1、外文文献翻译译文一、外文原文原文THENEXTDCFRONTIERANOUTCOMESBASEDAPPROACHTODCPLANMANAGEMENTLORILUCASDEFINEDCONTRIBUTIONDCPLANMANAGEMENTISANINDUSTRYWIDEWORKFORCEMANAGEMENTISSUE,YETEMPLOYERSTRADITIONALLYAPPROACHITLIKEAGAMEOF“HOTPOTATO”WHOEVERENDSUPWITHTHEOLDERWORKERWHOISNOTABLETORETIREISSTUCKWITHTHEPROBLEMINSTEADOFTRE
2、ATINGEMPLOYEESDIFFICULTIESINACHIEVINGRETIREMENTINCOMEADEQUACYASAPROBLEMTOBE“KICKEDDOWNTHESTREET,”EMPLOYERSSHOULDSHIFTTHEIRAPPROACHTODCPLANMANAGEMENTTHISARTICLEDISCUSSESTHEBENEFITSOFSHIFTINGAWAYFROMATRADITIONALTRANSACTIONALBASEDAPPROACHTOWARDANOUTCOMESBASEDONE,ANDHOWTHISSHIFTAPPLIESTOAUTOMATICPLANFEA
3、TURES,TARGETDATEFUNDSELECTIONANDOTHERPLANISSUESFINALLY,THEAUTHORDESCRIBESCONSIDERATIONSANDTRADEOFFSEMPLOYERSSHOULDTAKEINTOACCOUNTWHENDECIDINGWHERETHEIROWNPLANAPPROACHBELONGSALONGTHETRANSACTIONALVERSUSOUTCOMESBASEDSPECTRUMINHISBOOKPREDICTABLYIRRATIONAL,MITBEHAVIORALECONOMISTDANARIELYMAKESTHECASETHATM
4、ONEYISNOTALWAYSTHEMOSTEFFECTIVEMOTIVATORHECITESANEXPERIMENTONSOCIALVERSUSTRANSACTIONALRELATIONSHIPS1INWHICHPARTICIPANTSWERESEATEDINFRONTOFACOMPUTERANDASKEDTOUSETHEIRMOUSETODRAGCIRCLESFROMTHELEFTSIDEOFTHESCREENASMANYTIMESASPOSSIBLEONTOSQUARESONTHERIGHTSIDEOFTHESCREENASPOSSIBLEWITHINAFIVEMINUTEPERIODE
5、ACHGROUPWASGIVENADIFFERENTMOTIVATIONFORTHETASKSOMEWEREAWARDED5TOCOMPLETETHEEXPERIMENTANDOTHERSMUCHSMALLERSUMS,INCLUDINGASLITTLEAS10ALLTRANSACTIONALINCENTIVESANOTHERGROUPWASASKEDTODOTHEEXPERIMENTASA“FAVOR”TOTHEEXPERIMENTERS,WITHNOMENTIONOFMONEYATALLINOTHERWORDS,ASPARTOFASOCIALRELATIONSHIPOFALLTHEGROU
6、PS,THEONETHATAPPEAREDTOBEMOSTMOTIVATEDANDPRODUCTIVEWASTHELASTONE,WHERENOMONEYWASINVOLVED,BUTTHEREQUESTFORAFAVORWASTHEINCENTIVETHATGROUPDRAGGEDASMANYAS67MORECIRCLESONTOTHESQUARESTHANTHETRANSACTIONALGROUPSTHEEXPERIMENTWASTHENCONDUCTEDWITHTWOADDITIONALGROUPSONEBEINGOFFEREDASMALLSNICKERSCANDYBARANDTHEOT
