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Accounting for Pension Obligations in the European Union: A Case Study for EPSAS and Transnational Budgetary Supervision 欧洲联盟养恤金义务的会计核算:EPSAS和跨国预算监督的个案研究
Q3 Social Sciences Pub Date : 2016-05-27 DOI: 10.2139/ssrn.2785725
Y. Biondi, M. Sierra
Pension obligations constitute a critical issue for public finances and budgets. This is especially true for the European Union whose institutional mechanism aims to supervise Member States’ spending through centralised budgetary rules based upon financial covenants. In this context, accounting methods of recognition and measurement of pension obligations become an integral and critical aspect of Europe’s transnational budgetary and financial supervision. Drawing upon a comprehensive overview of pension management and regulation, this article aims to analyse the ongoing debate on accounting for pension obligations with a specific attention to the harmonization of European Public Sector Accounting Standards (EPSAS). While the European Commission has been favouring the ‘indisputable reference’ to the International Public Sector Accounting Standards (IPSAS), European Member States’ practices and views remain inconsistent with the normative solution imposed by the IPSAS 25, which favours and facilitates Definite Contribution pension schemes. In this context, we do summarise the IPSAS position mimicking the IFRS, review the pension’s accounting in national statistics and EPSAS debate, and provide some building blocks for a comprehensive model of accounting for pension obligations that admits and enables several viable modes of pension management.
养恤金义务是公共财政和预算的一个关键问题。对于欧洲联盟来说尤其如此,其体制机制旨在通过基于财政盟约的集中预算规则来监督成员国的支出。在这种情况下,确认和衡量养恤金义务的会计方法成为欧洲跨国预算和金融监督的一个不可或缺的关键方面。根据对养老金管理和监管的全面概述,本文旨在分析正在进行的关于养老金义务会计的辩论,特别关注欧洲公共部门会计准则(EPSAS)的协调。虽然欧盟委员会一直倾向于国际公共部门会计准则(IPSAS)的“无可争议的参考”,但欧洲成员国的做法和观点仍然与IPSAS 25施加的规范性解决方案不一致,IPSAS 25支持并促进了确定缴款养老金计划。在此背景下,我们总结了国际公共部门会计准则模仿国际财务报告准则的立场,回顾了国家统计和公共部门会计准则辩论中的养老金会计,并提供了一些构建模块,以建立一个全面的养老金义务会计模型,该模型承认并实现了几种可行的养老金管理模式。
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引用次数: 3
The Impact of the SGL System on Age Pension Demand in Australia SGL制度对澳大利亚养老金需求的影响
Q3 Social Sciences Pub Date : 2016-01-03 DOI: 10.2139/ssrn.2710443
Amandha Ganegoda, John R. Evans
The Australian Superannuation Guarantee Levy system (SGL) and the Age Pension are linked through the income and asset test of the Age Pension system. Variations in likely demands for full or partial Age Pensions will occur as variations occur in the amount of retirement benefits that members of the SGL system receive. Despite the intention that the SGL system would reduce reliance on the Age Pension system, in this paper we demonstrate that there is a real possibility that this intended reduction may not occur.
澳大利亚养老金保障征费制度(SGL)和老年养老金通过老年养老金制度的收入和资产测试联系在一起。随着SGL系统成员收到的退休福利金额的变化,对全部或部分年龄养恤金的可能需求也会发生变化。尽管SGL系统的意图是减少对养老金系统的依赖,但在本文中,我们证明了这种预期的减少可能不会发生的真实可能性。
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引用次数: 0
Means Testing Social Security: Modeling and Policy Analysis 社会保障的手段测试:模型和政策分析
Q3 Social Sciences Pub Date : 2015-11-01 DOI: 10.2139/ssrn.2802761
Rafal Chomik, J. Piggott, Alan D. Woodland, George Kudrna, C. Kumru
Means testing can balance the need to provide adequate retirement incomes with the requirement that such provision is fiscally sustainable and economically efficient. Critics of the policy suggest that to reduce benefits as a retiree’s income and/or wealth increase is to discourage work and savings. Yet such distortions are small compared to those resulting from large earnings related pensions that, due to demographic change, require greater levels of financing via payroll taxes. Some form of means testing exists in most countries, usually involving small, safety-net schemes that target the poorest retirees (e.g., the Supplemental Security Income program in the U.S.). But an appropriately designed means-testing instrument can also be used to reduce the liability of large, publicly financed social security promises by excluding the affluent. This paper summarises means-testing design and implementation in a number of OECD countries as well as tackling key criticisms of means testing. In doing so, we discuss a number of recent, cutting-edge modelling approaches and empirical insights that examine economic impacts of means testing in the Australian and U.S. contexts.
