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The Rationale for Fundamental Pension Reform in the Germany and the United States: An Assessment
Gary Burtless Brookings Institution; Retirement Research Center, Boston College June 2001 CESifo Working Paper Series No. 510 Abstract: This paper considers the arguments for fundamental pension reform in Germany and the United States. The two countries have recently made or are considering reforms that would reduce the generosity of the traditional, pay-as-you-go pension system. Some or all of the lost benefits would be replaced by pensions from newly created individual, defined-benefit, retirement accounts. The paper addresses three questions that are relevant for assessing fundamental reform: (1) Should the pension system move toward advance funding of future benefit obligations? (2) What financial assets should be accumulated to back future pension promises? (3) Should the existing system be reformed to include individual retirement accounts?
JEL Classifications: G23, H55, I26 Working Paper SeriesDate posted: August 08, 2001 ; Last revised: September 01, 2004Suggested CitationContact Information
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