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Full-Text Articles in Retirement Security Law
Social Security Reform: Lessons From Private Pensions, Karen C. Burke, Grayson M.P. Mccouch
Social Security Reform: Lessons From Private Pensions, Karen C. Burke, Grayson M.P. Mccouch
UF Law Faculty Publications
Widespread concerns about the long-term fiscal gap in Social Security have prompted various proposals for structural reform, with individual accounts as the centerpiece. Carving out individual accounts from the existing system would shift significant risks and responsibilities to individual workers. A parallel development has already occurred in the area of private pensions. Experience with 401(k) plans indicates that many workers will have difficulty making prudent decisions concerning investment and withdrawal of funds. Moreover, in implementing any system of voluntary individual accounts, it will be important to design default settings that provide appropriate guidance for workers with heterogeneous levels of financial …
The Evolution Of Entitlement: Retirement Income And The Problem Of Integrating Private Pensions And Social Security, Patricia E. Dilley
The Evolution Of Entitlement: Retirement Income And The Problem Of Integrating Private Pensions And Social Security, Patricia E. Dilley
UF Law Faculty Publications
There are clear distinctions between the legal relationships creating private pension entitlement and Social Security benefit entitlement. Nonetheless, an analysis of the function and context of retirement income rights reveals that the presumed gulf between public and private rights in this area is not nearly so wide as it may at first seem. In this Article I examine the historical roots and evolution of the American system of entitlement to old-age income security in order to understand why in one technical area--the integration of private pension plans with Social Security--workers' presumed entitlement to private pensions is less secure than their …