本研究將以勞退新制DC( Defined Contribution Plan：確定提撥制 )擬推行之自選平台(Member Select)為研究之基礎，研究1)勞退固定提撥新制下，目前6%雇主提撥方案之下提撥不足的程度。2)2008年之後市場大幅波動經驗，對雇員退休後所得缺口可能造成的衝擊。3)全球人口學趨勢對未來十年以上金融資產價格及債券利率之可能衝擊，對勞退資金投資的影響。3)參考國外相關固定提撥之經驗及其缺失，建議目前依台灣資產管理產業現況可行之自選平台架構及輪廓。4)如何透過自選平台的教育及引導機制增加個人自提意願，較適化退休基金投資組合。5)提升資產管理業界參與的意願以及增加意願。6)金融業評估投資大眾投資屬性的KYC(Know your customer)是否適用於自選平台上產品選擇的參考依據，提出對於一般參與勞退新制的勞工，適性的全方面之理財建議及規劃之方法。以期勾勒出自選平台的整體可行方案輪廓，並建議以基富通基金平台為基礎加載勞退自選基金平台專區以解決退休之後，因理財知識及提撥額度的不足，導致所得替代率偏低，造成嚴重的社會問題。提高參與自選的勞工退休之後可以獲得的所得替代率。強調多層次的年金保障，避免年金貧窮的現象發生。釐清對勞工而言，退休後的經濟安全不僅是政府與雇主的責任，更是勞工與政府、雇主可以共同努力達到的目標。

時光飛逝！當我於民國90年秋天入學政大EMBA時，新制勞工退休金只不過是立法院的討論法案之一。今年（民國93年）六月十一日立法院三讀通過『勞工退休金條例』並將於明年（民國94年）七月一日正式上路實施新制勞工退休制度。法案實施後，雇主應為每位勞工按月提撥每月薪資的6%。新制退休金制度允許勞工於更換工作時攜帶其個人帳戶內已提撥的退休金，於勞工退休後按月領取退休金以安養退休生活。 相較於民國73年8月1日施行的勞動基準法內原來已有的雇主為勞工提撥退休金的法令規定與意旨原本就期望能照顧勞工退休後的生活。實務上，施行至今整整二十年來，根據勞委會統計目前有89.8%企業未提退休準備金，總體提撥率僅2.5%。本研究之目的係根據保險理論與市場的實際經驗來探討台灣勞動市場的退休金現況與新制退休金立法的意旨與通過後對勞動市場的影響分析。 勞工退休金條例引進勞工退休準備金提撥及管理辦法第5條的規定，要求企業在五年內依照勞工工資、流動率、未來五年退休人數等精算提撥率，以保障勞工的舊制年資。據估計，國內近有448,000到500,000家中小企業尚未完成上述提撥。 新制是以帳戶作為處罰單位，雇主沒幫勞工開戶或未提繳退休金，將罰處新台幣2萬至10萬元，並連續按月處罰直到改善為止。 新制退休金雇主責任明確，只要勞工有受僱事實，雇主就得提繳退休金至勞工個人帳戶，對企業來說，人事成本計算方便，勞工的退休金也看的到、拿的到。 在政府缺乏人力監督數量龐大的中小企業退休金提撥實務現況下，企業是否能確實守法填補舊制下的法令給付責任或繼續拖延，謹期盼經濟復甦與法令有效執行下能兼顧與融合勞資雙方的常期夥伴關係。 / Time flies! It was only an issue of individual topic in the legislative Yuan when I started to prepare my thesis in Sep.2001 The law passed by the legislature on Jun.11, 2004 and to take effect in Jul. 2005, requires employers to contribute 6 percent of employees' salaries per month to an individual retirement pension account. The new system allows employees to continue to accumulate the fund even when they change jobs, and can draw a monthly retirement income after they retire. The Labor Standards Law requires that employers give employees pensions because it is thought to be beneficial for workers. From the perspective of employer cost analysis, however, it is but an illusion. This paper examines the experience and factors from many aspects to analyze the impacts of reality of the labor market in Taiwan. It is estimated that Taiwanese companies will have to set aside as much as NT$2.6 trillion to prepare their retirement reserve funds for employees within five years, according to estimates by the General Chamber of Commerce. Those who failed to allocate pension funds for their employees in the past – about 448,000 to 500,000 SMEs in the country, according to the Council of Labor Affairs -- are required to make up the amount for their current staff based on their work period with the companies within five years after the law taking effect. As a result, employers may lower salaries to compensate for the outlay. The new law stipulates that employers that fail to contribute 6 percent of salaries to employees' pension funds will be fined NT$20,000 to NT$100,000 per month per employee. However, the government lacks the manpower to inspect the huge number of SMEs, and that employees tend not to report the wrongdoing for the sake of their careers. We shall cross our fingers and hope that the economic recovery and law enforcement are strong enough for businesses to continue to perform. Noted：SMEs 「Small & Medium Enterprises」

我國65歲以上的老年人口，於民國82年底達總人口比率7.1％，正式邁入聯合國世界衛生組織所稱之高齡化社會（7％以上）。根據行政院經濟建設委員會之推估，65歲以上的老年人口比例於97年將達總人口數之10.15％，而於116年達總人口數之20.04％，人口老化速度明顯高於歐美國家，未來人口年齡結構將更趨於高齡化。隨著我國老年人口成長，社會安全制度日益受到重視，提供老人經濟安全之適度保障將成為我國未來福利發展之新方向。 本研究根據世界銀行提出的「三層保障」之老年經濟安全保障制度架構為基礎，說明我國公務人員退休制度在老年經濟安全保障方案之定位，闡述有關第二層保障之職業退休金制度理論演變，以釐清公務人員退休金之屬性及正當性，以助於退休制度及其財務規劃的擬定，期使整套制度循著適當的理論脈絡而發展。基於對退休金重要性的認知，先進國家早已發展成熟的職業退休金制度，而我國公務人員退休制度係建制於民國32年，實施50餘年，雖歷經4次修正，由於退休金給付方式仍屬於恩給制，除造成財政上重大負擔外，也產生退休給與偏低等嚴重問題，相關機關自62年開始研究改革，經過22年研議規劃完成，自84年7月1日實施退休新制，其與舊制最大的差異，是將退休經費籌措方式，由政府編列預算支付之恩給制，改由政府與公務人員共同撥繳費用成立退撫基金之共同提撥制，其餘退休對象、退休年資、退休條件、核給退休金原則大致維持不變，而退休金給付方式，也維持著確定給付制。經分析新退休制度之主要內容，實施迄今8年餘，有關改進退撫經費籌措方式，減輕政府財政負擔；及提高退撫所得，加強安老卹孤之改革目標，均已獲致初步成效。然而現階段面臨之問題，是退休經費導致各級政府財政負擔增加，且依公務人員退休撫卹基金管理委員會委託基金精算結果也顯示基金將面臨財務危機。 本研究係分析新制退休金給付方式，全面採行確定提撥制，對解決基金現存財務危機之可行性，為便於瞭解，爰敘明確定提撥制與確定給付制之意涵與優、缺點，及我國採用此兩種制度之適例。