Funding Pensions: Issues and Implications for Financial Markets
Conference Series 16
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.
Entire Proceedings (11MB)
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.