사적연금 소득대체율 추정에 의한 노후소득보장수준 평가

류건식 ( Keon Shik Ryu ),이봉주 ( Bong Joo Lee ),김동겸 ( Dong Gyum Kim ) 韓國保險學會 2009 保險學會誌 Vol.83 No.-

퇴직연금제도의 재무건전성규제 비교분석

류건식 ( Keon Shik Ryu ),이경희 ( Kyong Hee Lee ) 보험연구원 2008 보험금융연구 Vol.19 No.1

본 연구는 근로자의 수급권 보호차원에서 미국, 일본, 영국 등 선진국의 퇴직연금 재무건전성 규제를 비교 분석한 후 퇴직연금 재무건전규제 현황 및 문제점 등을 토대로 사전적 및 사후적 재무건전성 규제 개선 방안을 제시하고자 하였다. 분석결과, 연금재정의 안전성확보를 통한 근로자의 수급권 보호차원에서 현행 퇴직연금 재무건전성 규제의 개선이 시급히 요구되고 있는 것으로 나타나고 있다. 즉 사전적 재무건전성 규제측면에서는 부담금 산출, 최저적립금 산출, 최대적립금 산출 목적에 따른 계산기초율 설정이 필요하며, 개별회사의 특성을 고려한 적립방식(준비금평가방식)을 선택할 수 있도록 계산기초율의 차별화, 연금재정 선택 관련 규정의 보완이 필요하다. 또한 사후적 재무건전성 규제측면에서는 무엇보다도 연금재정의 검증차원에서 연금부채 산정에 대한 계리적 기준 및 절차 마련이 중요하다. 또한 적립금 부족시 시정조치 측면에서는 부담금갹출 의무화, 갹출비율수준에 따른 상각기간 설정, 연금급부액의 감액등과 같은 시정조치 규정이 보다 체계적으로 정비되어야 하며, 특히 사용자가 갹출금을 납부하지 않을 경우 법적제재조치사항(과태료부과, 패널티세 부과 포함)의 신설이 요구되고 있다. This study analyzes solvency regulation framework of private pension between Korea and advanced countries. Results indicate that supervisors are necessary to consider the reform on the current retirement pension regulation for the protection of vesting rights by securing the solvency of pension fund. First, ex-ante solvency regulation should be established such as actuarial assumptions and technical provisions method for firm-specific scheme. Also, riskbased approach is necessary as an ex-post solvency regulation. Pension funds have to fully funded their liability with a solvency buffer. Guidance of pension accounting is required for implementation of IFRS. Second, statutory funding regulation is required to set out in a statement of funding principles. In case of a shortfall, the employers have to prepare a recovery plan such as amortization of actuarial deficit, complementary contribution, and etc. In the long term perspective, maximum funding limit and prompt intervention are necessary for prevention of employers`moral hazard. Third, supervisory authority should increase the current statutory technical provision level from 60% to 100% to ensure the financial strength of retirement pension schemes. In addition, comprehensive reviews are demanded such as the enhancement of elimination level of past service liabilities and maximum amortization period of actuarial deficit.