7、HEROFFEREDABOXOFGODIVACHOCOLATESBOTHMORESOCIALTHANTRANSACTIONALINNATUREBOTHOFTHESEGROUPSWEREALSOMOREPRODUCTIVETHANTHEGROUPTHATWASINCENTIVIZEDWITHAPURELYMONETARYREWARDARIELYCONCLUDEDTHAT,WHENFACEDWITHATASKTHATISPURELYTRANSACTIONALINNATUREBASEDPURELYONMONEY,PRODUCTIVITYSUFFERSRELATIVETOMORERELATIONSHI
8、PORIENTEDTASKSARIELYSTATES“IFCORPORATIONSSTARTEDTHINKINGINTERMSOFSOCIALNORMS,THEYWOULDREALIZETHATTHESENORMSBUILDLOYALTYMOREIMPORTANTMAKEPEOPLEWANTTOEXTENDTHEMSELVESTOTHEDEGREETHATCORPORATIONSNEEDTODAYTOBEFLEXIBLE,CONCERNED,ANDWILLINGTOPITCHIN”THEMODELOFTRANSACTIONALVERSUSSOCIALNORMSHASRELEVANCEINDEF
9、INEDCONTRIBUTIONDCPLANMANAGEMENTFORMANYPLANSPONSORS,DCPLANSAREVIEWEDASADHERINGMORETOATRANSACTIONALRATHERTHANASOCIALMODELCOMMUNICATIONMATERIALMAYPROMOTETHEIMMEDIATEMONETARYBENEFITSOFTHEPLAN,SUCHASTAXDEFERRALANDCOMPANYCONTRIBUTIONSTHEVALUEOFTHE401KPLANISEXPRESSEDINTHEAMOUNTCURRENTLYACCUMULATEDTHEGOALF
10、ORATRANSACTIONALDCPLANISTOMAKETHEPLANASCOMPETITIVEASPOSSIBLEINORDERTOATTRACTANDRETAINTALENTEG,ITISVIEWEDASPARTOFTHESALARYPACKAGEBELLSANDWHISTLESWHETHERTHEYAREAVERYBROADINVESTMENTMENUORASURFEITOFCALCULATORSARETOBEPRIZEDASINCREASINGTHEAPPEALOFTHEPLANHOWEVER,THEJOBOFACHIEVINGINVESTMENTSUCCESSTHROUGHTHE
11、PLANISTHEPURVIEWOFTHEPARTICIPANTSINSTEADOFOUTCOMES,THEPLANSPONSORUNDERTHETRANSACTIONALMODELFOCUSESMOREONPROCESSISTHEPLANCOMPLYINGWITHSTATUTORYSAFEHARBORSHASTHEAPPROPRIATEAPPROACHTOINVESTMENTSELECTIONBEENUNDERTAKENARECOMMUNICATIONSAPPROPRIATELYWALKINGTHEFINELINEBETWEENINVESTMENTEDUCATIONANDADVICEINOT
12、HERWORDS,THETRANSACTIONALMODELISESSENTIALLYBUILDITANDTHEYWILLCOMEBECAUSEOFTHEIMMEDIATEMONETARYBENEFITSOFTHEPLANWHETHERPARTICIPANTSWILL,INTURN,SUCCEEDINAMASSINGADEQUATEINCOMEINRETIREMENTISANOTHERSTORYENTIRELYTHESOCIALDCPLANASOCIALMODELTODCPLANMANAGEMENTVIEWSTHEGOALOFTHEPLANDIFFERENTLYINSTEADOFPORTRAY
13、INGTHEDCPLANASASAVINGSVEHICLE,THESOCIALMODELPOSITIONSITASTHEMEANSBYWHICHTHEEMPLOYERFACILITATESACHIEVEMENTOFRETIREMENTOBJECTIVESBYTHEEMPLOYEEESSENTIALLYEMBRACINGAVERYLONGTERMRELATIONSHIPBETWEENEMPLOYERANDEMPLOYEEINTHESOCIALMODEL,THEDCPLANADHERESTOANAPPROACHWHEREOUTCOMES,NOTJUSTPROCESS,MATTERMOREOVER,
