가입자 관점에서 본 DB형 퇴직연금 재무건전성에 관한 연구

In this study, we pointed out the problems of current financial solvency judging system that do not take into account the possibility of future insolvency of company, and then presented the participant centered solvency test model by applying risk adjusted discount rate in the view of retirement benefit creditor and company's contribution rate model to control future Solvency Risk. Based on our suggested model, we also analyzed quantitatively the effect concerning the raise of minimum funding ratio under the revised law. The result of analyzing, the increase of risky asset investment made Solvency Risk low but company's required capital rate was determined multiply by participant's age, safety level and return-risk of risky asset. We identified current excessive portion of guaranteed principal and interest product of DB type raised Solvency Risk and might have a bad influence on participant's vested right. Thus, we need to rectify guarantee of principal and interest-oriented asset allocation. At the same time, company's active pension plan management is required for dealing with future various risks. For the relatively weak participant's benefit guarantee compared to corporate's financial flexibility, we argued that participant-oriented the financial evaluation system should be introduced through supplementing the index considering the future Solvency Risk as presented in this study