退休制度的確定給付制與確定提撥制之比較研究─以中華電信公司釋例

Abstract

世界銀行在1994年的報告指出有全球性的退休金危機，呼籲各國應建立一個至少有三個支柱的養老制度，所謂三個支柱是指由政府負責的支柱、雇主負責的支柱、及個人自願的支柱，這三個支柱都應該及早籌措財源，以鞏固老年的經濟安全。 目前世界各國在面對老年安全制度時所採取的對策，都是儘量降低第一級具有所得重分配性質的老人年金給付，而強化第二級具有強制儲蓄性質的企業退休金，即世界銀行呼籲養老制度之一的雇主負責的支柱。 本研究以企業退休金制度為探討範圍，退休金給付制度，究竟應採用確定給付制或是確定提撥制，理論上言，前者由雇主承擔風險，後者由員工承擔風險，兩者不可兼得。退休制度之財務融通方式，即退休基金之籌措策略，應該採用完全提撥，不完全提撥或完全不提撥？提撥退休基金之多寡及是否提撥退休基金是管理當局的決策。 本研究以將於民國91年初改為民營之中華電信公司作為個案，預估民營後25年內退休員工人數為研究範圍，分別就確定給付制不同提撥方式及確定提撥制的提撥方式，探討雇主應該採取何種提撥退休基金策略。 1. 每年成本面作分析：以確定給付制度下，每年完全依淨退休金成本之完全提撥退休基金，作為退休基金之財務融通方式，將使退休金成本為最低。 2. 就每年現金流量現值最大作分析： (1) 不論資金成本率大於、等於或小於退休基金預期報酬率， 均是以確定給付制下，依預計員工服務年限，每年平均提撥相同退休基金之完全提撥退休基金之財務融通策略，其每年淨現金流量之現值為最大。 (2) 不論企業投資報酬率大於、等於或小於退休基金預期報酬 率，均以確定給付制下，依預計員工服務年限內，每年平均提撥相同退休基金之完全提撥退休基金之財務融通策略，其每年現金流量之現值為最大。

In 1994, the World Bank published a report - 「Averting the old age crisis」, which indicated that every country should build Multi-pillar Old Age Income Security System. So many countries have emphasized one of the pillars, privately managed pillar. Such a privately managed pillar is occupational pensions. This thesis focuses on the occupational pensions. There are two types of Pension Benefit: Defined Benefit Plan and Defined Contribution Plan. The risk of Defined Benefit Plan is owned by employers, and the risk of Defined Contribution Plan is owned by employees. To fund pension plan asset or not is decided by management policy. The funding strategy can be fully funded, partially funded, excessively funded, or unfunded. Here we use ChungHwa Telecom Co., Ltd. as an example with a focus on those employees who will be retiring within 25 years after the privization of ChungHwa Telecom Co., Ltd. in 2002. We then examine (1) whether employer should adopt Defined Benefit Plan or Defined Contribution Plan, and (2) whether the pension plan asset should be fully funded, partially funded, or unfunded. The results of this research are as follows: 1. From the cost point of view: Under the Defined Benefit Plan, the approach using contribution based on net periodic pension cost with the fully funded strategy has the lowest cost. 2. From the cash flow point of view: Under the Defined Benefit Plan, regardless (a) either the rate of capital cost being higher than, lower than, or equal to the expected return on pension plan asset, (b) or the return on ordinary investment being higher than, lower than, or equal to the expected return on pension plan asset, the approach using the average contribution based on employees’ years of service with the fully funded strategy has the largest cash flow of each year. 3. Unfunded or partially funded strategy under the Defined Benefit Plan is not suitable for ChungHwa Telecom CO., Ltd. 4. Defined Contribution Plan is not suitable for ChungHwa Telecom CO., Ltd.