Uncharted Waters: Paying Benefits From Individual Accounts in Federal Retirement Policy
Year: 2005
Type: preprint
Abstract: This report considers some of the issues that might arise from implementing a system of individual accounts, if such accounts were to become a part of federal retirement policy. Why is it important to examine payout issues? Because a central goal of retirement security policy is to assure some level of adequate income, it is essential that any debate about creating individual accounts include a complete understanding of how the benefits will be received. How would the assets accumulated in individual accounts be paid out during retirement? Will individuals have funds available to them before retirement? What rights does a spouse or former spouse have to these accounts? Can creditors reach the accounts? What institutions - government or private - will be responsible for making payments from the accounts? If private institutions are responsible, will the federal or state governments regulate their conduct? If these new accounts are part of Social Security or integrated with Social Security reforms, what will happen to payouts of Social Security benefits?
Source: SSRN Electronic Journal
Authors: Kenneth S. Apfel, Michael J. Graetz
Institutions: Yale University, Columbia University
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W138398135