Rebuilding Workers' Retirement Security: A Labor Perspective on Private Pension Reform
Rebuilding Workers' Retirement Security: A Labor Perspective on Private Pension Reform
This chapter surveys the issues facing policymakers and workers, considering how to rebuild a viable retirement security system, against the backdrop of declining defined benefit coverage and evident flaws in defined contribution plans. The authors lay out principles for a universal system of supplemental retirement income coverage based on mandatory contribution levels, mandatory portability, limitations on early withdrawals, and annuitization. The structure outlined envisions continued participant and employer choice of both investment strategy and benefit design, with incentives built in for collective asset management.
Keywords: asset management, collective pension, universal retirement income, mandatory contributions
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