茲因退休金給付方式之政策變革方案，影響層面甚廣，方案之可行性如何，必須審慎探討與分析，爰就制度變革方案可行性列舉幾項評估面向進行分析。 例如為解決基金財務問題，除必須從經濟上分析外，茲因制度變革方案，必須符合現時的政治生態，始能確保政策推行之成果，方案的周詳與否，關係到該方案能否被接受及未來能否順利執行。由於退休舊制恩給制時期，因退休經費籌措方式不當，同樣存在著財政負擔之問題及缺失，其能於84年7月改革成功推動新退休制度，在政治方面包括政黨、民意機關、相關主管機關、公務人員，甚至學者等等支持的因素，在現今新制推行後，為解決財政問題，而將退休金給付方式，全面改採確定提撥制，是否同樣具有政治上支持的可能性，自須審慎分析；此外，退休金政策之改變，直接受影響的便是公務人員之退休所得，在退休金採行確定提撥制後，是否仍能達成新制推行時所設定之提高退撫所得、加強安老卹孤改革目標，應為關鍵之所在，由於職業退休金理論中之維持適當生活，係本研究在規劃退休金制度時所考量的重點，因退休後的生活水準應能與退休前相當，乃是探討退休金制度的核心，爰列為評估面向。又世界各國實施公務員退休金制度之經驗，包括採行確定給付制與確定提撥制例證，及面臨困境或改革之趨勢，均能在我國制訂退休金政策時有所啟示，故亦列為評估面向。本研究依據上述重要項目進行整體性評估，針對現存政經環境及職業特性，歸納我國新制退休金採行確定給付制或確定提撥制之個別效益，深入檢討何種給付方式較能維持公務人員權益？及退休前之生活水準？藉以說明並支持可行方案，以作為方案選擇之參據。最後提出本研究之結論與研究發現，進而本於基金能否永續經營，將是制度得否存續的關鍵，減少財務潛在危機，應具有合理的制度設計與有效的經營管理之基本條件，爰研擬若干建議措施，以降低財政問題的嚴重性，俾確保基金日後退休給付之能力，保障參加基金人員之權益。 / Taiwan has officially joined the “aging society” as defined by the WHO (up to 7% of the senior citizen ratio) because senior citizens aged over 65 accounted for 7.1% as of December 31, 1993. The official forecast by the Council of Economic Planning & Development of the Executive Yuan (the Cabinet) indicates that the senior population age over 65 will hit 10.15% of the total population by 2008 and even up to 20.04％ by the year 2027. Taiwan significantly outpaces their European and American counterparts in terms of the ratio of aging citizens. The aging society problems will likely turn from bad to worse in the future. In turn, the social security system is receiving mounting awareness and attention. The efforts to provide sound financial standing, secured social systems and protection to senior citizens will represent the new orientation of future welfare development in Taiwan. The present study takes the “Three-Level Assurance” oriented senior citizen financial security system proposed by the World Bank as the very grounds to elucidate the positioning of the Public Servant System in the senior citizen financial security system, annotate the evolution pension system of the Second-level Assurance to clarify the attribute and justification of the pension granted to civil servants. The present study is intended to help draw up a retirement system and financial planning so that the entire system will develop toward appropriate and justified orientation. With awareness of the importance of pension, those advanced countries have developed sound and mature professional pension systems for quite some time already. In the Republic of China, the retirement system for civil servants was initiated in 1943 and has been updated four times during the subsequent half century. The pension has been granted as a sort of benefit, or a government favor. As a result, pension to civil servants has become a heavy financial burden to the government and has been illogically insufficient. In response, the competent authorities concerned began initiating research for a reform of the pension system in 1973 and completed the research program 22 years later. The new retirement system was officially put into place on July 1, 1995. Between the old and new retirement system, the greatest difference is that the pension fund is jointly contributed by both the government and civil servants themselves in the new system instead of being solely budgeted by the government as a sort of government favor in the old system. Except for this, the aspects of the target retirees, seniority requirements, prerequisites for retirement and the principles to grant pension largely remain unchanged. Pension is paid in an unchanged “Defined Benefit Plan”. Now, with the new system in enforcement for over eight years, the new system proves to have primarily attained the goals in improving the method of pension fund raising, easing up the government’s financial burden, providing added pension to retirees and better safeguarding the senior civil servants. The problems currently confronting the pension practice are largely the mounting financial burden to the government as incurred by the retirement expenses. Meanwhile, the