14、THESOCIALMODELRECOGNIZESTHATITISTHEROLEOFTHEPLANSPONSORNOTONLYTOPROVIDETHEBESTPOSSIBLEDCPLAN,BUTTOMAXIMIZETHEPROBABILITYTHATEMPLOYEESWILLSUCCEEDINTHEIRRETIREMENTINCOMEGOALSTHROUGHTHEPLAN,THATEMPLOYEESPARTICIPATEEARLYANDWELL,THATTHEYMAINTAINTHEIRBALANCESTORETIREMENT,ANDTHATTHEYMANAGETHEMWELLTHROUGHRE
15、TIREMENTWHETHERCALLEDAPATERNALISTICMODELORTHEDBIZATIONOFDCPLANS,THISMODELEMBRACESANOUTCOMESBASEDAPPROACHTODCPLANMANAGEMENTRETIREMENTINCOMEADEQUACYANDAUTOMATICFEATURESONEOFTHEKEYASPECTSOFTHEOUTCOMESBASEDAPPROACHISTHEUSEOFRETIREMENTINCOMEADEQUACYASAFRAMEWORKFORDECISIONMAKINGAROUNDPLANDESIGN,PLANFEATUR
16、ESANDEVENPLANCOMMUNICATIONTAKE,FOREXAMPLE,AUTOMATICENROLLMENTINTHETRANSACTIONALFRAMEWORK,DECISIONSABOUTAUTOMATICENROLLMENTAREDRIVENBYADESIRETOMINIMIZEOPTOUTSANDEMPLOYEEOBJECTIONSAGAINMAKINGTHEPLANASAPPEALINGASPOSSIBLEFROMANATTRACTIONANDRETENTIONPOINTOFVIEWASSUCH,DEFERRALDEFAULTSAREMODESTEG,23INORDER
17、TOMAKETHEPAYCHECKIMPACTOFAUTOMATICENROLLMENTASIMPERCEPTIBLEASPOSSIBLEINTHISMODEL,PLANSPONSORSMAYALSOAVOIDEXCEEDINGTHECOMPANYMATCHTHRESHOLDWITHTHEAUTOMATICENROLLMENTDEFERRALDEFAULT,FEARINGTHATEMPLOYEESMIGHTOBJECTGENERALLY,THEEXPECTATIONISTHATAUTOENROLLEDPARTICIPANTSWILLINCREASETHEIRSALARYDEFERRALRATE
18、TOTHEAPPROPRIATELEVELONTHEIROWN,ANDTHATTHEDEFAULTDEFERRALLEVELISSIMPLYASTARTINGPOINTTHEOUTCOMESBASEDAPPROACHRECOGNIZESANDADAPTSAUTOMATICENROLLMENTDEFAULTSTOTAKEINTOCONSIDERATIONTHEREALITIESOFPARTICIPANTBEHAVIORANDITSIMPACTONRETIREMENTINCOMEADEQUACYFOREXAMPLE,EXPERIENCESHOWSTHATPARTICIPANTSDONOTOPTOU
19、TOFAUTOMATICENROLLMENTEVENWHENDEFAULTSAREFAIRLYAGGRESSIVEINFACT,RESEARCHFINDSTHATOPTOUTRATESARESIMILARREGARDLESSOFWHETHERTHEDEFAULTDEFERRALRATEIS3OR62FURTHER,RESEARCHFINDSTHATPARTICIPANTSDONOTVIEWDEFAULTSASSTARTINGPOINTSFARFROMITINFACT,PARTICIPANTSAREAPTTOREMAINWITHDEFAULTSFORYEARS,NOMATTERHOWINAPPR
