Optimal Funding of Qualified Pension Plans.
研究了在累进税率、超额分配税和社会保障税影响下，过度融资合格养老金计划可能导致边际税率高于缴费时税率，从而使得继续使用该计划并非最优，并报告了162种税收情景下的结果。
Abstract Over-funding of qualified pension plans may cause the marginal tax rates applied to the distributions from such plans to exceed the rates applied to the earnings from which the pension contributions were made, This is due to the graduated tax structure, the 15 percent excess distribution tax, and the possible exposure of social security benefits to taxation. When this occurs, continued use of qualified retirement savings can be suboptimal. We report results for 162 different tax scenarios by varying interest rates, number of years to retirement, the amount saved, marginal tax rates during employment, and the initial balance in the pension plan. We find that planning opportunities do exist (in over one-third of our scenarios) and that the planning problem, rather than being isolated to a narrow set of predictable fact patterns, is pervasive.