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Abstract Since the enactment of Social Security, the concept of “integration” with Social Security has been a feature of the private pension system. Integration permits employers to take their contributions to Social Security into account and reduce the benefits of low-paid workers in their tax-qualified retirement plans. Prior studies suggest that (1) integration is declining…
Abstract As their populations grow older, the industrial countries face steep increases in public pension costs. If countries change their pension systems in advance of sharply higher pension costs, it is possible to prepare for the added retirement costs by funding a portion of the future liabilities through increased saving. By boosting capital formation and…