20、OPRIATETHEDEFAULTSMIGHTBEFORTHEIRSITUATIONTHISISESPECIALLYTRUEFORLOWERPAIDPARTICIPANTSVERSUSHIGHERPAIDPARTICIPANTS3ASSUCH,THEOUTCOMESBASEDAPPROACHWOULDQUESTIONTHELIKELIHOODTHATAPARTICIPANTDEFAULTEDINTOAPLANWITHADEFERRALRATEOF3OFPAYWOULDACTUALLYBEWELLPOSITIONEDTOACHIEVEHISORHERRETIREMENTGOALSTHETRANS
21、ACTIONALAPPROACHALSOHASIMPLICATIONSWHENITCOMESTOAUTOMATICCONTRIBUTIONESCALATIONINTHETRANSACTIONALMODEL,PLANSPONSORSMAYBERELUCTANTTO“FORCEPARTICIPANTSINTOAUTOMATICCONTRIBUTIONESCALATIONBYMAKINGITPARTOFTHEAUTOMATICENROLLMENTDEFAULT,INSTEADPREFERRINGTOOFFERITASANOPTINFEATURERECENTLY,THISHASBEENLARGELYD
22、UETOCONCERNSABOUTINCREASINGPARTICIPANTDEFERRALSINAWEAKECONOMICENVIRONMENTFURTHER,ASWITHAUTOMATICENROLLMENT,WHENDEFAULTSAREUSEDUNDERAUTOMATICCONTRIBUTIONESCALATION,THEYMAYBELOWINORDERTOENCOURAGEACCEPTANCEOFTHEPROGRAMEG,NOMORETHAN1ANNUALINCREASES,CAPPEDAT6THECOMMONMATCHTHRESHOLD4THERETIREMENTINCOMEADE
23、QUACYIMPLICATIONSOFTHETRANSACTIONALAPPROACHTOTHEIMPLEMENTATIONOFCONTRIBUTIONESCALATIONAREPROFOUNDTHEEMPLOYEEBENEFITRESEARCHINSTITUTEEBRIEXAMINEDTHECONTRIBUTIONDEFAULTSTRUCTUREOF225LARGE401KPLANSFEWERTHAN10OFPLANS,ACCORDINGTOTHISRESEARCH,WERESTRUCTUREDTOENABLEPARTICIPANTSTOAUTOMATICALLYTHROUGHAUTOENR
24、OLLMENTANDAUTOCONTRIBUTIONESCALATIONACHIEVEA9DEFERRALRATEINUNDERSIXYEARSOFPARTICIPATIONTHEMAJORITYOFPLANS,INFACT,ARESTRUCTUREDSOTHATEMPLOYEESWOULDNEVERACHIEVEMORETHANA9DEFERRALRATE,UNLESSTHEEMPLOYEETOOKPROACTIVEACTIONTODOSOSEEFIGURE1INANOTHERSTUDY,EBRIFOUNDTHATINCREASINGTHEDEFAULTCAPONAUTOMATICCONTR
25、IBUTIONESCALATIONFROM6TO15CANINCREASETHEPROBABILITYOFACHIEVINGAN80REALINCOMEREPLACEMENTRATETHROUGHTHEDCPLANANDSOCIALSECURITYBY14TO16PERCENTAGEPOINTS,DEPENDINGONINCOMEQUARTILE5THEOUTCOMESBASEDAPPROACHTAKESINTOACCOUNTPARTICIPANTINERTIAANDTHEULTIMATEIMPACTOFDEFAULTSONRETIREMENTINCOMEREPLACEMENTWHENDETE