经济状况调查可以在提供足够退休收入的需要与这种提供在财政上可持续和经济上有效的要求之间取得平衡。该政策的批评者认为,随着退休人员收入和/或财富的增加而减少福利,会阻碍工作和储蓄。然而,与与收入相关的巨额养老金造成的扭曲相比,这种扭曲是微不足道的。由于人口结构的变化,后者需要通过工资税提供更高水平的资金。大多数国家都存在某种形式的经济状况调查,通常涉及针对最贫困退休人员的小型安全网计划(例如,美国的补充安全收入计划)。但是,一个设计得当的经济状况调查工具也可以通过排除富人,来减少公共资助的大型社会保障承诺的责任。本文总结了经济合作与发展组织(OECD)一些国家经济状况调查的设计和实施,以及对经济状况调查的关键批评。在此过程中,我们讨论了一些最新的、前沿的建模方法和实证见解,这些方法和见解研究了澳大利亚和美国背景下经济状况调查的经济影响。
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引用次数: 5
Means Testing of Public Pensions: The Case of Australia 公共养老金的收入调查:以澳大利亚为例
Q3 Social Sciences Pub Date : 2015-10-01 DOI: 10.2139/ssrn.2802763
George Kudrna
The Australian age pension is noncontributory, funded through general tax revenues and means tested against pensioners?private resources, including labour earnings. This paper constructs an overlapping generations (OLG) model of the Australian economy to examine the economy wide implications of several counterfactual experiments in the means testing of the age pension. These experiments include policy changes that both relax and tighten the existing mean test. We also consider a policy change that only exempts labour earnings from the means testing. Our simulation results indicate that tightening the existing means test combined with lower income tax rates leads to higher labour supply, domestic assets and consumption per capita, as well as to welfare gains in the long run, while labour earnings exemptions from the means testing have largely positive e¤ects on labour supply at older ages. Population ageing is shown to further strengthen the case for the pension means testing.
澳大利亚的养老金是非缴费的,由一般税收收入提供资金,并对养老金领取者进行经济状况调查。私人资源,包括劳动力收入。本文构建了澳大利亚经济的重叠代(OLG)模型,以检查在养老金的手段测试中几个反事实实验的经济广泛影响。这些实验包括放宽和收紧现有平均收入测试的政策变化。我们亦考虑改变政策,只把劳动收入豁免于入息审查。我们的模拟结果表明,从长远来看,收紧现有的经济状况调查与降低所得税率相结合会导致更高的劳动力供应、国内资产和人均消费,以及福利收益,而从经济状况调查中获得的劳动力收入豁免对老年人的劳动力供应有很大的积极影响。人口老龄化进一步加强了养老金收入调查的理由。
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引用次数: 4
Does Age-Related Decline in Ability Correspond with Retirement Age? 与年龄相关的能力下降与退休年龄相符吗?
Q3 Social Sciences Pub Date : 2015-09-01 DOI: 10.2139/ssrn.2665830
Anek Belbase, Geoffrey T. Sanzenbacher, Christopher M. Gillis
While declines in physical and mental performance are inevitable as workers age, they are not uniform across the various systems of the body – some physical and cognitive abilities decline much earlier than others. This variance implies that workers in occupations that rely on skills that decline early may be unable to work until late ages, even as policy changes like increases in the Full Retirement Age (FRA) encourage them to. Researchers often estimate models of early retirement that include a control for whether a worker is in a blue-collar job – basically assuming that less-physical white-collar work allows longer careers. But this assumption ignores the fact that even workers in white-collar occupations may find themselves relying on skills that have declined. This paper instead reviews the literature on aging and constructs a Susceptibility Index meant to reflect how susceptible an occupation is to declines in ability, regardless of whether the occupation relies on physical abilities (as blue-collar occupations do) or cognitive ones.
