Funding Pensions: Issues and Implications for Financial Markets
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) 
Introductory Remarks
Frank E. Morris
Demographic Changes
and Funding for Pension Plans
William C. L. Hsiao, with discussion by Nathan Keyfitz
The Social Security Fund and
National Capital Accumulation
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
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
Randall D. Weiss, with discussion by Roger F. Murray
Public Pension Funding and U. S.
Capital Formation: A Medium-Run View
Benjamin M. Friedman, with discussions by Franco Modigliani and James Tobin. Responses to Modigliani and Tobin by Benjamin M. Friedman included.
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