Since its inception, the retirement system of public servant has experienced continuous improvements. The superannuation system was applied before June 1995, with the governmental budget arranged for pensions while the pension saving system became the source after July of 1995, a period of nearly 12 years to date. The reforms focused on lessing financial burdens on governments and raising pension payments; however, only some-year implementation has brought significant financial problems that have undermined the healthy development and sustainability of the retirement system.The study describes the system enforcement, analyzes causes related to the financial issues, and furthermore provides reform schemes and suggestions targeting on the above causes in order to process sustainable development for the retirement system. Keyword: retirement, survivor pay, non contributory system, actuarial reserve, defined benefit plan, deferred annuity