actual calculation outcome consigned by the Pension Management Committee indicates that the Pension Fund is on the verge of financial difficulties. The present study is to analyze the terms of pension payment to determine the feasibility there-of and to solve the present financial problem by means of the “Defined Contribution Plan”. For better a understanding into the issues, the present study elucidates the connotation, strengths and weaknesses of the “Defined Contribution Plan” and “Defined Benefit Plan”, as well as the precedents in Taiwan in adopting such two systems. Where a reform in the policy of pension payments will create quite an extensive impact, the feasibility of the policies calls for prudent analysis to enumerate a few feasible alternatives before further analyses into a few aspects of the assessment. To solve the financial difficulties in the Pension Fund, for instance, other than the economic analyses, the reform of the system must live up to the current political ecology before it can ensure the effects expected through the enforcement. Whether or not the policies are detailed and comprehensive enough will determine whether or not the policies are acceptable and whether or not they can be put into successful enforcement without a ensuing problems. During the extended practice under the old system while pension was budgeted as a sort of government favor, the pension system led to a heavy financial burden and shortcomings on the government. The new pension system was successfully put into enforcement in July 1995, thanks to the unanimous support from the political parties, congress, competent authorities concerned, civil servants as well as scholars. Now, in an effort to solve the current financial problems under the new system, the pension will be paid under the “Defined Contribution Plan”. Will the present reform receive equal political support? It calls for well-advised analyses. Besides, in a change in the pension system, the top impact will be upon the pension income to civil servants. After the pension is under the “Defined Contribution Plan”, will civil servants receive added pension income and receive better security in their retired life? These will be the key issues under the present study. The core consideration should aim at the retired lifestyle, which should be equivalent to the pre-retirement one. The hands-on experiences in enforcing civil servant pension systems accumulated in other countries the world over, including precedents of their practices in adopting the “Defined Benefit Plan” and “Defined Contribution Plan” will function as the constructive examples in Taiwan’s policymaking process regarding pension systems, and will be, therefore, be covered in the assessment in the present study as well. The present study will launch an overall assessment on the aforementioned key issues. Aiming at the existent political and economic climate as well as the professional characteristics, the present study will generalize the individual effects and benefits under “Defined Benefit Plan” or “Defined Contribution Plan” under the new retirement system to find out the optimal terms of payment to assure maximum possible benefits to civil servants, safeguard the quality of their retired lifestyle to be equivalent to the pre-retirement lifestyle. The findings and conclusions yielded through the present study will function as handy reference materials for policymaking. By submitting the findings and conclusions so yielded, the study will help the policymakers draw up sound enforcement rules to ensure the sustained existence of the Pension Fund, alleviate the potential financial crises through reasonable design of systems and effective management as the very fundamentals. Further by offering constructive proposals, the study will help the competent authorities of the government solve the financial difficulties to ensure sustained sound competence of pension payments and to, in turn, safeguard the Pension Fund and the Fund’s beneficiaries.

