Pensions are retirement income. They offer protection in case you live long enough to quit collecting a paycheck and can stop working. In the United States, pensions are provided by both public and private sectors. Private sector pension funds are the largest formal financial institution for...

In 1995, Latvia became the first country in Central and Eastern Europe to implement parametric reform of the Soviet-style PAYGO pension system, and the first in the world to implement the"notional defined contribution (NDC) system"originally designed for Sweden. The Government's intention was to...

The aim of this paper is to describe the 1980 Chilean pension reform and to present its main results and economic impact. It is mainly descriptive; however we have tried to emphasize the lessons that may be learned and that may be of interest to other countries in different circumstances. In...

The introduction of a new pension system in Poland in 1999 was the culmination of a long policy dialogue and years of debate. During this period, the role of public opinion shaped the reform and was, in turn, shaped by the reform process. Implementation of the reform was also affected by the...

The Costa Rican Social Insurance Fund - the country's main social security institution - was established in 1941 to provide compulsory social insurance coverage for employees, through old-age, disability, and survivor pensions, as well as sickness and maternity benefits. The current status of...

Argentina reformed its pension system in 1974, when it created an integrated, multipillar public-private pension system. Its old system had suffered from a vicious circle of unrealistic promises, high payroll taxes, widespread evasion, and growing deficits. But the reform program, enacted...

Bolivia's bold program of pension reform involved the immediate closing down of the old pay-as-you-go system and its replacement by a defined-contribution system based on individual capitalization accounts and managed by the private sector. The pensions of the old system will be covered by the...

Argentina implemented a major reform of its pension system in 1994. The new system has a mixed public-and-private two-pillar structure. Its main elements are an unfunded, defined benefit pillar operated by the state and paying a basic pension to all workers who meet the minimum eligibility...

Countries around the world are reforming their pension systems. Most are reforming to reduce thefiscal costs of their existing pension systems. A few young countries are establishing new systems or are increasing the generosity of their current systems, although perhaps not always taking into...

This report looks at pension reform recently undertaken in Poland, but draws conclusions with wider applicability. It examines the motivation for reform, the struggle of progressively minded experts and politicians to advance the reform agenda, the architecture of the new system, and issues...