Gore Proposes Private Pension Reform, But Social Security Reform Still Awaits

November 30, 1999

On Nov. 19, Vice President Gore proposed reforms to rules covering private pensions, which include increased disclosure of pension rule changes, requirements that firms that convert to cash balance plans do not shortchange existing workers, and a tax credit to offset administrative costs.

While some of these steps have merit, they help Americans who already have savings while doing nothing for the millions of lower income workers who rely entirely on Social Security. Gore should step up to the plate with a real plan to give retirement security to the lower income workers who need it most. Market-based personal retirement accounts would give workers of all incomes higher retirement benefits, increased security through capital ownership, and an inheritance to leave to their heirs.

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