摘要 傳統由家庭負責的老年經濟安全在老年人口日益增加，子女數目的減少及產業結構改變的衝擊下已漸漸的暴露出問題的嚴重性。其責任也漸漸地由家庭轉移到整體社會。世界各國政府多將如何確保老年經濟安全列為主要的施政內容，我國自然也不例外。證諸已開發國家的實際情況，大多以多層次的年金體系（multi－tier pension system）提供老年經濟安全完整的保障。近年來也有多位學者發表文章以探討如何利用這種多層次的年金架構達成各種社會及經濟目標。 就我國現行的狀況來看，即將開辦的國民年金由於給付水準偏低，只能對老年生活提供基本的保障，且由於計劃成員包含了全體國民，所規定的內容與給付的年金無法完全滿足個別成員的不同偏好，對採行確定給付制的公共計劃來說，由於給付與提撥之間並沒有明確關聯，若提撥率太高的話，對勞動誘因與產出將會有不利影響，再加上政府財政負擔與政治力干預的考量，在在都顯示出了職業退休金制度在老年生活保障上的不可或缺性。 相對於基礎年金計劃，政府對職業退休金計劃的介入程度通常較淺。政府通常藉著租稅優惠鼓勵企業提供，員工參與退休金計劃。此外，由於計劃中存在著訊息不對稱、外部性與獨占力等會造成市場失靈的因素，這使得政府有必要以管制者的身分對此失靈現象加以矯正。透過政府的管制尚可增進計劃的安全性與公平性。就目前多數OECD國家的管制經驗來看，管制的內容可以區分為資產、負債與其他方面三類。 我國目前雖然已經有完整的規範勞工退休的法令，但由於法規內容陳義過高，在實際情況下，有很多規定並無法落實，有很多規定則不合時宜。例如，我國法令並未強制企業以合理的方法對退休金進行提撥，以致普遍存在著提撥不足的現象。在計劃清償債務能力之保證、賦益權與可攜性與訊息揭露方面之管制現行法令往往不合時宜，甚至沒有規定。這使得大多數勞工退休後的生活無法獲得確實的保障，雇主也因為低估退休金成本而忽略退休金之潛在負擔，以致對將來的營運方針無法作整體的規劃。對於上述這些管制方面的問題，正在行政院審議中的「勞工退休金條例」草案已經為受勞基法規範行業的雇主與本國籍勞工規劃出一個可行的解決方案。但由於該條例尚未生效且適用的對象與範圍皆受限制，因此，並無法完全解決目前的難題。 由於上述的管制對員工退休金權益保障的落實有非常重要的影響，目前國內已有的研究很少且不夠完整，本文的主旨在以OECD選樣國家歷年來在勞工退休所得保障方面所遭遇的困難，及其在解決問題的對策方面所做的努力來作為改善我國勞工退休所得保障制度的借鏡。並透過對現行退休制度與「勞工退休金條例」草案的比較以檢視問題獲得改善的程度。 目錄 第一章 緒論------------------------------------------------------1 第一節 研究動機與研究目的---------------------------------------1 第二節 研究範圍與研究限制---------------------------------------3 第三節 研究大綱-------------------------------------------------4 第二章 職業退休（年）金計劃的必要性--------------------------6 第一節 老人福利需求與經濟安全保障的重要性-----------------------6 第二節 現階段老年經濟安全所面臨的威脅---------------------------7 第三節 老年年金的功能與性質------------------------------------12 第四節 職業退休（年）金制度應該扮演的角色----------------------14 第三章 職業退休（年）金計劃的歷史演進及種類----------------21 第一節 職業退休金的歷史演進與發展-------------------------------21 第二節 職業退休金計劃的種類-------------------------------------22 第三節 確定給付計劃與確定提撥計劃-------------------------------25 第四節 選樣OECD國家之職業退休金現況----------------------------39 第四章 政府對退休金計劃在資產方面的管制--------------------47 第一節 政府對退休金基金加以管制的必要性-------------------------47 第二節 政府在提撥基金方面的管制措施-----------------------------48 第三節 政府對賸餘資產所有權歸屬的管制---------------------------68 第四節 政府對投資組合的管制-------------------------------------70 第五章 政府對退休金計劃在負債及其他方面之管制-------------76 第一節 政府對計劃清償退休金債務的能力保險之管制-----------------76 第二節 政府對退休金計劃在賦益權及可攜性方面之管制---------------85 第三節 政府對退休金給付的指數化之管制---------------------------92 第四節 其他與政府管制有關的問題---------------------------------93 第六章 我國勞工退休（年）金管制問題之檢討-------------------103 第一節 我國勞工退休所得保障制度之沿格-------------------------103 第二節 我國現行勞工退休金制度所面臨之問題---------------------106 第三節 勞工退休金條例草案內容分析-----------------------------121 第七章 結論與建議---------------------------------------------125 參考文獻--------------------------------------------------------128 附表-----------------------------------------------------------------------133 圖表目錄 圖（1-1）本文架構圖------------------------------------------------------------------5 表（2-1）台灣地區人口結構與扶養比之變遷--------------------11 表（2-2）台灣地區勞動人口比例--------------------------------11 表（2-3）職業退休（年）金制度應該扮演的角色---------------20 表（3-1）確定給付計劃與確定提撥計劃之比較------------------36 表（3-2）選樣國家公共年金與職業年金之給付水準-------------39 表（4-1）選樣國家政府對退休金計劃在資產方面管制之比較----74 表（5-1）選樣國家政府對退休金計劃在負債方面管制之比較---100 表（6-1）民國73至87年間我國就業人口之轉業情形----------105 