The contributors to this volume assess the impact of policies and regulations and provide detailed analysis of specific components of the pension system, including taxation, Social Security reform, hybrid plans, pension guarantees, and nondiscrimination rules

This paper examines the economics of investing the central trust fund of Social Security in private securities. We note that switching from a policy of having the trust fund invest solely in special issue Treasury bonds to one where some of the portfolio holds common stocks amounts to an asset...