Uncharted Waters: Paying Benefits from Individual Accounts in Federal Retirement Policy

Posted: 11 Apr 2005

See all articles by Virginia P. Reno

Virginia P. Reno

National Academy of Social Insurance (NASI)

Michael J. Graetz

Columbia Law School; Yale Law School

Kenneth S. Apfel

Management, Finance and Leadership Program - University of Maryland

Joni Lavery

National Academy of Social Insurance (NASI); Government of the United States of America - Office of Retirement Policy; Social Security Administration

Catherine Hill

affiliation not provided to SSRN

Abstract

This report considers some of the payout issues that might arise from implementing a system of individual accounts, if such accounts were to become a part of federal retirement policy. Why is it important to examine "payout" issues? Because a central goal of retirement security policy is to assure some level of adequate income, it is essential that any debate about creating individual accounts include a complete understanding of how the benefits will be received. How would the assets accumulated in individual accounts be paid out during retirement? Will individuals have funds available to them before retirement? What rights does a spouse or former spouse have to these accounts? Can creditors reach the accounts? What institutions - government or private - will be responsible for making payments from the accounts? If private institutions are responsible, will the federal or state governments regulate their conduct? If these new accounts are part of Social Security or integrated with Social Security reforms, what will happen to payouts of Social Security benefits?

Keywords: Social security reform, social security privatization, private accounts

Suggested Citation

Reno, Virginia P. and Graetz, Michael J. and Apfel, Kenneth S. and Lavery, Joni and Lavery, Joni and Hill, Catherine, Uncharted Waters: Paying Benefits from Individual Accounts in Federal Retirement Policy. Available at SSRN: https://ssrn.com/abstract=686088

Virginia P. Reno

National Academy of Social Insurance (NASI) ( email )

1776 Massachusetts Avenue, NW
Suite 615
Washington, DC 20036-1904
United States
202-452-8097 (Phone)
202-452-8111 (Fax)

Michael J. Graetz

Columbia Law School ( email )

435 West 116th Street
New York, NY 10025
United States

Yale Law School ( email )

P.O. Box 208215
New Haven, CT 06520-8215
United States

HOME PAGE: http://www.law.yale.edu/faculty/MGraetz.htm

Kenneth S. Apfel

Management, Finance and Leadership Program - University of Maryland

United States

Joni Lavery (Contact Author)

Government of the United States of America - Office of Retirement Policy ( email )

500 E Street, SW
Washington, DC 20254
United States

National Academy of Social Insurance (NASI) ( email )

1776 Massachusetts Avenue, NW
Suite 615
Washington, DC 20036-1904
United States

Social Security Administration ( email )

500 E Street, SW
Washington, DC 20254
United States

Catherine Hill

affiliation not provided to SSRN

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