中文摘要：

混合型养老金计划是国际养老金计划发展的重要趋势，现金余额计划是美国养老金混合计划中发展较好、规模较大的一种私人养老会计划。该计划具有较低的养老金计划成本、资金筹措较具弹性、养老金给付享受政府担保、较好的激励机制、较强的透明度和携带性、为雇主和关键员工提供更高的福利保障、与其他计划搭配的计划组合效应等特定优势。美国2006年养老金保护法颁布实施后，该计划的年龄歧视、转换期的养老金蚀损、给付贴现则所导致的制度法律风险得以消除，使该计划具有较好的发展前景。美国现金余额计划对中国企业年金发展具有重要借鉴意义。

英文摘要：

Hybrid pension plans represent the main features and future trends of international private pension plan developments. Cash balance plan, as an important and fast-developed US hybrid pension plan, shares the advantages of low pension plan management cost, good funding flexibility, efficient incentive mechanism, better transparency and directly vested rights, sufficient retirement security for employers ＆ highly-compensated employees, pension benefit guarantees of PBGC and better synergy effect with other plans. The cash balance pension plan＇s legal risks including age discrimination ,wear-away period after the conversion and benefit whipsaw rules, were eliminated by 2006 Pen- sion Protection Act. This further brightens up the future development outlook of the cash balance plans. It is hoped that the reform and development of China＇s pension plans can get some enlightenment from the cash balance plan.