虽然随着年龄的增长,身体和精神表现的下降是不可避免的,但在身体的各个系统中,它们并不是统一的——一些身体和认知能力的下降要比其他的早得多。这种差异意味着,那些依赖技能下降较早的职业的工人可能无法工作到很晚,即使政策变化,如提高完全退休年龄(FRA)鼓励他们这样做。研究人员经常估算提前退休的模型,其中包括一个控制因素,即一个工人是否从事蓝领工作——基本上假设体力较少的白领工作可以让职业生涯更长。但这种假设忽略了一个事实,即即使是白领职业的工人也可能发现自己所依赖的技能已经下降。相反,本文回顾了有关衰老的文献,并构建了一个敏感性指数,旨在反映一项职业对能力下降的易感性,而不管该职业是依赖于体力(如蓝领职业)还是依赖于认知能力。
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引用次数: 17
Social Health Insurance as a Complementary Financing Mechanism for Universal Health Coverage in India 社会健康保险作为印度全民健康覆盖的补充融资机制
Q3 Social Sciences Pub Date : 2015-07-27 DOI: 10.2139/ssrn.2607180
Anuska Kalita, Nachiket Mor
The paper explores the role that Social Health Insurance (SHI), as an organisational mechanism for raising and pooling additional funds, can play in financing health services in India. It formulates an SHI concept and its aims for India and examines case studies of different countries that have sought to finance their health services through SHI to see what lessons they offer for India and suggests a suitable design for India. It then estimates the volumes of tax revenues and payroll contributions that may be obtainable by India through SHI. Towards the end it also outlines some of the important design elements that need to be kept in mind for a successful implementation of an SHI scheme in India and identifies some of the important political and macro-level conditions that would be necessary to implement SHI in India.
本文探讨了社会健康保险(SHI)作为一种筹集和汇集额外资金的组织机制,可以在印度的卫生服务融资中发挥的作用。它为印度制定了一个SHI概念及其目标,并审查了寻求通过SHI为其卫生服务提供资金的不同国家的案例研究,以了解它们为印度提供了哪些经验教训,并为印度提出了一个合适的设计方案。然后,它估计了印度可能通过SHI获得的税收收入和工资贡献的数量。最后,本文还概述了在印度成功实施SHI计划需要牢记的一些重要设计元素,并确定了在印度实施SHI所需的一些重要政治和宏观层面的条件。
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引用次数: 2
The Relationship between Automatic Enrollment and DC Plan Contributions: Evidence from a National Survey of Older Workers 自动登记与缴费固定缴款计划的关系:来自全国老年工作者调查的证据
Q3 Social Sciences Pub Date : 2015-07-01 DOI: 10.2139/SSRN.2634673
B. Butrica, Nadia S. Karamcheva
Automatic enrollment has been widely embraced for raising employee participation in 401(k) plans. However, the empirical evidence is based on data with limitations that, up until now, have prevented researchers from extrapolating the effects of automatic enrollment to the broader population of workers. This paper reexamines the determinants of 401(k) participation and contributions in the presence of automatic enrollment using nationally representative data from the Health and Retirement Study (HRS) for 2006 through 2012. The results confirm previous findings that automatic enrollment is associated with a higher proportion of workers included in DC plans; however, automatically enrolled workers are less likely to contribute to their DC plans than voluntarily enrolled workers. Auto enrollment is also associated with lower employee contribution amounts and rates. However, the employers of auto-enrolled workers are more likely to contribute to their employees’ accounts than are the employers of voluntarily enrolled workers. Additionally, employer contribution amounts and rates are higher among workers who are automatically enrolled. Even so, the combined effect is that the retirement accounts of automatically enrolled older workers receive, on average, $900 less in combined annual contributions and have contribution rates that are 1.6 percentage points lower than those of voluntarily enrolled workers. The paper found that: - Automatic enrollment is associated with a higher probability of being included in a DC plan. - On average, workers who are automatically enrolled in a DC plan tend to be less likely to contribute positive amounts than those who opt in. - However, the employers of automatically enrolled workers are more likely to make contributions and to contribute, on average, higher amounts and a higher percentage of their employees’ earnings. - The correlation between automatic enrollment and combined (employer and employee) contribution amounts and contribution rates, however, is still negative, despite controlling for a range of factors. The policy implications of the findings are: - Auto enrollment could do a better job of boosting overall contribution levels among participants. - Possible ways to achieve this might be by offering a more generous employer match and by using auto escalation. - More research and better data are needed to assess the potential impact on retirement plan contributions of implementing automatic enrollment features in DC plans on a national scale.
