Funding Pensions: Issues and Implications for Financial Markets

conference 16 cover
Conference Series 16
October 1976

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.

Contents

Entire Proceedings (11MB) pdf

Introductory Remarks pdf
Frank E. Morris

Demographic Changes and Funding for Pension Plans pdf
William C. L. Hsiao, with discussion by Nathan Keyfitz

The Social Security Fund and National Capital Accumulation pdf
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 pdf
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 pdf
Randall D. Weiss, with discussion by Roger F. Murray

Public Pension Funding and U. S. Capital Formation: A Medium-Run View pdf
Benjamin M. Friedman, with discussions by Franco Modigliani and James Tobin. Responses to Modigliani and Tobin by Benjamin M. Friedman included.