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美国DB型企业年金计划在本世纪初大面积破产终止,给政府和纳税人造成巨大潜在负担。这反映了DB计划面临着诸多风险,包括雇主破产或违约、市场波动和人口等风险,而且DB计划的待遇刚性导致其缺乏可持续性。《雇员退休收入保障法》中关于DB计划的筹资规则存在着局限性,主要包括:(1)DB计划资产债务难以准确衡量,造成误导性;(2)贷方余额和债务摊销等规则不能激励雇主及时足额为计划筹资;(3)计划筹资目标低而且没有前瞻性,不能抵御债务上升和经济周期波动的不利影响。这些局限性根本原因在于,DB计划的风险和不可持续性以及精算复杂性导致对DB计划筹资的监管面临两难困境,难以保证DB计划偿付能力。
The DB-type enterprise annuity plan in the United States ended in large bankruptcy in the early part of this century, posing a huge potential burden to the government and taxpayers. This reflects the DB plan is faced with many risks, including the risk of bankruptcy or default of employers, market fluctuations and population, and the rigid treatment of the DB plan leads to its lack of sustainability. The Employee Retirement Income Protection Law has some limitations on the funding rules of the DB plan, including: (1) DB plan assets can not be accurately measured and misleading; (2) rules such as credit balances and debt amortization can not be motivated (3) The planned funding target is low and unsympathetic and can not withstand the adverse effects of rising debts and economic cycle fluctuations. The fundamental reason for these limitations is that the risk and unsustainability of the DB plan and the actuarial complexity result in dilemmas in the regulation of the financing of the DB plan and the difficulty in guaranteeing the solvency of the DB plan.