Bibliographic record and links to related information available from the Library of Congress catalog.
Note: Contents data are machine generated based on pre-publication provided by the publisher. Contents may have variations from the printed book or be incomplete or contain other coding.
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.