26、RMININGTHEAPPROPRIATELEVELOFDEFAULTSUNDERBOTHAUTOMATICENROLLMENTANDAUTOMATICCONTRIBUTIONESCALATIONITALSORECOGNIZESTHATALOWCAPONCONTRIBUTIONESCALATIONMAYBEATODDSWITHPARTICIPANTSBESTINTERESTSINFACT,RESEARCHHASSHOWNTHATWHENPARTICIPANTSPROACTIVELYELECTTHEAPPROPRIATECAPONTHEIRDEFERRALSUNDERAUTOMATICCONTR
27、IBUTIONESCALATION,THEMOSTCOMMONPAYCHECKDEFERRALCAPISNOTNOWLOWATALL,BUT156TARGETDATEFUNDSELECTIONTHEOUTCOMESBASEDAPPROACHCANALSOBEAPPLIEDTOTARGETDATEFUNDSELECTIONUNDERTHETRANSACTIONALMODEL,TARGETDATEFUNDSAREVIEWEDASSOMEWHATOFACOMMODITYINDEED,ACCORDINGTOCALLANS2010DCTRENDSSURVEY,MORETHAN50OFPLANSPONSO
28、RSSIMPLYUSETHETARGETDATEFUNDOFTHEIRRECORDKEEPERTHEOUTCOMESBASEDAPPROACHTAKESINTOACCOUNTTHEWIDEVARIATIONINGLIDEPATHSAVAILABLEACROSSTARGETDATEFUNDSANDTHEINCOMEREPLACEMENTVARIATIONTHATCANRESULTASFIGURE2SHOWS,TARGETDATEGLIDEPATHSRUNTHEGAMUTINTERMSOFEQUITYEXPOSUREFROMCLOSETO100TOUNDER70ATTHEAGEOF25,ANDFR
29、OMASMUCHAS60TOASLITTLEASLESSTHAN20ATTHEAGEOF65SOMETARGETDATEFUNDSEQUITYALLOCATIONSBECOMESTATICATRETIREMENTOTHERSCONTINUETODECLINETHROUGHRETIREMENTTHEIMPACTOFTHESEDIFFERENCESWASVIVIDLYEXPERIENCEDIN2008AND2009PARTICULARLYBYINVESTORSIN2010TARGETDATEFUNDS,WHEREPERFORMANCEVARIEDBY2629PERYEARFIGURE3INTHEO
30、UTCOMESBASEDMODEL,PLANSPONSORSSTRESSTESTTARGETDATEFUNDGLIDEPATHSTODETERMINEHOWMUCHINCOMEMIGHTBEREPLACEDGIVENTHEDIVERSIFICATIONOFTHEFUNDOVERTIMETHEYALSOFACTORINTHEPROBABILITYTHATATARGETDATEFUNDCANREACHACERTAININCOMEREPLACEMENTLEVELEG,65GIVENITSASSETALLOCATIONTHEYMIGHTEVENEXAMINETHEPROBABILITYTHATTHET
31、ARGETDATEFUNDCANENSURETHATASSETSWILLLASTTHROUGHACERTAINAGEINRETIREMENTEG,95INOTHERWORDS,THEOUTCOMESBASEDMODELTAKESAPAGEFROMTHEASSETLIABILITYTYPEOFAPPROACHCOMMONLYEMPLOYEDINTHEDEFINEDBENEFITENVIRONMENT,ASKINGNOTONLYWHETHERTHETARGETDATEFUNDCANBEATITSBENCHMARK,BUTWHETHERITISCOMGEAREDTOMEETTHERETIREMENT
