By William Gale
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Additional info for The Evolving Pension System: Trends, Effects, and Proposals for Reform
20). 38. Schieber and Shoven (1999, p. 188). Federal Pension Regulation / Schieber 31 the budget, it would be much fairer to reduce tax expenditures associated with retirement benefits going to the well-off than to cut the benefits needed to sustain the basic needs of the less privileged. Rangel’s legislation ultimately evolved into the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA). Not everyone was pleased with the original development and passage of ERISA in 1974, but its deliberate development allowed representatives from all interested parties to have input regarding its particulars.
The results of the analysis, presented in table 2-4, suggest that the compensation limits in current law are slowing pension accruals for significant numbers 44. Watson Wyatt Worldwide (1999, p. 3). Federal Pension Regulation / Schieber 39 Figure 2-4. Alternative Pension Funding Perspectives for a 25-Year-Old Worker Over a 40-Year Career under Alternative Actuarial Cost Methods Multiple of salary 3 Actuarial accrued liability 2 Current liability 1 30 35 40 45 50 Age (years) 55 60 65 Source: Author’s derivation.
Department of Labor (1999, p. 67). 28 The Evolving Pension System in defined contribution plans. By 1984 these participation rates had changed to 34 and 11 percent respectively. The stable participation rates, however, masked the significant improvement in the pension prospects of workers in plans. 30 Table 2-1 also illustrates that the general financial status of pensions improved through the late 1970s and into the early 1980s, when contributions to private retirement plans regularly exceeded benefit disbursements.
The Evolving Pension System: Trends, Effects, and Proposals for Reform by William Gale