表（6-2）勞基法新增規定之內容-------------------------------105 表（6-3）我國現行退休金計劃的基金提撥方式-----------------107 表（6-4）近年來勞退基金各項用途及獲益情形-----------------117 表（6-5）民國七十六至民國八十四年各基金之績效評估表-----118 表（6-6）勞退基金與壽險業之投資限制比較-------------------118 表（6-7）勞退基金之資金運用比率表--------------------------118 表（6-8）台灣人壽保險資金運用比率表------------------------119 表（6-9）選樣國家與我國對退休金計劃管制之比較------------120 表（6-10）我國之退休金現制與退休金條例草案之比較---------124 附表一-----------------------------------------------------------133 附表二 每年薪資增加率---------------------------------------

世界各國人口結構持續改變，高齡化社會正逐漸成形，退休金制度的良窳已成為一國人口未來福利是否受到保障的最關鍵因素。各國政府勞退制度之改革最普遍的就是推動以「確定給付制」改為「確定提撥制」。我國勞工退休金政策亦於2005年7月正式實施勞工退休金新制，以「個人退休金專戶」為中心的「確定提撥制」逐漸取代「確定給付制」之勞退舊制。惟與其他國家最大不同是我國退休基金的管理與運用乃由政府統籌辦理，屬於集中管理模式；反觀先進國家勞工退休金其會員則可依個人風險承擔程度自由選擇投資不同類型退休基金，故自我國勞退新制實施以來，勞工是否傾向自行決定退休金運用方式就值得探討。然2008年金融海嘯發生，勞退基金首次發生虧損，勞工退休金開放自行選擇投資組合是否依然可行？ 本研究之研究方法包括文獻分析法，藉由世界主要國家退休金制度的變革，了解國際間對於勞工自行選擇退休金運用方式之概況與趨勢發展，並比較主要各國運用方式，發現目前國際間採用確定提撥制的國家已多數可由勞工自行選擇退休基金方案；另外採行問卷調查，針對全國總工會之勞工代表與幹部以問卷方式調查其對勞工退休基金運用的看法，發現大部分工會代表在金融海嘯前後均傾向選擇自選，而在教育程度與年齡等變項發現達到顯著性之水準。爰依本研究結論，建議勞工主管單位，應研擬逐步開放的方式推行，且儘速使勞工依個人風險承擔程度，自由選擇不同類型退休基金，並適時給予所需之教育訓練。 / The structure of the world population continues to change; an aging society is gradually taking shape. The virtue of the pension system has become the most critical factor in the future welfare of a country's population. The most of the world‘s governments labor pension system of reform is to promote the "defined benefit" to "defined contribution" system. The new labor pension policy in Taiwan was implemented in July 2005. The individual pension accounts "defined benefit" system was gradually replaced by "defined contribution". But the Taiwan's pension fund management belonging to the centralized management model; which was different with the other countries. On the other hand, other advanced countries, labor pension of its members can choose to invest in different types of pension funds according to personal risk degree of freedom. So the Taiwan’s labor whether the tendency to decide pension use since the implementation of the new labor fun system is worth exploring. In this study, literature analysis was used. We find the international workers to choose the pension use of profiles and the trends by reviewing change of the world's major national pension system. We also found that using defined contribution system in the world the pension fund program was chosen freely by the majority workers. In addition, by using the questionnaire survey of labor representatives and cadres of the China Federation of Trade Unions, we found that the majority of union representatives tend to select the optional before and after the financial tsunami. The level of education and age variables to reach a significant level. In accordance with these conclusions, we recommended that the labor unit in charge opening the way to implement should be developed gradually. To bear the degree of labor as soon as possible according to individual risk, freedom to choose different types of pension funds, and timely given the required training.

