This paper studies how prefunding public pensions can improve policy outcomes when short-sighted governments cannot … commit. We focus on sustainable plans, where optimal nonlinear pensions are not reneged on by sequential governments …. Prefunding pensions is a commitment mechanism. It implies lower contributions than does the second best policy, which reduces …

voluntary federal government employee retirement savings vehicle called the Thrift Savings Plan. The G-Fund is managed as …

system. Some or all of the lost benefits would be replaced by pensions from newly created individual, defined …

expenditures for seventeen European countries. The larger the decrease in expected spending on public pensions in 2050 between two … in the EU managed to reduce their expected spending on pensions in both reference periods. In the second part of the …

investment strategy for DC pensions. Workers who follow identical investment strategies but who retire a few years apart can … receive DC pensions that are startlingly unequal. Second, it is hard for ordinary workers, as opposed to optimal planners, to …

mandatory pensions. Conversely, optimizing models of pension design typically do not include annual taxation of labor and … Atkinson-Stiglitz and Chamley-Judd results, this article raises the issue of tax-favored retirement savings, a topic where the …