퇴직연금 정착을 위한 제도 개선방안 연구

류건식(Ryu, Keon-Shik),정석영(Chung, S. Young) 대한경영학회 2008 大韓經營學會誌 Vol.21 No.2

퇴직연금 회계기준의 국제 비교 및 영향 분석

류건식 ( Keon Shik Ryu ),이봉주 ( Bong Joo Lee ) 보험연구원 2009 보험금융연구 Vol.20 No.1

본 연구의 목적은 퇴직연금 회계기준을 국제적으로 비교한 가운데 한국 채택 국제회계기준의 도입에 따른 영향을 고찰한 후 정책적 대응과제를 제시하는 것이다. 먼저 한국 채택 국제회계기준(K-IFRS), 기업회계기준(K-GAAP), 국제회계기준(IAS), 미국 연금회계기준(SFAS)상의 퇴직연금 회계기준을 비교하면, 우리나라 기준과 국제회계기준 간에는 거의 차이가 없는 반면, 연금부채의 할인율 적용 등에서 미국 기준과 국제회계기준 간에는 다소간의 차이가 존재하고 있는 것으로 나타나고 있다. 또한 한국 채택 국제회계기준 도입 시 영향을 분석한 결과, 기존의 기업회계기준에 비해 상대적으로 임금상승률 및 할인율의 변화에 따른 연금부채 변동폭이 크게 나타나 할인율 적용문제와 더불어 연금부채를 감안한 연금자산의 배분전략 등이 중요한 것으로 분석되고 있다. 이와 같은 한국 채택 국제회계기준의 도입을 고려하여 향후 총량규제중심의 재무건전성 규제로의 전환, 연금 ALM 중심의 리스크감독, 준비금의 적정성 검증 및 확인 관련 규정 정비, 연금부채의 산출기준 적용, 퇴직연금회계 관련 규정과의 역할 정립 등 과 관련된 정책 조치들이 요구된다. In this study, we compare from the international perspective accounting standards governing retirement pension which are Korean International Financial Reporting Standards(K-IFRS), Korean Generally Accepted Accounting Principles(K-GAAP), International Accounting Standards (IAS), and Statement of Financial Accounting Standards (SFAS). Then we attempt to investigate the probable effect of K-IFRS on pension plans based on the scenario analysis and suggest policy measures. According to our results, because of the increased volatility of pension liability, the adoption of international financial reporting standards for pension plans will directly or indirectly affect the choice of pension products, assumptions of pension liability, and risk management for pension plans. Therefore, it becomes necessary for financial authority to take several measures for improvement. Among other things, regulators need to execute risk supervision policies leading to pension asset allocation based on liability structure to secure the financial soundness of pension plan scheme. In terms of supervision on the reserve adequacy, it is proposed that pension actuaries examine the adequacy of pension reserve. In particular, detailed regulation is required to ensure the objectivity in making actuarial assumptions.

퇴직연금 연금선호 실태와 연금화 결정요인 분석 - DC형 가입자를 중심으로 -

류건식 ( Keon Shik Ryu ),강성호 ( Sungho Kang ) 한국연금학회 2016 연금연구 Vol.6 No.2

본 연구는 확정기여형 퇴직연금제도에서 향후 연금선호 현상이 나타날 것인지, 나타난다면 어떠한 요소들에 의해 주로 영향을 받게 될 것인지에 대해 실증적으로 분석하고 있다. 동 분석 결과에 의하면, 현재 우리나라 확정기여형 퇴직연금가입자 중에는 향후 연금형태로 수급하고자 하는 경향이 있는 비중이 58.5%(부분연금수급 포함시 87%)로 나타나, 향후 연금수급이 일반화될 수 있을 것으로 기대된다. 그러나, 연금수급 시 연금퍼즐 현상이 존재하게 된다면 현실적으로 연금수급이 많지 않을 수 있다는 점에서 본 연구에서는 연금화로 이어질 수 있는 정책에 대해서 검토하였다. 그 결과, 디폴트옵션 및 라이프사이클펀드 도입, 캐시밸런스, 수탁자배상책임보험 등을 도입할 경우 연금화 추진이 강화될 수 있는 것으로 추정되었다. 한편, 동 제도들의 도입과 함께 현실적으로 연금 선택으로 연결될 수 있는 정책방향으로는, 단기적으로 부분연금정책의 시행, 법정퇴직금제도의 개인형 퇴직연금(IRP) 전환으로 의무화, IRP 자동가입연령을 55세 이상으로 상향조정 등으로 분석되고 있다. This paper analyzes whether annuity pension will be preferred in retirement pension plan, and if so, what factors are going to have significant effects on annuitization. According to this analysis, the ratio of annuity pensioners, who wish to be received the benefit in the form of annuity in the future is 58.5%, and this means that annuitization can be generalized. However, as there can be pension puzzle phenomenon, this paper analyzes that it could be necessary to take advantage of any policy to inhibit this pension puzzle. This result says that default options, the life cycle fund, cash balance, and fiduciary liability insurance need to be introduced. In reality, the additional policies besides the previous methods are the implementation of partial pension policy, the enforcement of statutory retirement allowance by applying IRP(Individual Retirement Pension) system, and the adjustment of IRP automatically applying age to 55 or older.

