nonredistributive plan that accounts for differences in mortality, US Social Security reduces regressivity from longevity differences …

-dependent mortality risk. This is because while a more progressive benefit-earnings rule provides increased insurance for households with … relatively unfavorable earnings histories, and therefore lower savings and survivorship, their relatively high mortality risk … nearly identical optimal benefit-earnings rules both with and without differential mortality. …

pension benefit rule that is adopted. If this rule incorporates some implicit or explicit redistribution from healthy to … unhealthy individuals then the latter types are better off as a result of the pension system. In the absence of redistribution …