，到2041年社会保险养老基金将会枯竭。在这样的背景下，人们对私营退休金寄予重望，私营退休金更加成为政府退休金的重要补充，其重要性

43、在某种程度上已经超过了第一支柱。发展现状1、计划种类由于美国地域的广阔性和经济的多样性以及企业年金计划建立的自愿性，企业年金计划也是多种多样的。按照创立主体的不同，可分为单雇主计划和多雇主计划。其中，单雇主计划是指单个雇主为其企业员工单独建立的计划；而多雇主计划是指按照与一个行业内代表工人的工会达成的集体谈判协议而成立、覆盖行业内多个企业工人的计划。2003年，在美国大大小小将近有73万个企业年金计划。其中只有3,100多个多雇主计划，覆盖了大约15的私人部门工人；剩下的都是单雇主计划。从融资和给付方式上来看，企业年金计划可以划分为两大类，即DB型计划与DC型计划。DC型计划要求雇主与雇员双方

44、共同为计划供款，每一位计划参与者都设有独立的个人账户。雇主利用延迟纳税等税收优惠政策向雇员提供退休金给付。雇主一般会建立个人账户管理机构，协助雇员进行投资选择。投向共同基金是DC型计划养老金投资最主要的方式。个人账户的最终积累额以及投资收益决定了雇员最后的退休给付。DC型企业年金计划主要有四大类，分别是现金购买计划、利润分享计划、401K计划和雇员持股计划。其中占主导地位的是401K计划。在DC计划下，单个雇员承担其账户的投资风险，并面临着积累基金在生前耗尽的长寿风险。但是这类计划在退休福利归属权的设计和退休福利可携带性方面具有很大优势，所以20世纪80年代以来，以个人账户为基础的DC型计划迅

45、速发展。截至2003年，大约有67万个DC型计划。DB型计划是一种非政府强制性的计划，没有全国统一的待遇标准，也没有法定的最高限额。计划不为参与者设立个人账户，只是建立一个总的共同账户。因此，雇员只能依据公式，自己计算将要获得的退休收入。20世纪70年代以前，DB型计划的资金筹集模式为现收现付制，多数企业采取的是雇主单方注资方式。但由于缺乏担保，资金来源和雇员利益无法保证。1974年出台的雇员退休收入保障法（以下简称保障法），明确规定实施DB型计划的雇主必须改为实行基金积累制。在DB计划下，投资和死亡风险由发起计划的雇主承担，雇主负责补足资金短缺并且支付年金直到退休者死亡为止。如果雇主破产并且

46、计划资产不足以支付待遇，养老金待遇担保公司将接管计划并每年支付养老金待遇，但待遇不超过一定限额。2003年65岁退休的工人的待遇支付限额是每年43,99724美元。这一限额足以支付普通工人的全部年度养老年金。在20世纪70年代以前，美国的企业年金计划以DB型计划为主。1975年，87的参与人是在DB型计划之下。而到了2003年，却只有大约6万个DB型计划。除了以上两种模式以外，近来还出现了兼具以上两种模式特点的混合计划。混合型年金有多种类型现金余额养老金计划、养老金平衡计划、目标利润计划、基金补偿计划，其中最著名的是现金余额计划。从法律上讲，现金余额这种制度安排属于DB型计划，雇主预先将供款积

47、累起来，为拥有的资产选择投资方式，并承担风险。对雇员而言，现金余额计划更似DC型计划。2、监管体制美国政府机构对美国企业年金的监管和控制的法律基础来源于两部重要的联邦法规，即税收法和雇员退休收入保障法，以下简称保障法。美国联邦政府中负责监管企业年会计划的部门共有三个美国劳工部主要负责确保企业年金计划对保障法的遵守和执行；美国财政部及其下属国家税务局主要负责认定有关企业年金计划的税收优惠资格，保证企业年金计划对税收优惠法律法规的遵守和执行；养老金待遇担保公司在对DB型企业年金计划偿付能力提供担保的同时也对计划的合规经营进行监管（1）劳工部美国政府中负责对保障法进行监督执行的部门是美国劳工部，而具

48、体负责的部门是劳工部下设的雇员福利保障局。具体地来说，美国劳工部部长办公室下设一位副部长，他由总统任命并听候总统指令且任职期通常限于一届总统政府。向副部长直接报告的有17个管理局，其中就有雇员福利保障局。雇员福利保障局的局长是相当于劳工部助理部长的级别，他向机构领导提供政策建议，并负责管理机构的运作。总的来说，美国劳工部对企业年金计划和基金的监管是根据保障法的有关条款来实施的。劳工部的监管活动主要包括对企业养老金计划进行审查和调查，对违规操作的行为和任何违法的事件通过法律上诉讼进行解决或采取有关行政部门的惩罚和更正措施。保障法就劳工部可以进行的执法行动做了以下规定。第一，对那些管理企业年金计划

49、和基金的个人和机构（主要是企业年金计划的受托人、账户管理人、受托管理人、托管人和行政管理人）的行为是否完全按照保障法中规定的所谓“受托人”的职责标准行事，是否按照“谨慎人”的行为标准行事进行监督。第二，监督和保证资助企业年金计划的企业是否将计划的资产置于一个独立于企业或其他当事人资产的信托之中。第三，监管任何企业年金计划的受托人在履行其职责所采取的行动时是否只以计划成员的利益为出发点，不为自己和任何其他与计划利益相关的当事人谋利。第四，监督和管理法律要求的向联邦政府有关部门和计划参与雇员进行信息披露和报告的执行情况，协助政府对企业年金计划的运行进行监管，防止对企业年金资金的滥用，从而保证计划参与雇员的权益。第五，执行保障法的有关法律上诉和法律补救的有关规定，包括实施保障法赋予劳工部对计划进行调查、并对任何违规操作的计划受托人或资助计划的企业进行法律上诉的权力。（2）财政部和税务局美国的财政部和其所属的税务局是美国政府对企业年金计划的税收政策实施监管的主要部门。其中，财政部的作用主要是对有关企业年金计划的税收和管理的政策方面进行规划。税务局的作用则是根据美国税收法和财政部就企业年金所制订的税收政策进行具体的实施和监督。财政部制定有关企业年金税务方面政策的主要机构是其总律师办公室下属的企业年金主管律师办公室。税务局则是对美国企业年金税务管理方面的政策实施控制和监督的部门。