보험회사의 퇴직연금 리스크관리 준비 실태분석

류건식 ( Keon Shik Ryu ) 한국리스크관리학회 2004 리스크 管理硏究 Vol.15 No.1

퇴직연금 운용규제 환경변화에 대한 가입자인식 실증분석

류건식 ( Keon-shik Ryu ),강성호 ( Sung-ho Kang ) 한국리스크관리학회 2016 리스크 管理硏究 Vol.27 No.4

본 연구에서는 정부의 사적연금활성화 대책의 일환으로 추진되고 있는 퇴직연금운용규제 완화조치에 대해 DC형 퇴직연금가입자가 어떻게 인식하는지를 파악하기 위해 실태 및 실증분석(순위로짓모형과 로짓모형 활용)을 수행하였다. 분석결과, 원금손실의 불안감, 투자상품 정보의 미흡 등으로 위험자산에 대한 투자는 소극적인 것으로 나타났다. 특히 중장년층, 저소득 근로자는 투자지식 부족과 투자정보 비대칭성으로 투자의향이 상대적으로 낮았다. 이와 관련하여 규제완화의 보완조치 차원에서 미·일 등에서 운용되고 있는 보완형 운용상품(라이프사이클운용상품 등 디폴트옵션상품, 기금형 연계상품)은 대체로 선호하는 것으로 분석되었다. 종합적으로 보면, 투자선택폭 확대를 통해 질적 규제로 전환, 투자상품 다양화에 따른 투자교육 강화, 위험자산에 대한 투자 손실우려 문제 해소, 나아가 보완형 투자상품 도입·개발에 초점을 맞춘 정책이 요구된다. 또한 기금형 도입 시 수탁자책임을 위반하여 발생한 손해를 배상하여 줄 수 있는 기금형 연계상품 도입이 제도적 차원에서 검토될 필요가 있는 것으로 분석되었다. This study analyzed through logit and rank logit model how the DC pension subscribers are aware of retirement pension plan. The results showed that these risks, such as principal loss, lack of information, made passive investments in risky assets. Especially the elderly and low-income workers was half-hearted in investing in risky assets. This paper analyzed that complementary investment products (default option fund, life-cycle fund, etc) operated in the United States and Japan were generally preferred. Comprehensively, the following policies are required. For example, these are just switching to quality control through expanding investment choices, strengthening education in accordance with the investment diversification, reducing investment losses, introducing complementary investment products and so on. This paper analyzed that it is needed to introduce linked financial products, which can be linked to funds retirement pension in order to be able to recover damages when funds retirement pension system will be introduced.

퇴직연금 수탁자책임규제의 특징 비교 및 개선 과제

류건식 ( Keon Shik Ryu ),이상우 ( Sang Woo Lee ),신문식 ( Moon Shik Shin ) 아시아.유럽미래학회 2010 유라시아연구 Vol.7 No.2

