Enterprise Annuity Legal System

Except for a foreword and conclusions, this dissertation is composed of five chapters totally.Chapter one is an introduction. In this chapter, the author analyses the basic concept of the employer-sponsored pension first and compares relationship between the public pension system and employer-sponsored pension system. Then the author analyzes the necessity and the possibility of the establishment of employer-sponsored pension system from the perspective of enterprise and nation. And then, the author discusses the relationship between employer-sponsored pension and the capital markets and saving, emphasizes the real purpose of pension system. The author contends that the nation should take some responsibilities in the occupational pension system, including regulation by the related law, induction by the favourable tax treatment and safeguard by supervision.Chapter 2 is on the employer-sponsored pension plan law system: This chapter sets out from the meaning, effect and main contents of the pension plan. In the aspects of the type of pension plan, the author lay claim to the DC plan but not refuse DB plan.from the way of raising funds, the author laid claim to book reserves model. About vesting protection, the author contends establishment of minimize vesting standard, and anti-alienation and anti-cutback rule. In the aspect of withdrawal, the author analyzes the condition, level, way and postpone withdrawal restrict etc. As regards the law of tax treatment of employer-sponsored pension plans, the author contend that china apply EET regime.Chapter 3 is on the governance structure of employer-sponsored pension fund trusts: this paper sets out from the characteristic analysis of the pension fund, and four kinds of legal form, emphasizing on the characteristic of occupational pension fund trust. The author analyzes the organization structure of the pension fund trusts, and the relationship between trustee and other parties and analysis the different management mode. The fiduciary duty of trustee is including duty of loyal and duty of care. On the duty of loyal, the author discusses the Prohibited transactions and exemptions, including the legal exemption and administration exemption. On the duty of care, the author make a research for the history of the development process of prudent person rule, and point out the modern prudent person rule of the pension fund trust.Chapter 4 is on the law system of regulation of pension funds. The author discusses the purpose and the contents of the investment regulation system. The author point out thatthe difference between Prudent Investor Rule and portfolio restricted rules is relative, and the real factor deciding the quantity is mainly the market factor. Based on present market condition in China, the author point out that the quantity restricts has its rationality. In the aspects of giving the employee more options, the writer think it is not necessary to give the beneficiary the option of the investment administrator, but it is necessary to give the beneficiary the portfolio option. In the aspects of the investing expenses regulation system, the writer analyzes the difference between asset-based and contribution-based approach. The risk-reserve system can be improved.Chapter 5 is supervision system of pension law. The writer points out that the multi-industry characteristics of the employer-sponsored pension plan leads to the complexity of supervision of the system. Author make a suggestion turn the supervision model based on organization to the model based on function. This text still analyzes the principle, contents of information disclosure.The dissertation is a frame research on the law system of the Supplementary Pension Schemes.