Issues to Consider with Social Security Reform

October 4, 2002

The Academy of Actuaries released a new paper that highlights issues policy – makers should consider in their decision to instill personal retirement accounts. The report explores the following:

• Does offering a choice increase overall program costs?



• Would participants be sufficiently knowledgeable about both the existing ("traditional") and new plans to make informed decisions?



• What benefits should participants get if they choose to remain in the traditional plan, particularly if it is not financially sound?



• Could participants ever change their enrollment decisions?



• Should the government guarantee the greater of benefits under the traditional and new plans?

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