构建养老金体系的不同原则 — — 固定收益与固定缴款、完全出资与现收现付，再加上这两者之间的一切形式 — — 将上述风险以不同方式分配到劳动者、纳税人、退休人员和政府当中。
Different principles for organizing a pension system – defined-benefit versus defined-contribution, fully funded versus PAYG, plus all the points in between – allocate those risks differently across workers, taxpayers, retirees, and the government.