本文乃企圖建立一種具有層次性的觀察方法，來瞭解公務人員老年經濟安全保障制度的歷史源由與價值。先由宏觀面著手，對西方老年經濟安全保障制度的之歷史源流及其基本理念解釋理論進行文獻探討；再將討論範圍限縮於世界銀行對於當今世界各國年金制度所提出問題與建議的理想模型；最後再將研究聚焦於我國公務人員老年經濟安全保障制度的歷史沿革、制度內涵、遭遇困境與改革策略的價值取捨，並經由對制度情境的模擬，將現制的問題與對備選方案的疑慮具體呈現出來。 在公務人員老年經濟安全保障制度財務制度分類當中，最為關鍵者即為給付類型之分類。在確定給付制下，公務人員與政府共同負擔財源責任，但財務風險全由政府承擔，其基本價值為對公務人員的承諾，其施行原則乃建立在政府之公共政策目的(包括人事與社會)；至於在確定提撥制下，提撥財源之責任可能由公務人員個人或可與政府共同負擔，但財務風險則全由公務人員個人承擔，是以，其基本價值在於財務資源的運作效率，其運作原則即建立在市場經濟原則上。 我國公務人員退休制度及公保制度所面臨的問題，就是在給付確定的情形下，現行公務人員退撫基金與公保提撥費率的精算假設獲利率分別為10%及6%，就目前之經濟情勢而言，應為高估，相對地，現行費率則為低估。為探求現行公務人員老年經濟安全保障制度對於公務人員之權利義務關係與保障程度之實況，爰採用情境模擬法，模擬其退休經濟保障及提撥累計之間的關係，及其制度安排之特點與正負功能。 由本文之研究結論分析，並參照世界銀行之年金三柱模式，在我國國民年金制度尚未實施之前，公保養老給付則負有給與退休公務人員最基本經濟所需之責任，應定位為第一柱基礎年金，其給付應維持確定給付制，以社會保險方式辦理尚屬適當。至於公務人員退休制度部分，則屬於第二柱職業年金，而應採確定提撥制。 就制度之改革方式，則建議下列兩種不同之改革途徑 一、修正途徑。在維持確定給付制之前題下，採取開源及結流兩方面之手段： (一)在開源方面，應提高基金或準備金投資效率外，並對現行法定提撥費率上限應予修正提高。 (二)在節流方面，則應配合檢討現行退休金給付之適當性，修正退休要件與給與方式，即從其月退休金給付額度標準及其年齡條件兩方面著手。 (三)一次退休金之所得替代率偏低，宜將之適用對象予以限縮，作為針對彈性提前退休人員之退休金給付方式。 (四)至於公保養老給付，則應予年金化，並至少應提供所得替代率10%之養老給付。 二、改制途徑。若將公務人員老年經濟安全保障制度必須改採行確定提撥制，本文仍建議不宜將投資風險全部轉移給公務人員個人承擔，而仍應搭配確定給付制以保障基本之退休生活水準。

近年來有很多關於退休金計畫的研究主要在探討從確定給付計畫(defined benefit plan)轉向確定提撥計畫(defined contribution plan)趨勢的影響。而這些早期的研究(Clark and McDermed(1990 and 1993), Gustman and Steinmeier(1992), Ippolito(1985, 1986, 1993, and 1997), and Kruse (1995); Papke(1994, 1996)and Papke, Petersen and Poterba(1996)主要是利用計畫個數的改變或者是計畫參與者人數的增減來作為衡量此一趨勢影響力的指標。然而，這兩項指標從退休收入多寡的觀點來看，卻無法反應此一趨勢對於員工福利的影響程度。Wang andVanDerhei(2000)利用了「雇主退休金成本」的新概念，探討此一趨勢的影響。而本篇論文將要延續Wang and VanDerhei(2000)的研究，藉由衡量雇主慷慨程度的改變，進一步分析此一趨勢對於員工未來退休收入的影響程度。為了檢視雇主退休金慷慨度是否有隨著時間以及環境變化而有所不同，我們利用OLS迴歸模型來分析在兩段期問中（1985年與1996年）雇主退休金慷慨度的變化。結果發現在確定給付計畫及401(k)計畫之下，退休金計畫存在的時間愈長以及工會的支持對於雇主慷慨程度都有正面的影響。在財務變數方面，我們則是發現不論哪一種型態的退休金計畫，稅前收入金額的多寡對於雇主慷慨程度均具有正面的影響。此外，利用Chow Test，我們發現確定給付計畫在1985年和1996年的確具有結構上的改變，進一步分析之後，發現退休金計畫存在時間愈長、工會的支持、金融相關產業、固定資產佔總資產的比例以及稅前收入金額的多寡對於1996年確定給付計畫下之雇主退休金慷凱度的正向影響遠大其對於1985年的確定給付計畫。在員工退休福利上，我們則是發現401(k)計畫的雇主相對提撥率在過去20年有明顯地成長，這意味著401(k)計畫下的員工在過去20年裡的退休福利有明顯的增加。 關鍵字：退休金趨勢、雇主退休金慷慨度、確定給付計畫、確定提撥計畫、401(k)計畫 / Much debate has devoted in recent pension literature to discuss the impacts of current pension trend toward defined contribution(DC) plans, especially the substitution effect between 401(k) and other pension plans. However, the“generosity”of the employer pension plan deserves little attention. This paper analyzes the impacts of the effects of this trend on workers' future retirement income by measuring the changes of employers' pension generosity. We construct a panel data of firms that sponsor at least one pension plan in 1985 and compare the changes of their pension generosity for DB, DC and 401(k) plans between 1985 and 1996. OLS Regression Models are adopted to analyze the generosity of employers' primary plan and supplemental plan and Chow test is conducted to test the structural changes between 1985 and 1996. Our results find that plan age and union status have positive impacts on employers' generosity ofDB and 401(k) plans. For financial variables, pretax income is an important consideration