32、INCOMENEEDSOFTHEPLANSPOPULATIONPLANLEAKAGETHECHOICEBETWEENATRANSACTIONALVERSUSOUTCOMESBASEDAPPROACHEVENHASIMPLICATIONSASFARASPLANLEAKAGELOANS,WITHDRAWALS,CASHOUTS,ETCINTHETRANSACTIONALMODEL,PLANAPPEALHASBEENONEOFTHEMOSTIMPORTANTAREASOFFOCUS,WITHFEATURESSUCHASMULTIPLELOANSANDINSERVICEWITHDRAWALSSERVI
33、NGTOMAKETHEPLANMOREATTRACTIVETOEMPLOYEESEMPLOYERSWEREATBESTAMBIVALENTABOUTKEEPINGTERMINATEDEMPLOYEESINTHEPLAN,DEEMINGTHEMASOURCEOFEXTRAWORKANDPOTENTIALLYMORELITIGIOUSTHANACTIVEEMPLOYEESUNDERTHISFRAMEWORK,PLANSPONSORSALSODEEMEDMUTUALFUNDSTOBEWORTHTHEHIGHERFEES,ASSUCHFEATURESASBRANDNAMECOULDPROVEAVALU
34、ABLEMEANSOFMAKINGTHEPLANATTRACTIVETOEMPLOYEESUNDERTHEOUTCOMESBASEDAPPROACH,ITISRECOGNIZEDTHATLOANS,WITHDRAWALSANDRETAILMUTUALFUNDFEESCANCHIPAWAYATRETIREMENTSECURITYANDMUSTBEMANAGEDONEOUTCOMESBASEDPLANSPONSOROPINEDTHATITISTHEROLEOFTHEFIDUCIARYTODETERMINEWHATISBESTFORPARTICIPANTS,NOTTOSIMPLYMEETPARTIC
35、IPANTSUNINFORMEDREQUESTSFORFEATURESTHEOUTCOMESBASEDPLANSPONSORMAYALSOVIEWTERMINATEDEMPLOYEESASDESIREDADDITIONSTOTHEPLANANDMANAGETHEPLANACCORDINGLYBYKEEPINGSUCHPARTICIPANTSWITHINTHEPLAN,ITCANBEARGUED,GREATERECONOMIESOFSCALECANBEACHIEVEDTHATCANBENEFITBOTHTERMINATEDANDACTIVEEMPLOYEESBYMINIMIZINGEXPENSE
36、SSUCHAVIEWMIGHTEVENEXTENDTOSUPPORTINGRETIREMENTINCOMESOLUTIONS,WHETHERTHEYARESIMPLETOOLSORTHEABILITYTOANNUITIZEFROMTHEDCPLANINEFFECT,THEOUTCOMESBASEDPLANSPONSORISACKNOWLEDGINGTHATTHERELATIONSHIPBETWEENPARTICIPANTANDPLANSPONSORDOESNTENDWITHHELPINGEMPLOYEESACCUMULATEASSETS,BUTCONTINUESINTHEDECUMULATIO
37、N/RETIREMENTPHASEASWELLCOMUNICATIONFINALLY,WESEEHOWTHECHOICEBETWEENTRANSACTIONALOROUTCOMESBASEDAPPROACHESCANAFFECTTHEWAYTHEDCPLANISCOMMUNICATEDFOREXAMPLE,TRADITIONALLY,QUARTERLYPLANSTATEMENTSHAVEFOCUSEDONPLANBALANCESANDSAVINGSACCUMULATIONTHEOUTCOMESBASEDAPPROACH,HOWEVER,WOULDALSOFAVORDISCLOSUREOFMON
