【摘要】 美国养老金第三支柱个人退休账户制度的功能定位与我国个人养老金相似，其近50年的运行经验可为我国优化个人养老金制度提供参考。个人退休账户以税收优惠撬动个人参保积极性，以多元制度安排扩展制度覆盖范围，通过强化缴费、转续和领取的灵活性及便利性实现“可替代”功能与“附加”功能叠加。文章利用美国消费者金融调查(SCF)数据，分析个人退休账户参与群体特征及不同特征群体在个人退休账户积累及模式选择上存在的偏好差异。分析结果显示，养老储蓄需求(无雇主发起养老金计划)、养老储蓄能力(收入水平)正向影响个人退休账户参与及资金积累水平；多元税收优惠模式兼顾不同群体需求，税收优惠程度是账户模式选择的重要诱因；制度灵活性及便利性是高收入群体及多雇主就业群体的重要关切因素，而信息处理能力不足会阻碍个人做出理性选择。因此，参考美国运行经验教训，可从设置多元税收优惠模式、贯通二三支柱、动态调整税优缴费上限、待遇提取纳入综合所得计税、引入应急提取条款及强化投资者教育等方面考虑优化个人养老金制度。更多还原

【Abstract】 The functional positioning of the third pillar which is called IRA in the U.S. Pension System is similar to that of Individual Pension in China. The operating experience of the past 50 years can provide reference for optimizing the Individual Pension scheme in China. Tax incentives encourage individual to participate IRA, and diverse institutional arrangements expand coverage of IRA, and achieve the dual functions of “Substitution” and “Addition” by enhancing the flexibility and convenience of contributions, transfers, and withdrawals. This paper utilizes data from the Survey of Consumer Finances(SCF) to analyze the characteristics of groups participating in IRAs and the preference differences in accumulation and model selection among groups with different characteristics. The group characteristic analysis shows that retirement savings demand(lack of employer-sponsored pension plans) and retirement savings ability(income level) positively affect participation and fund accumulation levels of IRA. A diverse tax incentive model caters to the needs of different groups, the degree of tax incentives being an important factor in account model selection. System flexibility and convenience are important concerns for high-income groups and those with multiple employers, while inadequate information processing capabilities can hinder individuals from making rational choices. Therefore, drawing lessons from IRA, optimizing the individual pension scheme could be considered in terms of setting up diverse tax incentive models, integrating the second and third pillars, dynamically adjusting the tax-advantaged contribution cap, incorporating pension benefit into comprehensive income to tax, introducing emergency withdrawal provisions, and strengthening investor education.更多还原