Under relaxing asset management regulations and transition to advanced pension schemes, it is necessary to prepare regulations on fiduciary duties to prevent from abusing their discretion on pension fund. In case of relaxing asset management regulations, autonomy of financial institutions will be expanding. In addition risks related to asset management might be high if trustees`` opportunities to operate increase. Especially, the transition from current contract-type pension governance to fund-type could bring to more fiduciaries`` autonomy. Trustees should have higher moralities and duties because retirement pension schemes have characteristics of social security to ensure stable retirement income. Therefore it is required to prepare explicit and proper institution for effective execution, aiming at protection for vests rights. And it is required to arrange systems to regularly monitor whether fiduciaries operates pension funds for employees`` interests. From this point of view, we first compare advanced countries`` cases in terms of definition and scope of fiduciaries, their duties, regulations on fiduciaries`` duties, monitoring system, and fiduciary liability insurance. Based on the these facts that we suggest measures to impove regulations on fiduciaries`` duties in the long-term views. In the retirement pension schemes trustees have so much discretion of its operation that adequate regulation on their responsibility are required to resolve conflicts of interest among employees. Comparing regulations on responsibilities of trustees, Korean trustee regulation is inadequate for other countries`` regulation. This could have an negative influence on the protection of employees`` vesting rights and early settlement of retirement pension schemes. Comparing regulations on trustees`` responsibilities of advanced countries with Korean case, it is necessary to improve regulations on fiduciaries`` duties in the following ways: clarification of trustees`` responsibilities, monitoring systems on trustees, reinforcement of obligation on notification and disclosure, improvements of penalty on violation of trustees`` responsibilities. First, responsibilities of each interest groups such as employer, pension plan management companies, and asset management companies should be specified. Also, it is necessary to consider examining the introduction to fiduciary liability insurance to prepare suits related to trustees`` responsibilities. In case of legislating enforcement ordinances and enforcement regulations, it is desirable that penalties, administrative measures, and compensation are differentiated according to each violation of fiduciaries`` duties. Currently, it is impossible to issue Fidelity Bond because pension benefit guaranty corporation does not exists in Korea. In addition early introduction to fiduciary liability insurance is difficult because preparation procedures of property liability insurance company to deal with are unsatisfactory. However, regulator``s supports are required to arrange voluntary fiduciaries`` duties guideline. Secondly, in order to enhance monitoring system on trustees it is required to strengthen third party monitoring by appointing and actuaries and auditors. Because there does not exists specific provisions on appointment and roles of actuaries and auditors in current retirement pension schemes, it should be stipulated by retirement pension Acts. In the U.S. actuaries registered taxation department confirm the part of pension mathematics for verification of policy reserve. Also, in the U.K. independent occupational pension regulatory authority, centered with pension actuaries, has been running to early detect soundness of pension fund. Especially, reporting procedures on actuarial valuation, payment of contribution, and audit reports should be prepared to reinforce obligation on notification and disclosure. In addition, we should prepare regulations to inform trustees of events related to systems and employers by modifying regulations on notification on the important events. Finally, we should diversify legal sanctions and set the level of restrictions considering degrees of violating trustees`` responsibilities. That is, we have to prepare different sanctions based on the importance of pension plan management companies, asset management companies, and each companies. Regulation and supervision of retirement pension scheme should be examined in the long-term view because it is scrutinized dynamic respects rather than static.

미국 기업연금의 운용과 재정제도

류건식(Keon Shik Ryu),김광빈(Kwang Bin Kim) 한국사회보장학회 1997 사회보장연구 Vol.13 No.2

As the financial condition of corporate pension fund has worsened after the collapse of bubble economy, entrusting companies cannot help paying attention to the management of corporate pension fund. The financial condition of corporate pension fund in Japen has worsened remarkably due to the change in socioeconomic environment such as low birth and death rate,advent of era of low interest rate, and progress of an aging society. According to those situations, concern about employment of corporate pension fund is increasing and the reform of corporate pension fund system including abolition of restriction on fund employment, accountancy of Corporate pension fund, and tax system is reviewed. Since we introduced public pension system in 1988, individual annuity in 1994, and will introduce corporate pension system in 1998, it can be said that our social security system has been converted to three pillar old-age income security system like those of the advanced countries such as United States, Japen, etc. However, because the public pension system introduced in 1988 has many structural problems in terms of financial position, concern about the operation of corporate pension fund is increasing for the sake of the protection of policyholders. From this point of view, first I will classify the operational situation and characteristics of the system and the employment of the fund and compare and analyze each characteristics. Second, considering the recent trends of employment of corporate pension fund, I would like to explore efficient employment methods of corporate pension fund in korea.

기업연금의 도입에 따른 수급권보호제도 정립방안

류건식(Keon Shik Ryu),손성동(Seong Dong Son) 한국사회보장학회 1998 사회보장연구 Vol.14 No.2

Corporate pension system needs to be established so that the security of employees` old age livlihood may be achieved richly through securing stable funds. To this end, it is highly required that we establish a synthetic risk managment system to efficiently cope with various risks surrounding the corporate pension and keep systems related to the vesting right in order. In other words, above all positive support through legal and institutional provision in the aspect of financial soundness should be preceded in order to protect the vesting right of employees. Therefore, establishment of system for protection of the vesting right is not achieved through only a particular system but should be investigated on the whole in terms of systems related to the flow of the corporate pension directly and indirectly. Accordingly, this paper studies the issue of vesting right protection relating it to regulation on annuities in terms of stability, reasonableness and fairness of the corporate pension. Besides, it grope for ways to establish a desirable future systems for the vesting right in Korea through comparing major systems related to the protection of the vesting in the United States and Japan, etc.