예측급여적립방식에 의한 근퇴법상의 연금부채 평가 = A Valuation of Company Pension Schemes in ERBSA using Projected Unit Credit Method

다국어 초록 (Multilingual Abstract)

As for a defined benefit pension plan in Korea, Employee Retirement Benefit Security Act(ERBSA) require that the retirement benefit to be paid out to qualified members is pre-defined in such a lump-sum form that at least 1/12 × annual salary at retirement × duration-year of work service. And also, funding period and pensionable period each are clearly distinct and independent. Considering these two characteristics, we focus on deriving an actuarial liability and normal cost using projected unit credit method(hereafter, simply denoting PUM) for the reason that PUM is recommended by IASB a unique funding method in company pension plans and yet this method is not popular and even not well studied. So, we show firstly its funding mechanism and then derive 6-type dynamic actuarial models characterized by linear first-order recursive equations, respectively. Next, our numerical illustrations indicate that each of age-specified actuarial liability and normal cost calculated by PUM, depend largely on the difference between salary growth rate and valuation interest rate(called net interest rate) and also the age structure of workforce makes a great potential impact on the financial burden on sponsoring employer because of the normal cost by PUM being similar to natural premium. Lastly, this paper could give an efficient and admissible funding solution to our financial institutions authorized as pension plan administrator.

국문 초록 (Abstract)

본 연구는 국제회계기준위원회(IASB)에서 유일한 적립방식으로 지정한 예측급여적립방식(이하 PUM)을 우리의 퇴직연금제도에 적용하고 그 특성에 대해서 고찰하였다. 특히, 모형화 과정을 통하여 현실적 적합성을 검증하고, 정태적 연금계리모형과 동태적 연금계리모형 각각을 도출함으로써 PUM에서 관리하여야 할 주요 사항(변수 포함)들을 명시적으로 제시하고 있다. 즉, 기대최종임금의 전이특성, 임금상승률, 평가이율, 순이자율(net interest rate) 그리고 근로자 연령별 구조의 변화 등을 중장기적으로 고려하여야 사업주에 대한 재무적 부담을 사전적으로 조율할 수 있음을 보여주고 있다. 그리고 현행 근퇴법상의 최소퇴직일시금제도를 확정기여형 관점에서 설명하는 일방의 주장에 대하여 연금계리적 관점에서 반론하고 있다. 끝으로, 본 연구의 주요 결과를 총 4가지의 정리(theorem)로 제시하고 있다.

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