Archive: Patrick Wiese
![Social Security Card: Senior woman holding card in hand on white background](https://crr.bc.edu/wp-content/uploads/2022/11/social_security_4-1536x913.jpg)
Abstract In recent years, many countries with mandatory defined benefit pay-as-you-go (“PAYG”) systems have modified their systems to include individual accounts for financing retirement pensions. In most of these countries, a portion of the mandatory pension system’s contribution rate has been “carved-out”, and contributions earmarked by the carve-out are channeled into retirement accounts. Upon reaching…