Individual accounts for social security reform : international perspectives on the U.S. debate / John Turner
- Bib ID:
- 3999193
- Format:
- Book
- Author:
- Turner, John A. (John Andrew), 1949 July 9-
- Online Version:
- Table of contents only
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- Description:
-
- Kalamazoo, Mich. : W.E. Upjohn Institute for Employment Research, c2006
- ix, 195 p. ; 23 cm.
- ISBN:
-
- 9780880992831
- 0880992832
- 9780880992824
- 0880992824
- Full contents:
-
- Machine derived contents note: 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.
- Notes:
- Includes bibliographical references (p. 167-179) and index.
- Subject:
- Copyright:
-
In Copyright
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Copyright status was determined using the following information:
- Material type:
- Literary Dramatic Musical
- Published status:
- Published
- Publication date:
- 2006
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