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This paper calculate the income transferred to the civil servant retiree who have worked 20 years more through Korean civil servant retirement pension. The law of Korean civil servant pension was amended in the various aspect at December 2000. We are focusing the retirees in 2000 to whom applied the law before amendment and calculate the present value of income transferred, benefits/contributions ratio, internal rate of return. The result shows that income transferred amount to 260 million won(servant start on 9th grade), 380 million won(servant start on 5th grade). And B/C ratio shows 3.8-3.9 not different from starting grade. Also internal rate of return is 17.5-17.7% very high irrelevant of starting grade. Particularly B/C ratio for the retiree having 20 years work period shows 4.6-4.9, above that for the 30 years and over. That is why the former have longer benefits period than the latter. Above figures are derived using discount rate of debenture interest rate, but if using other rate such as securities` earnings rate resulting from Korean civil servant pension fund`s fund management, the income transferrd increase to 270-400 million won, B/C ratio to 4.54.7.
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