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 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...