Social Security privatization, in any form, will only highlight the problems that individuals face when left on their own to make saving and investment decisions. The 401(k) experience is a case in point. Making everyone a money manager is not the way to improve retirement income security for an...

Public sector defined benefit pension plans are based on final earnings. As such, these plans are back-loaded; those with long careers receive substantial benefits and those who leave early receive little. The analysis consists of three parts. The first section discusses the design of state and...

Social Security privatization, in any form, will only highlight the problems that individuals face when left on their own to make saving and investment decisions. The 401(k) experience is a case in point. Making everyone a money manager is not the way to improve retirement income security for an...