美国企业年金“三驾马车”监管体制的运行与协调

Operation and Coordination for the Tripartite Supervision Mechanism of Private Pension in the US

美国对企业年金的监管实行的是"分权式"监管体制,这是在企业年金发展过程中制度长期选择的结果。本文通过对美国企业年金监管体制运行和协调的分析,发现该体制具有四个重要特点:一是监管机构设置健全,运行机制可靠,部门之间监管责任清晰,避免了监管真空的出现。二是监管部门之间加强合作,提高监管效率,避免了监管责任的重叠。三是监管机构的地位和出发点不同,增强了对计划参与者和受益人的保护程度。四是给予劳工部可以随时干预任何对企业年金计划参与者权益方面造成重大影响的事件的特殊权力,保证了监管体制的平稳运行。

The supervision of private pension plans in the United States is organized and conducted in a system of power separation which is the long-term result of system evolution in the development of private pension plans. By studying the system, this paper reveals that the effective operation of the system has four important features. First, the system depends on sound and reliable operation mechanisms set up by each agency and clear accountability between agencies to avoid the emergence of regulatory vacuum. Second, the supervision agencies strengthen cooperation and improve efficiency to avoid duplication of regulatory responsibility. Thirdly, the supervision agencies act on behalf of different entities and have various purposes so as to strengthen protection to the participants and beneficiaries. Fourthly, the Department of Labor has authority to intervene at any time in the events that may damage interests of the participants and beneficiaries, which can ensure the smooth operation of supervision mechanisms.