Administrative Aspects of Investment-Based Social Security Reform

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John B. Shoven
University of Chicago Press, Dec 1, 2007 - Political Science - 236 pages
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Social security reform in the United States continues to be a pressing and contentious issue, with advocates touting some form of a centralized or a privatized system of personal accounts. In general, centralized systems offer low administrative costs, but are potentially subject to political mismanagement and appropriation. Privatized account systems, on the other hand, offer higher yields with more flexibility, but may prove too expensive and logistically daunting to implement. Uniting learned and outspoken proponents on both sides of the debate, this volume provides the first comprehensive analysis of the issues involved in administering a system of essentially private social security accounts. The contributors together come to startlingly similar conclusions, generally agreeing that a centralized system of accounts could deliver the benefits of privatization in a feasible and cost-efficient way by accessing administrative mechanisms already in existence. This is perhaps the most far-reaching synthesis yet envisioned of functional and implementable social security reform.
 

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Contents

Introduction
1
1 Reforming Social Security A Practical and Workable System of Personal Retirement Accounts
9
2 Administering a CostEffective National Program of Personal Security Accounts
41
3 Mutual Funds and Institutional Investments What Is the Most Efficient Way to Set Up Individual Accounts in a Social Security System?
77
4 Administrative Costs and Equilibrium Charges with Individual Accounts
137
5 The Costs of Annuitizing Retirement Payouts from Individual Accounts
173
6 Panel Session Industry Perspectives
207
Contributors
227
Author Index
229
Subject Index
231
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Page vii - RELATION OF NATIONAL BUREAU DIRECTORS TO PUBLICATIONS REPORTING CONFERENCE PROCEEDINGS Since the present volume is a record of conference proceedings, it has been exempted from the rules governing submission of manuscripts to, and critical review by, the Board of Directors of the National Bureau.

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About the author (2007)

John B. Shoven is the Charles Schwab Professor of Economics at Stanford University and a research associate of the National Bureau of Economic Research.

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