Chapter Chapter <b>Reality Testing for Pension Reform</b>

Pamela Perun and C. Eugene Steuerle

in Reinventing the Retirement Paradigm

Published in print August 2005 | ISBN: 9780199284603
Published online February 2006 | e-ISBN: 9780191603013 | DOI:
Chapter  Chapter   Reality Testing for Pension Reform

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There are two very different types of proposals for private pension system change that have been put before Congress. The first type of change can be seen in the Pension Preservation and Savings Expansion Act (PPSEA), introduced in 2003 by Portman and Cardin. PPSEA is a ‘traditional’ type of pension reform, an omnibus bill that tinkers with almost every aspect of the private pension system to make incremental changes. The second type of proposal can be seen in the attempt of the Administration to effect radical change and simplification in the structure of the private pension system. The 2003 proposal, modified in budget submissions in 2004, contemplated a sweeping consolidation in the number and types of defined contribution (DC) plans. This chapter evaluates these two approaches to change; the first one for incremental change, and the second one involving greater structural reform; and then it considers an alternative.

Keywords: United States; private pension system; PPSEA; defined contribution plans; Portman; Cardin

Chapter.  10593 words.  Illustrated.

Subjects: Financial Markets

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