This paper summarizes the development of private annuity markets in the United States. Annuities constituted a small share of the U.S. insurance market until the 1930s, when two developments contributed to their growth. First, concerns about the stability of the financial system drove investors...

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