38、THLYINCOMETHATCANBEPROJECTEDTORESULTFROMEMPLOYEESSAVINGSBEHAVIORSTHEEMPLOYEEMIGHTBETOLDTHATGIVENCURRENTBALANCES,INVESTMENTSANDCONTRIBUTIONLEVELS,ACERTAINLEVELOFINCOMEINRETIREMENTCANBEPROJECTEDTHEEMPLOYEECOULDFURTHERBETOLDWHETHERTHATLEVELOFINCOMEMAYORMAYNOTBESUFFICIENTTOREPLACEPRERETIREMENTPAYANDIFNO
39、T,WHATTHEEMPLOYEEMAYNEEDTODOEG,SAVEATAHIGHERLEVELINORDERTOREACHACERTAINGOALTHETRANSACTIONALVERSUSOUTCOMESBASEDSPECTRUMINREALITY,OFCOURSE,MANYPLANSPONSORSDONOTEMBRACEONEEXTREMEORTHEOTHERWHENITCOMESTOTRANSACTIONALVERSUSOUTCOMESBASEDPLANMANAGEMENTINSTEADTHEYFALLSOMEWHEREALONGASPECTRUMFOREXAMPLE,WHEREAS
40、APLANSPONSORMAYBEPERFECTLYCOMFORTABLEWITHAMOREPATERNALISTICAPPROACHTOIMPLEMENTINGAUTOMATICENROLLMENT,THATSAMEPLANSPONSORMAYBALKATINTERVENINGWHENITCOMESTOAGENERALREENROLLMENTOFPARTICIPANTACCOUNTSINTOTARGETDATEFUNDSATTHESAMETIME,JUSTBECAUSEASOLUTIONISTRANSACTIONALDOESNOTMEANITINVOLVESALOWLEVELOFCOMMUN
41、ICATIONANDEFFORTFOREXAMPLE,ANEXTENSIVEFUNDLINEUPCANINVOLVECONSIDERABLEFIDUCIARYOVERSIGHTANDCOMMUNICATION,WHEREASAMOREPATERNALISTIC,STREAMLINEDAPPROACHREQUIRESLESSFIDUCIARYOVERSIGHTJUSTBYVIRTUEOFHAVINGFEWERFUNDSANDMAYBEEASIERTOCOMMUNICATEFIGURE4HOWDOESAPLANSPONSORDETERMINEWHEREITSPLANBELONGSONTHETRAN
42、SACTIONALVERSUSOUTCOMESBASEDSPECTRUMTHEREAREMANYFACTORSTOCONSIDERCORPORATECULTUREHOWWELLDOESAPATERNALISTICAPPROACHFITTHEORGANIZATIONFIDUCIARYCOMFORTCANPLANSPONSORSBECOMGEAREDFORTABLEWITHFOCUSINGONOUTCOMESASWELLASPROCESSCOSTCANTHECOMPANYSUPPORTTHEHIGHERDEFAULTCONTRIBUTIONLEVELSTHATMIGHTRESULTINAGREAT
43、ERAMOUNTOFCOMPANYMATCHINGCONTRIBUTIONSBENEFITSSTRUCTUREISTHEREADEFINEDBENEFITPLANAND,IFSO,HOWMUCHAREEMPLOYEESRELYINGONTHEDCPLANFORRETIREMENTSECURITYCONCLUSIONTHETRADITIONALAPPROACHTODCPLANMANAGEMENTHASBEENLIKEAGAMEOF“HOTPOTATO”WHOEVERENDSUPWITHTHEOLDERWORKERWHOISNOTABLETORETIREISSTUCKWITHTHEPROBLEMH
44、OWEVER,EMPLOYEESDIFFICULTIESINACHIEVINGRETIREMENTINCOMEADEQUACYARENOTANISSUETHATSHOULDBE“KICKEDDOWNTHESTREET”BYEMPLOYERSULTIMATELY,ITISANINDUSTRYWIDEWORKFORCEMANAGEMENTISSUEINDEED,WORKERSULTIMATEABILITYORINABILITYTORETIRECANBEVIEWEDASASOCIETALISSUEOLDERPEOPLEWHOARENOLONGERABLETOWORK,BUTCANNOTAFFORDT
