Administrative Aspects of Investment-Based Social Security Reform
John B. Shoven
University of Chicago Press, Dec 1, 2007 - Political Science - 236 pages
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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1 Reforming Social Security A Practical and Workable System of Personal Retirement Accounts
2 Administering a CostEffective National Program of Personal Security Accounts
3 Mutual Funds and Institutional Investments What Is the Most Efficient Way to Set Up Individual Accounts in a Social Security System?
4 Administrative Costs and Equilibrium Charges with Individual Accounts
5 The Costs of Annuitizing Retirement Payouts from Individual Accounts
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12bl fee accumulation administrative costs adverse selection allocation annual annuities purchased annuity market annuity payouts asset managers basis points benefits bond brokerage fees charges Chile contributions cost per account CREF deposits Diamond earnings economies employers EPDV equity expense ratio federal firms front load fund managers government-organized accounts Graetz IA system income index funds individual accounts individual annuity institutions insurance companies investment choices investment manager investment options investors issue mandatory marketing costs Martin Feldstein ment million monthly mortality table mutual funds offer Olivia Mitchell participants passively managed payroll percent of assets percentage Peter Diamond portfolio Poterba PRAs premium privately organized accounts PSA Central Q-funds R&C costs record keeping regulation reported retail returns risk Robert Pozen savings social security system SPIF suggested Thrift Savings Plan TIAA TIAA-CREF tion wages Warshawsky workers
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.