The American Social Security Law clearly stipulates that (the federal social security fund) can only invest in "unhealthy securities" whose principal and interest are guaranteed by the US government. That is to say, according to this law, the federal social security fund should not only be managed by the federal government in a unified and centralized way, but also the surplus of income and expenditure must be invested in the securities "guaranteed" by the federal government with interest, and the dividends obtained should also be deposited in the trust fund. In this way, the U.S. government legally guarantees that the federal social security fund shall not be used for buying stocks, or for entrusted investment, real estate development and other investments.

Germany: all parties involved in the operation of the company.

According to the German Social Code and relevant laws, various social insurance institutions in Germany, including medical care, accidental injury and pension, are legally autonomous, and the payers of insurance benefits-the insured and the employer * * * participate in the decision-making. German pension insurance company is the largest statutory pension insurance institution in Europe. German pension insurance companies, as service providers entrusted by the state and citizens, have no special interests of their own, operate independently, provide all pension consultation, medical treatment or vocational rehabilitation to individuals, and pay pensions to retirees or their relatives. At present, the company has established a customer service network consisting of more than 1000 consulting offices in Germany. The perfect corporate governance structure has systematically put an end to illegal activities such as misappropriating pensions.

Japan: Attaching importance to investment involves risks.

The Japanese government realizes value-added through the operation of the pension fund set up with the pension insurance premium in the capital market, and takes it as the source of part of the pension. It is understood that in order to ensure the safety of pension funds, most of the funds of Japan's pension insurance fund are used to purchase government bonds issued by the Japanese government and foreign governments. However, this value-added method also contains risks. Due to the great influence of interest rate policy, foreign exchange market and stock market, the fund operation of Japanese pension funds once showed a deficit.