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Empirical Determinants of Adopting Defined-Contribution Corporate Pension Plans in Japan

Traditional Japanese corporate pension plans with defined benefits (DB) for their retiring employees have been saddled with serious underfunding difficulties since the major stock market crash of the early 1990s. Partly in response to the deteriorating corporate pension conditions, the Japanese parliament passed new laws in 2001 allowing the establishment of defined contribution (DC) pension plans by corporations. The DC plan circumvents the underfunding problem by linking the benefit payout to the actual market valuation of the accumulated pension assets which are managed by individual employees in collaboration with an independent financial contractor of the plan.