to employers' generosity disregarding the type of plan. In addition, we find that there was a structure change ofDB plans between 1985 and 1996 and that union status,plan age, financial etc. industry, proportion of fixed assets and pretax income have greater positive impacts on employers' generosity ofDB plans in 1996 than in 1985. For employees' retirement income, the matching rates have grown over the last two decades and this stands for that employees covered by 401(k) plans have received better retirement benefit over the last two decades. Key words: Pension trends; Employers' generosity; Defined benefit plan; Defined contribution plan; 401(k) plan

本研究以確定給付型退休基金為對象，建構廣義隨機評價模型，以衡量不確定情況下退休基金之財務風險。希望藉著模型建構的過程，適切地描述基金評價過程中所應考量的各項要素。 為了強調基金評價時同時考量內外部精算假設的重要性，本研究將模型分為存活函數、經濟函數和給付函數三部份討論；存活函數利用離散時間非同質性半馬可夫過程（Discrete Time Non-Homogeneous semi-Markov Process）描述成員狀態轉移的機率，把成員工作年資、年齡和及狀態納入評價過程，有別於傳統僅以年齡為假設基礎之精算方法；經濟函數則以隨機過程表達外部環境的不確定性，結合上述假設資訊預估未來給付後，成為半馬可夫隨機精算評價模型，此一般性的模型能推展至基金評價時所需的各項流程。因此，本研究將模型應用於我國公務人員退撫基金，針對公務人員退撫基金的給付特性發展財務評價公式，完整地描述基金精算成本計算、未來人力與現金流量結構模擬以及敏感度分析等過程。 最後，本研究撰寫公務人員精算評價資訊系統，具體化半馬可夫隨機精算評價模型，實證公務人員退撫基金財務評價公式。實證結果也顯示，不論基金的性質或外部經濟環境，都將影響退休基金財務評價結果，為基金評價時不可忽略的精算假設。 / This study focuses on constructing a generalized valuation model for the defined benefit pension schemes. Financial soundness and funding stability are critical issues in pension fund management. In this study, a realistic stochastic model is built to monitor the uncertainty factors in affecting the financial risk and cash flow dynamics along the decision process. In order to evaluate the importance of the interior and exterior actuarial assumptions in pension valuation. Detailed models in describing the turnover patterns, economic uncertainties and benefit structures are explored. Semi-Markov process proposed by Dominicis, Manca and Granata (1991) and Janssen and Manca (1997) is extended in structuring the transition pattern of the plan’s population and the economic based factors are generated through stochastic processes. Modifications according to classification and movements of the plan member and the plan’s turnover pattern are employed to improve its practical usefulness. Then the actuarial valuations, cash flow analyses and workforce projection are performed and investigated. We has explicitly formulated the plan’s realistic phenomenon and implemented the proposed mechanism into a risk management framework for pension finance. By using this realistic approach, the cost factors could be monitored throughout the valuation. Typically these analyses involve substantial assumptions. This article has outlined the procedure of building the proposed model. Finally, Taiwan Public Employees Retirement System is simplified to illustrate the proposed methodology in pension valuation. The results from this study show that the structure of the pension schemes and the assumed economic factors are the significant factors in pension valuation. It also indicated that the fund manager can evaluate these impacts through the proposed model.

