Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/75849
Authors: 
Burtless, Gary
Year of Publication: 
2001
Series/Report no.: 
CESifo Working Paper 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?
Document Type: 
Working Paper

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