Table of contents for Individual accounts for social security reform / John Turner.

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Table of Contents
Acknowledgments
List of Tables
Chapter 1. Introduction to Individual Accounts 
It Begins With a Political Decision
Social Security Reform Using Individual Accounts
Different Types of Defined Contribution Plans
The Financial Structure of Individual Accounts
 Four Pathways to Pension Coverage Degrees of Compulsion
 Relationship to Social Security
 Full or Partial Replacement of Social Security
Financial Management of Individual Accounts
Eleven Fundamental Risks in Mandatory Individual Accounts
 Investment Risk
 Agency Risk
 Individual Management Risk
Policy Risk
 Risk of Adverse Labor Market Outcomes
Risk of Disability
Risk of Premature Death
Replacement Rate Risk 
Annuitization (Interest Rate) Risk
Longevity Risk 
Inflation Risk
The Big Picture: The Roles of Defined Benefit Plans and Individual Accounts
Conclusions
Chapter 2. Individual Accounts in Social Security Reform: The Debate
The Pros and Cons
 Why Some Countries Are Using Individual Accounts for Social Security 
 Reform
 Why Some People Oppose Using Individual Accounts for Social Security Reform
 Issues Arising with Mandatory Individual Accounts
Voluntary Carve Out Accounts
 Generosity
 The Structure of the Tradeoff Between Reduced Contributions and Reduced Benefits
Mandatory Individual accounts Around the World
 South America and the Caribbean
 Chile
 Asia
 Central and Eastern Europe and Central Asia
 OECD
Conclusions
Chapter 3. Agency Risk: Problems Arising With Management of Individual Account
Investments by Corporations and Mutual Funds 
Financial Management in Mandatory Individual Accounts
 The Swedish Premium Pension System
 Chile
Tiers of Financial Management
 Tier One: Corporations
 Tier Two: Mutual Funds
Transparency in Individual Accounts and the Disclosure of Fees
 The Types of Fees Charged for Individual Accounts
 Survey of Transparency in Individual Account Fees 
Government as Fund Manager
Conclusions
Chapter 4. Individual-Management Risk: Problems Arising With Financial Management of
Individual Account Investments by Individuals
Individual Financial Management in the Swedish Premium Pension System
 Participant Investment Choice
 Plan and Investment Information for Participants
Individual Investments in a Voluntary Carve-Out System
Why Individuals Make Errors in Managing Pension Investments
Types of Investor Errors
 Insufficient Diversification
 Too Much or Too Little Diversified Risk
 Inappropriate Portfolio Choices and Adjustments
 Policy Implications
Male-Female Differences in Pension Investments
 Gender Differences in Risk Bearing in Pension Investments
Psychological Effects of Individual Accounts on Participants
Conclusions
Chapter 5. Labor Market Effects of Individual Accounts
Effects on Hours Worked
Effects on Retirement Age
 Account Balances
 Benefit Receipt
Changes in Retirement Eligibility Age
Conclusions
Chapter 6. Benefits and Taxes
Benefits in the Swedish Premium Pension System
Benefits in the Chilean Pension System
Accrual Pattern of Benefits in Individual Accounts
Regressivity
 Effects on Account Balances
 Voluntary Carve-Outs
 Progressive Features
Benefit Protections for Women
Annuitization of Benefits
Annuitization and Longevity Risk: Conversion Rate Guarantees for Annuities
Plans Providing an Annuity Conversion Rate Guarantee
Tax Policy Toward Individual Accounts
 Contribution Evasion
 Pensions as a Source of Tax Revenue
 Fundamental Principles of Taxation
 Consumption Taxation
 Tax Expenditures
Conclusions
Chapter 7. Summary and Conclusions
Chapter Summaries
Conclusions
Appendix A. Dealing with Financial Market Risk: Guarantees in Individual Accounts
Risk in Individual Accounts
Guarantees in the Chilean System
Rate of Return Guarantees
 Measurement of the Guaranteed Rate of Return
 The Guarantee's Payoff Characteristics
 The Financial Backing for the Guarantee
 What Guarantees Accomplish
Guarantees in Mandatory Individual Accounts Around the World
 Latin America
 Central and Eastern Europe
 Mandatory Individual Accounts Without Guarantees
Conclusions
Appendix B. Labor Market Distortions Due to Contribution Evasion and Avoidance
References
List of Tables
 1.1 Contribution Rates in Individual Account Plans in Selected Countries 
 1.2 A Simple Categorization of Individual Accounts
 1.3 An Expanded Categorization of Individual Accounts
 1.4 Overview of Mandatory Individual Accounts in Chile, Sweden, and the United 
 Kingdom
 1.5 Economic and Demographic Statistics for the United States, Chile, Sweden and the
United Kingdom
3.1 Issues in Pension Transparency for Social Security Systems
3,2 The Structure of Fees in a Mixed Equity-Bond Mutual Fund
 6.1 Higher-Income U.S. Workers Receive a Higher Rate of Return in Individual Account
 Plans with Portfolio Choice
6.2 Mandatory Annuitization of Individual Accounts
A.1. Guarantees in Mandatory Defined Contribution Systems 
List of Boxes
11 Voluntary Carve-Out Accounts Around the World
1.2 The Difference Between Add-on and Carve-out Accounts 
2.1 Problems Encountered with Voluntary Carve-Out Accounts in the United Kingdom
2.2 The Effect of Increases in Life Expectancy on Benefits in Social Security with a Voluntary
Carve-Out

Library of Congress Subject Headings for this publication:

Social security -- United States.
Social security individual investment accounts -- United States.