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Universal Voluntary Accounts: A Step Towards Fixing the Retirement System

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  • Dean Baker

Abstract

Most older workers are ill-prepared for retirement, with few financial assets to rely upon other than Social Security. Less than 20 percent of the private sector workforce is currently covered by a defined benefit (DB) plan, and this number is declining rapidly. Defined-contribution (DC) plans, such as 401(k) accounts, have not come close to filling the gap. This paper outlines a proposal for a system of universal voluntary accounts (UVAs). UVAs would be state sponsored, but privately managed, defined-contribution accounts. The accounts would be open to every worker

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Bibliographic Info

Paper provided by Center for Economic and Policy Research (CEPR) in its series CEPR Reports and Issue Briefs with number 2006-30.

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Date of creation: Dec 2006
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Handle: RePEc:epo:papers:2006-30

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Cited by:
  1. John Schmitt & Janelle Jones, 2013. "Has Education Paid Off for Black Workers?," CEPR Reports and Issue Briefs 2013-11, Center for Economic and Policy Research (CEPR).
  2. John Schmitt & Janelle Jones, 2013. "Making Jobs Good," CEPR Reports and Issue Briefs 2013-09, Center for Economic and Policy Research (CEPR).
  3. Christian E. Weller & Amy Helburn, 2009. "Public Policy Options to Build Wealth for America’s Middle Class," Working Papers wp210, Political Economy Research Institute, University of Massachusetts at Amherst.

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