自從德國1889年建立全球第一個養老保障制度，迄今已經有160多個國家建立了不同模式的養老保障制度。在台灣，過去農業社會的大家庭制度及有限的老年人口，大部分老年人可以得到親人的照顧，安享晚年；然而現今工商業社會致大家庭制度的瓦解，復因觀念的改變導致生育率日趨下降，而衛生環境的改善、醫療進步，人口餘命逐年提高，生育率下降及老年人口的增加，台灣已於1993年正式邁入高齡化之社會。 據統計，2005年台灣老年人口依賴比例13.4﹪（65歲以上老年人口占15至64歲間人口比率），在亞太地區僅次於日本的30.0﹪、澳洲19.4﹪、香港16.3﹪，而居第四，高於韓國12.6﹪、新加坡11.8﹪與中國的12.0﹪，預估2050年台灣老年人口依賴比例將高達63.8﹪，僅次於韓國69.4﹪與日本的66.6﹪。如再加上1歲至14歲與14歲以後的在學人口，真正勞動人口已無法負擔龐大的老年人口退休後的經濟生活。 20世紀90年代OECD國家養老保障制度的改革主要針對經濟的壓力，以避免經濟增長緩慢、高失業率及在一些國家不斷上升的財政赤字。我國自1950年開辦勞工保險，1984年實施勞動基準法建制第二支柱的勞工退休金制度，期使勞工退休後的經濟生活能得到基本安全保障。惟勞動基準法實施以來，勞資爭議不斷，改革的聲浪與日遽增，終於2004年6月11日立法院三讀通過「勞工退休金條例」，並於2005年7月1日施行。本研究係針對勞動基準法的退休金制度改制的原因，其優、劣比較及勞退新制度對企業與勞工權益影響暨勞工退休金條例之再修法建議等為研究重點，研究方法採文獻資料分析法、深度訪談法與法規分析法，深入探討我國勞工退休金制度與勞工退休金條例修法方向，進而提出具體的修法建議，作為有關單位未來決策與修法的參考。 / Since the German government established the first retirement security system in the world in 1889, more than 160 countries have designed similar plans to protect the retirees. In Taiwan, with big families in the traditional agricultural society, elderly people did not have to rely too much on the retirement system. However, it has become more important nowadays because of the decreasing birth rate and the better hygienic conditions in today’s industrial society, which have made population ageing a problem for the Taiwanese. According to the statistics, the elderly dependant rate in Taiwan was 13.4% in 2005, forth highest in the Asian Pacific area, right after Japan (30%), Australia (19.4%), and Hong Kong (16.3). It was higher than in other countries such as Korea (12.6%), Singapore (11.8%), and China (12%). Based on some estimates, the elderly dependant rate in Taiwan will climb to 63.8% in 2050, slightly lower than it will be in Korea and Japan. There will not be enough labors to support those people outside of the labor force. The reforms of the retirement system in the countries of OECD are primarily constructed to improve economic stability. The Taiwanese government started the Labor Insurance in 1950 and established the Labor Standard Law in 1984, which have led to many industrial disputes. Thus, to reform the retirement system, the Taiwanese parliament passed the Labor Pension Law on June 11, 2004, and was effective since July 01, 2005. This study was conducted using three methods, literature reviews, in-depth interviews, and method of regulation analysis. This paper focuses on the causes of the retirement system reform in Taiwan, its advantages and disadvantages, and the new system’s impacts on businesses and labors. It also provides suggestions for future improvements of the retirement system.

我國的退休養老制度在國民年金與勞保年金推行後，加上勞退新制，成為目前保障勞工退休生活的「無敵三寶金」。我國退休養老制度之改革受到新自由主義與政治民主化的影響，使得制度呈現矛盾的現象：勞退新制走向強調個人責任的個人帳戶制，但國民年金與勞保年金又是以社會保險制為主，強調集體風險分擔。前者與新自由主義主張相關，後者與政治民主化所造成的政黨競爭有關。 因此本文擬從西方福利國家的危機，與東亞發展型國家福利體制的特色，加上政治民主化的影響，探討這些因素如何對我國退休養老制度的改革走向產生影響。