由于提高了员工对401(k)计划的参与度,自动登记已被广泛接受。然而,经验证据是基于有局限性的数据,到目前为止,这使得研究人员无法推断自动登记对更广泛的工人群体的影响。本文利用2006年至2012年健康与退休研究(HRS)的全国代表性数据,在自动登记的情况下,重新审视了401(k)参与和缴费的决定因素。结果证实了之前的发现,即自动登记与更高比例的工人被纳入DC计划有关;然而,与自愿加入的工人相比,自动加入的工人更不可能为他们的DC计划做出贡献。自动登记还与较低的员工供款金额和费率相关联。然而,自动登记工人的雇主比自愿登记工人的雇主更有可能向其雇员的账户缴款。此外,自动登记的工人的雇主缴款数额和费率更高。即便如此,综合的影响是,自动登记的老年工人的退休账户每年平均少收到900美元的总供款,其供款率比自愿登记的工人低1.6个百分点。该论文发现:-自动登记与被纳入DC计划的更高概率相关。-平均而言,自动参加固定缴款计划的员工比选择参加固定缴款计划的员工缴纳正金额的可能性要小。-然而,自动登记工人的雇主更有可能作出供款,平均而言,供款数额和雇员收入的百分比较高。-尽管控制了一系列因素,但自动登记与合并(雇主和雇员)供款金额和供款率之间的相关性仍然为负。研究结果的政策含义是:-自动登记可以更好地提高参与者的总体贡献水平。实现这一目标的可能方法是提供更慷慨的雇主匹配和使用自动升级。-需要更多的研究和更好的数据来评估在全国范围内实施固定缴款计划自动登记功能对退休计划供款的潜在影响。
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引用次数: 34
The Transition from Defined Benefit to Defined Contribution Pensions: Does It Influence Elderly Poverty? 从固定收益养老金到固定缴款养老金的转变:会影响老年人贫困吗?
Q3 Social Sciences Pub Date : 2015-07-01 DOI: 10.2139/SSRN.2634699
N. Orlova, Matthew S. Rutledge, A. Wu
The transition from defined benefit (DB) to defined contribution (DC) pension plans has left workers forced to make choices that may decrease their financial resources in retirement: taking lump-sum distributions before retirement that divert funds that could support consumption in retirement, not annuitizing DC benefits, or choosing a single-life annuity over a joint-and-survivor option so that their surviving spouses are left susceptible to income loss. This study examines pension coverage, lump-sum distributions, annuitization, and annuity life options among Health and Retirement Study households observed at ages 65-69 and 75-79 and relates these pension provisions to poverty incidence and the risk of falling into poverty at older ages. The results indicate that households with pensions that are annuitized with the joint-and-survivor life option and that do not take lump-sum distributions before age 55 are best able to avoid income and asset poverty. The results emphasize the importance of making DC plans operate more like DB plans, because the opportunities for these poor financial choices are likely only to grow given the reliance on DC plans as the sole source of employer pension income for future cohorts of retirees.
从固定收益(DB)养老金计划到固定缴款(DC)养老金计划的转变,迫使工人们被迫做出选择,这可能会减少他们退休后的财务资源:在退休前接受一次性分配,分流本可以支持退休后消费的资金,不将固定缴款福利年金化,或者选择终身年金而不是共同和遗属年金,这样他们的遗属配偶就容易受到收入损失的影响。本研究考察了65-69岁和75-79岁健康与退休研究家庭的养老金覆盖面、一次性分配、年金化和年金生活选择,并将这些养老金规定与老年贫困发生率和陷入贫困的风险联系起来。结果表明,在55岁之前不进行一次性分配的家庭,如果养老金年金化为共同和遗属生活选项,最能避免收入和资产贫困。研究结果强调了使固定缴款计划更像固定缴款计划的重要性,因为由于未来退休人员对固定缴款计划的依赖是雇主养老金收入的唯一来源,这些糟糕的财务选择的机会可能只会增加。
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引用次数: 18
The Challenge of Pension Reform in Georgia: Non-Contributory Pensions and Elderly Poverty 格鲁吉亚养恤金改革的挑战:非缴费养恤金和老年人贫困
Q3 Social Sciences Pub Date : 2015-07-01 DOI: 10.2139/ssrn.2634677
Tamila Nutsubidze, Khatuna Nutsubidze
Georgia, a country characterized by an aging population with a high incidence of poverty and limited public financial resources, offers virtually complete non-contributory basic pension coverage. The basic pension has, to date, proved effective in dealing with poverty arising from political instability, military conflicts, economic deterioration, transition to a market economy, emigration of its younger population, and aging. But Georgia’s fiscal constraints and aging population also highlight the importance of developing and improving the pension system, in order to ensure its sustainability. Since 2012 the Georgian government has put forth a systemic reform proposal – a compulsory pension insurance – including the implementation of contributory pension schemes to supplement the basic non-contributory pension. While the proposal is a promising start, it alone would not be enough to ensure that the government’s fiscal burden remains reasonable, while maintaining the basic pension system’s long-term adequacy and flexibility to adapt to the evolving demographic environment. This paper presents policy reform choices, which suggest that, in Georgia, pension reform might also include increasing statutory retirement ages and reducing the generosity of benefits through means testing. These policy reform options would involve difficult tradeoffs, which are also described in this paper. Although the paper focuses on the Georgian non-contributory basic pension, its poverty reduction effect and policy reform options, the case of the Georgian non-contributory basic pension might hold value for some low- and middle-income countries that are considering implementation or expanding coverage of non-contributory pensions.