員工持股計畫是由財經律師Louis Kelso所創，在美國已行之多年，廣為美國企業所採。最早的員工持股計畫是一種為了和平地從資本家手中移轉資本給員工、縮減貧富差距的工具。為了使這個計畫可以持續有效地運作下去，立法者將員工持股計畫為退休金計畫的一種，使員工必須長期持有股票，直到退休。然而在實務運作上，員工持股信託經常被運用為防止敵意併購的工具。尤有甚者，某些公司內部人會利用員工持股計畫為自己取得大量資金、移轉投資風險,但仍可保留對於公司的控制力。這些行為都有可能對股東及員工造成不利的影響，但在現行法制下，只能仰賴司法者透過判決保護這些經濟及資訊上的弱勢族群。 在台灣，員工持股計畫雖然已廣為許多企業所採用，但是發展了將近20年，只能成為另一種員工持有股票的工具。員工擁有的股票數量並不足以使其在股東會上贏得一個受公司內部人重視的地位，也不足以倚賴這些股票作為退休金之用。這種規模上的差異是台美員工持股計畫最關鍵的不同點。小規模雖然使員工持股計畫帶來的優勢少了許多，但相對地也減低許多代理成本，至今未有員工持股計畫侵害大量員工利益的事件爆發。然而這不表示員工持股計畫在台灣就是個可以被忽略的問題，若能在未來建立一套有效率的立法制度，使員工持股計畫的規模擴大，員工將可因此享受到更多公司盈餘，並且使其退休生活受到保障。相對地，參考美國員工持股計畫的問題後，也可以預先設想未來可能發生的弊端，未雨綢繆。本文相信，一個有效率的員工持股計畫，可以實現解決貧富不均的理想。 / Employee stock ownership plan (ESOP) which is created by Louis Kelso is brought to practice for many years. Many enterprises use it as their retirement pension plan. The earliest employee stock ownership plan to transfer the capital frome capitalists to labors and reduce the disparity between the rich and the poor.In order to make the plan work out continueously and effectively, the legislator devise ESOP as a pension fund which makes employee own stock chronically until they retires. However, in practice, ESOP is usually exercised for preventing hostile takeover. Moreover, some company insiders may use ESOP TTO get a great deal of capital and transfer the investment risk, but still own the controlling power to their company. This behaviors will cause some harmful effects to the shareholders and the employees, but in the current legal system,the only one we can depend is the judge who can protect the minority in the economic and the information. ESOP is exercised by many enterprises in Taiwan. But after 20 years, it can only become one of the tools which assist employees to acquire company stocks.The number of shares which employees owns can’t make them have a posi-tion which let the company insiders take account in the shareholder committee and have enough amounts for their retirement pensions.This disparity in scale is the keypoint what is different between Tiwan and the U.S. ESOP. Althoygh small scale makes the adventage of ESOP decrease, it reduce lots of agency costs. To this day, there’re not any events which injure the interests of employees by ESOP. Never-theless, it doesn’t mean that ESOP in Taiwan is a issue which can be neglected. If we can establish an efficient legal system and extend the scale of ESOP, employees can obtain more company interests and have a security of their retirement life.In the opposite, after researching the problem of the U.S. ESOP, we can assume the culpably misconduct which will happen in the future and repair the house before it rains。Ｉ believe that a efficient ESOP can realize the ideal to solve the problem of uneven distribution of the wealth.