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TABLE OF CONTENTS Page Forward Introduction Chapter One: How Are They Different? The Defined Benefit and Defined Contribution Formats Contrasted As A Matter of Plan Design Chapter Two: Why Does It Matter? Allocating Risk and Reward Between Employer and Employee A) Investment Risk B) Funding Risk C) Longevity Risk D) Qualifications E) Summary Chapter Three: How Did It Happen? A) The Underlying Decline of the Defined Benefit Plan: Economic and Demographic Factors B) The Role of ERISA i) The Creation of the Individual Retirement Account ii) ERISA's Regulatory Burdens on Defined Benefit Plans iii) ERISA's Fiduciary Rules and Participant-Directed Accounts iv) The Ten Percent Limit on Employer Stock C) Section 401(k) D) ERTA and TRA86: Expanded Availability of IRAs and the Financial Services Industry E) Extending The Defined Contribution Paradigm: FSAs, MSAs, Educational Savings Accounts, Section 529 and Roth IRAs F) Cash Balance, New Comparability and Age Weighted Plans G) Public Employee Pensions and Section 457 Plans H) Health Reimbursement Arrangements I) Health Savings Accounts J) The Saver's Tax Credit K) Proposals L) Conclusion: The Significance of Enron Chapter Four: Why did it happen? And why Social Security Accounts didn't A) The Adoption of ERISA and Section 401(k): Unintended Consequences and Path Dependency B) Cultural Receptivity C) International Comparisons D) Individual Accounts and Family Diversity E) The Recent Politicization of the Defined Contribution Paradigm F) Social Security and The Limits of Dominant Paradigms Chapter Five: What does it mean? Consumption Taxation, Tax Expenditures and the Future of the Internal Revenue Code A) Cash Flow Taxation and Individual Accounts B) Tax Expenditures and Individual Accounts C) Individual Accounts and the Likely Futures of the Code D) Individual Accounts and Fundamental Reform (i) The Engler "Hybrid" Consumption Tax (ii) The Graetz Proposal: A High Income Tax Coupled with a Value Added Tax (VAT) (iii) Accretionist Taxation (iv) A National Value Added Tax (VAT) E) Conclusion: Individual Accounts and Tax Complexity Chapter Six: What is the Future of the Defined Contribution Paradigm? A) The Defined Contribution Paradigm and the Private Sector B) The Defined Contribution Paradigm and the Public Sector C) The Partisan Divide: Promoting HSAs D) The future (or lack thereof) of money purchase pensions E) The paradoxical future of pension-based redistribution F) Conclusion: The Permanent Eclipse of the Defined Benefit Pension Plan Chapter Seven: What Should We Do? A) Clarifying Premises B) The Program 1) Do no harm 2) Amend Section 401(k) to require elections out 3) Reduce scheduled Social Security benefit levels 4) Expand the coverage of the Section 25B credit and make the credit refundable 5) Apply the ten percent (10%) limit on employer stock to defined contribution plans VIII) Conclusion
Library of Congress Subject Headings for this publication:
Social security -- Law and legislation -- United States.
Social security individual investment accounts -- United States.
Retirement income -- United States.
Internal revenue law -- United States.
Spendings tax -- Law and legislation -- United States.
Taxation of articles of consumption -- Law and legislation -- United States.