The papers prepared for this conference raise two fundamental issues -- neither of which has received the public attention which it merits. The first is the massive change in the age structure of our population which raises serious questions as to the ability of future generations to finance public pension programs on a pay-as-you-go basis without levels of taxation which we, the drafters of the present programs, would consider tolerable. The second major issue is the impact of the underfunding of public pension plans on savings and capital formation.

Contents

Entire Proceedings (11MB)

Introductory Remarks 
Frank E. Morris

Demographic Changes and Funding for Pension Plans 
William C. L. Hsiao, with discussion by Nathan Keyfitz

The Social Security Fund and National Capital Accumulation
  Martin S. Feldstein, with discussion by Joseph A. Pechman. Response to Pechman by Martin Feldstein included.

Funding Government Pensions: State-Local, Civil Service and Military
  Alicia H. Munnell and Ann M. Connolly, with discussion by James M. Stone

Private Pensions: The Impact of ERISA on the Growth of Retirement Funds
  Randall D. Weiss, with discussion by Roger F. Murray

Public Pension Funding and U. S. Capital Formation: A Medium-Run View
  Benjamin M. Friedman, with discussions by Franco Modigliani and James Tobin. Responses to Modigliani and Tobin by Benjamin M. Friedman included.