美国联邦政府“节俭储蓄计划”(TSP)介绍及评价

Introduction and Assessment of the Thrift Savings Plan(TSP) in U.S.Federal Government

美国的"节俭储蓄计划"(the Thrift Savings Plan,简称TSP计划)是针对美国联邦雇员及军职人员设立的一项退休储蓄和投资计划。该计划由美国国会1986年通过的《联邦雇员退休制度法案》规定实施,发展至今已经成为目前世界上最大的401(K)型的制度安排。作为联邦雇员养老保障体系的一个重要支柱,TSP计划为提高联邦雇员的养老金替代率贡献了重要力量;不仅如此,TSP计划作为当前世界上第二支柱养老金制度运行成功的案例之一,其投资管理模式尤其值得学习借鉴。目前,TSP计划提供了五支单项基金和五支生命周期基金供参加人选择,而且一直以来TSP基金的投资收益值得称赞。TSP计划在投资管理上的成功与如下制度设计相关:投资行为与潜在政治干预分离,保护非专业人士的投资行为与利益,确保参加人的投资收益。

The Thrift Savings Plan （TSP） is a retirement savings and investment plan for U. S. federal employees and military personnel. It was established by Congress in the Federal Employees＇ Retirement System Act of 1986, and until now it has become the biggest 401 （k） type system in the world. As an im- portant pillar of the federal employee retirement system, the TSP plays an important role in raising the participants＇ pension substitution rate. What＇s more, the investment model of the TSP is worthy to be learned by many other countries because it has become a model of the second pillar pension system operating successfully. The TSP has five individual funds and five lifecycle funds for the participants to select, and the TSP fund has been operating satisfactorily in past years. The success of the TSP fund is attributable to the following factors： 1. the investment behavior separating from the potential political interference; 2. the plan protecting non-professionals＇ investment behavior and interest; 3. the plan ensuring the participants＇ investment profit.