45、ORETIRE,ULTIMATELYMAYHAVETOFINDAIDTHROUGHTAXPAYERSUPPORTEDCHANNELSEMPLOYERSCANUSERETIREMENTINCOMEADEQUACYAPPROACHESTOPLANDESIGN,FEATURESANDINVESTMENTSELECTIONTOGENERATEIMPROVEDOUTCOMESOFCOURSE,THEYSHOULDDOSOINTHECONTEXTOFTHEIRDESIREDPLANGOALS,KEEPINGINMINDFIDUCIARYIMPLICATIONSANDTHEIMPORTANCEOFPROCE
46、SSASWELLASOUTCOMES资料来源BENEFITSQUARTERLY2010FOURTHQUARTERP1520二、翻译文章译文接下来缴费确定型的边界一个以结果为基础的管理方法缴费确定型计划卢卡斯养老金的缴费确定型计划管理是一个全行业的劳动力资源管理问题,然而雇主传统上接近它就像是一种游戏,“烫手山芋”解决工人年纪大了退休没有退休帖这个问题。而不是对达到退休的员工视为一个难以的困难问题来“踢在街上,雇主应该改变他们通过缴费确定型管理的方法。本文论述了转移的好处从一种传统的交易结果基于途径走向基础,这种转变适用于自动计划特点、目标日期的基金选择和其他计划问题。最后,本文描述了雇主的考虑
47、以及交易应考虑什么时候决定在他们自己的计划方法是两方面沿着交易基础光谱。麻省理工学院的行为经济学家丹ARIELY在他的书里可以预测的非理性的得出一个案例金钱不总是最有效的激励因素。他对人际关系的社会性进行了一个实验，参与者坐在电脑前然后被告诉用鼠标拖动圈子从屏幕左边尽可能多的次数成直角到右边屏幕尽可能在五分钟内。每组人员给予不同的动机去做这件事。有些被给予五美元去按时完成实验还有些给予更小的数目，包括小得多的10所有的交易激励。另一组被要求做这个实验作为一种喜好，没有提到钱，换句话说,作为一种社会关系。在所有的团体中,那似乎是最积极主动且更具成效的是最后一场,但是被赐予要求的一件事是激励。那组
48、人比交易组织多拖了67个圆圈到广场。然后该实验被指挥了两个额外的团体,一组被提供了一个小小的棒棒糖，其他的提供一盒戈代娃巧克力（所有的社会型的比交易性的更自然）。这两组团体也更有成效比纯粹的赏金奖励的团体。ARIELY得出的结论是,当面对任务是纯粹的交易性质仅仅建立在金钱上，生产力受相对于更多的人际关系的影响。ARIELY声明“如果公司打算从社会规范开始考虑，他们就会认识到,这些规范打造的诚信让人们更想去延伸他们的等级这些是公司目前所需要的成为灵活,关心和愿意上进的。”交易的模型与社会规格有关联在界定缴费确定型计划管理的时候。对于许多计划赞助者,缴费确定型计划被视为更有粘附性的交易而不是社会模
49、式。沟通实质上可以促进这个快速的计划货币福利,例如延期缴税公司贡献。养老金计划的价值被表达为目前累积起来的数量。这个交易性的直流计划的目标是使这个计划更有竞争力为了吸引和留住人才（例如,它被看作薪酬福利制度的一部分）。无论他们是不是一种非常重要的投资菜单或是一个过度的计算器都是这个计划越来越有吸引力的价值。然而,成功投资这个工作是通过参与者管辖范围外的这个计划。代替结果，这个计划的赞助者在交易模式下更多的是关注过程这个计划有没有遵守法律安全有适当的方法去投资并作出选择吗适当的沟通可以走得更好在投资的教育和建议方面换句话说,这个交易性的模式是本质上的建造它,他们将开始因为这个快速的财政福利计划。无论参与者是否下决心，反过来，成功的积累充足的退休收入是另外一回事。社会缴费确定型计划社会模型缴费确定型的管理者认为计划的目标是不同的。缴费确定型计划作为一个储蓄的工具,这社会模拟场景的方式是通过促进雇员退休目标的完成实质上用人单位和劳动者有一个长期的用人关系。在社会模式中,缴费确定型计划始终坚持“以人为本”的方法直到最后,不只在过程中,物质上。此外,社会模式认识到它计划赞助者的角色不仅是提供更可能的直流计划更大的概率是雇员通过这个计划成功获得退休收益的目标，雇员可以更早更好的参与，在退休时可以维持收支平衡，通过退休可以更好的管理他们。不管是否称为一个家长式模型或数据库