格鲁吉亚是一个以人口老龄化、贫困率高和公共财政资源有限为特点的国家,提供几乎完全的非缴费基本养恤金。迄今为止,基本养恤金在处理因政治不稳定、军事冲突、经济恶化、向市场经济过渡、年轻人口移徙和老龄化而产生的贫穷方面证明是有效的。但格鲁吉亚的财政限制和人口老龄化也凸显了发展和改善养老金制度的重要性,以确保其可持续性。自2012年以来,格鲁吉亚政府提出了一项系统性改革建议——强制性养老保险——包括实施供款养老金计划,以补充基本的非供款养老金。虽然这项提议是一个有希望的开端,但它本身不足以确保政府的财政负担保持合理,同时保持基本养老金制度的长期充足性和灵活性,以适应不断变化的人口环境。本文提出了政策改革的选择,这表明,在格鲁吉亚,养老金改革还可能包括提高法定退休年龄和通过经济状况调查减少福利的慷慨程度。这些政策改革方案将涉及艰难的权衡,本文也对此进行了描述。虽然本文的重点是格鲁吉亚的非缴费型基本养恤金及其减贫效果和政策改革选择,但格鲁吉亚的非缴费型基本养恤金的案例可能对一些正在考虑实施或扩大非缴费型养恤金覆盖面的低收入和中等收入国家有价值。
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引用次数: 16
Evidence of Increasing Differential Mortality: A Comparison of the HRS and SIPP 差异死亡率增加的证据:HRS和SIPP的比较
Q3 Social Sciences Pub Date : 2015-07-01 DOI: 10.2139/ssrn.2625792
B. Bosworth, Kan Zhang
This paper uses data from the Survey of Income and Program Participation (SIPP) and the Health and Retirement Study (HRS) to explore the extent of a widening in life expectancies by socioeconomic status (SES) for older persons. We construct four alternative measures of SES, using educational attainment, average (career) earnings in the prime working ages of 41-50, wealth, and occupational classifications. The paper finds that: - There is strong statistical evidence in both the SIPP and HRS of a growing inequality of mortality risk by SES across birth cohorts from 1910 to 1961. - Growing inequality in mortality risk is evident using all four indicators of SES, but it is strongest for the measures based on career earnings and educational attainment. - The secular changes in differential mortality are very large, but their influence on the length of time for which people receive benefits has been dampened by legal restrictions on early retirement for low-SES individuals and by voluntary postponement of retirement at the top of the distribution. - Self-reported health status is a highly significant predictor of mortality risk, but its inclusion in the statistical models has only a marginal effect on the evidence of differential mortality operating through the various SES indicators. - The combination of survey measures of the various SES indicators and the administrative records covering earnings, death records, and OASDI benefits provides a particularly large and rich data set for the analysis of mortality experience and its implications for the distribution of benefits. The policy implications of the findings are: - Indexing the retirement age to increases in average life expectancy to stabilize OASDI finances may have substantial unintended distributional consequences, because most mortality gains have been concentrated among workers with relatively high SES.
本文使用收入和计划参与调查(SIPP)和健康与退休研究(HRS)的数据来探讨老年人社会经济地位(SES)对预期寿命的扩大程度。我们使用教育程度、41-50岁黄金工作年龄的平均(职业)收入、财富和职业分类构建了四种可选的SES测量方法。该论文发现:- SIPP和HRS都有强有力的统计证据表明,从1910年到1961年,出生队列中SES死亡率风险的不平等越来越大。-使用社会经济地位的所有四项指标可以明显看出死亡风险日益不平等,但以职业收入和教育程度为基础的措施表现得最为明显。-差别死亡率的长期变化非常大,但由于法律限制社会经济地位低的人提前退休,以及社会经济地位高的人自愿推迟退休,这些变化对领取福利的时间长短的影响受到了抑制。-自我报告的健康状况是死亡风险的一个非常重要的预测因素,但将其纳入统计模型对通过各种社会经济状况指标操作的差异死亡率的证据只有边际影响。-各种社会经济状况指标的调查措施与包括收入、死亡记录和OASDI福利在内的行政记录相结合,为分析死亡率经验及其对福利分配的影响提供了特别庞大和丰富的数据集。研究结果的政策含义是:-将退休年龄与平均预期寿命的增长挂钩,以稳定OASDI的财务状况,可能会产生意想不到的重大分配后果,因为大多数死亡率的增长集中在相对较高的社会经济地位的工人中。
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引用次数: 21
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