本文係在我國勞退新制改以個人帳戶制及年金保險制中併行下，針對其中年金保險制度之爭議、規範缺失做一整理研究，並參酌美國ERISA對於企業退休計畫之相關法制提出相關建議。 自立法機關確定勞退新制將揚棄過去確定給付制之設計，改以確定提撥制作為企業退休制度之主軸起，勞動法學者即針對確定提撥制對勞工之保障不足，新舊制轉換等爭議提出諸多質疑與討論，但對於其中年金保險制之規劃多僅止於條列介紹而未多加著墨。本研究以敘述性、回顧性之方式將我國與美國之退休金制度作歸納探討，針對目前年金保險制中較有疑義之部分，以比較法之方式進一步檢討，最後提出若干建議。 本研究共分為四個部分，第一部份為我國勞工退休制度之變革。針對我國由確定給付制發展為確定提撥制之風險轉換作一分析，次介紹新制之規範內容。第二部分以美國ERISA法案為中心，對美國企業退休計畫之發展及基本實質規範進一步整理探討，以為後續我國年金保險規範分析之參考。第三部份探討我國企業年金保險之法制爭議，以現行之勞工退休金條例年金保險實施辦法及企業年金保險保單示範條款為基礎，剖析其與保險法及相關子法間之互動。並針對其中有關最低保證收益、非退休給付及退休金運用管理人之忠誠義務等議題，參酌美國之規定進行深入探討。第四部份為結論及相關立法建議。 / This thesis analyzes and examines various issues regarding the anuuity insurance scheme under the modified Taiwan Labor Pension Act (hereinafter the “Act”), which together with the individual account scheme forms the keynote of the retirement scheme under the Act. Moreover, this thesis also provides several suggestions on the Act and relevant regulations with special reference to the Employment Retirement Income Security Act of 1974. Beginning with the announcement that the prevailing defined benefit retirement program previously in effect under the Act would be discarded and replaced by a new retirement program adopting the spirit of the defined contribution program, scholars specializing in labor law ceaselessly questioned and discussed the inherent deficiency of the proposed defined contribution program as well as various issues regarding transitional measures. Most articles pertaining to the newly presented annuity insurance scheme, however, merely introduced its operation mechanism and provided little commentary. This thesis descriptively and retrospectively studies the pension system of Taiwan and the United States and reviews the discrepancy and other issues in a comparative way. Finally, this thesis will provide several suggestions for relevant issues. This thesis is organized into four parts. First is the reformation of the labor retirement scheme in Taiwan. This section begins with a risk analysis between a defined benefit and defined contribution program and further elaborates on the related content of the Act. The second part introduces the development of the Employee Retirement Income Security Act (ERISA) in the U.S. and discusses the fundamental regulations of the plan. The third portion of this thesis probes into the legal issues arising from the current annuity insurance scheme, mainly the Enforcement Rules of the Annuity Insurance Scheme under the Labor Pension Act and the Example of the Annuity Insurance Clauses, both being promulgated by the Financial Supervisory Commission, Executive Yuan, and how those regulations coordinate with the Insurance Law and its ancillary regulations. Issues arising from guaranteed minimum returns, non-retirement benefits and fiduciary duty were analyzed through comparative research with special reference to the similar provisions under ERISA. The final portion of this thesis contains concluding statements on the above analyses and offers several suggestions with respect to the current regulations of the annuity insurance scheme.

勞退新制即將在 94年 7 月 1 日起正式實施，在新的退休金體系下，勞工可由舊制的確定給付制轉換到擁有資產配置與投資決策權利的確定提撥制。台灣的勞退新制可分為兩種退休金制度供勞工選擇－個人帳戶制及其他年金制。確定提撥制與確定給付制在本質上有諸多的差異性，分別具有不同的優缺點，在本文的假設下，轉換選擇權存在於個人帳戶制與其他年金制之間。另外，在期望達到勞工退休金財富極大化的目標下，勞工會選擇在適當的時點，由個人帳戶制轉換到其他年金制。 　　雖然本文是採定值模型來分析，但是提供一個直觀上充分的洞悉與表徵，來解釋勞退新制下之個人帳戶制及其他年金制之間，若存在一最適轉換時點，其在經濟意涵中所表示之抵換關係與經濟價值為何。本文建構一個退休金財富極大化之模型，結合數值模擬的方法來分析其要點。研究結果發現，最適轉換時點之衡量，是由兩種制度下的變動率，而非帳戶內金額之大小來決定；此外，年金精算現值計算經折現後的給付率和剩餘工作年數，對於勞動工作者的選擇也屬重要變數之一。另外，本文針對年輕的勞工，在不同投資報酬率環境下，計算出兩種制度間抵換的價值；最後，本文也探討了執行轉換選擇權對於不同年紀的勞動工作者影響的幅度。總而言之，本文希望提供勞動工作者在勞退新制下，一個退休金財富配置最適化的準則，及執行轉換選擇權時參考的方針。 / The newly Labor Pension Act will be carried out in 2005 soon. Under this new pension system, employees will be given the choices of converting their traditional defined benefit (DB) pension plan into an individual-account defined contribution (DC) pension plan with full control over assets allocation and investment decisions. Under DC pension plan in Taiwan, there are two types of pension plan- Individual Account System and Commercial Pension Plan System- for employees to choose. DC and DB pension plan are totally different in essences, so on the basis of our assumptions, switch options will exist among Individual Account System and Commercial Retirement Plan System. Thus, in order to maximum employees’ retired wealth, employees might choose the optimal time to convert Individual Account System into Commercial Pension Plan System. Although our model is deterministic in nature, we believe that it provides an intuitive insight about switch options. We find not only the optimal switch time between Individual Account System and Commercial Retirement Plan System but also the “trade-off” economic values. This paper designs a model of maximizing retired wealth and makes numerical simulation to analyze optimal switch time. We find it is the “rate of change” of these two different pension systems affects the times for employees to exercise switch options. Besides, both the payment-rate scaled present value of the DB pension annuity and the retirement horizon are significant parameters in our analysis. Third, we also calculate the threshold investment returns between Individual Account System and Commercial Pension Plan System under various investment environments. Finally, we also contrast the effects of exercising switch options between younger and older employees. In short, we want to provide some principles for employees to make the optimal retired wealth allocation under Newly Labor Pension Act, then exercise switch options at the proper time.