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Le financement des retraites aux États-Unis. Impact de la crise et tendances de long terme

  • Vincent Touzé

In the United States, the funding of pensions is based on two pillars: a PAYG system pays basic pensions at a federal level; pension funds managed by public or private employers complete this system. The recession of 2009 has reduced the resources of the PAYG system. However, the funding has not been compromised due to financial income which offsets the primary deficit. In the long run, the accumulated reserve fund is not sufficient to cover forecasted future deficits. Reforms will be needed. In 2008, the pension funds have recorded a sharp devaluation of assets. For those that pay defined benefit pensions, the employers have to adjust their contributions. In case of bankruptcy, pension funds of private sector receive a federal guarantee. This is not the case for funds managed by states and local governments. Yet they seem more vulnerable. Corrective measures therefore seem unavoidable. JEL classification: G23, H55, N12.

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Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 118 (2011)
Issue (Month): 3 ()
Pages: 63-112

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Handle: RePEc:cai:reofsp:reof_118_0063
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  1. Jeffrey R. Brown, 2008. "Guaranteed Trouble: The Economic Effects of the Pension Benefit Guaranty Corporation," Journal of Economic Perspectives, American Economic Association, vol. 22(1), pages 177-198, Winter.
  2. Laurence J. Kotlikoff, 1995. "Privatization of Social Security: How It Works and Why It Matters," NBER Working Papers 5330, National Bureau of Economic Research, Inc.
  3. Laurence J. Kotlikoff & Kent A. Smetters & Jan Walliser, 1998. "Opting Out of Social Security and Adverse Selection," NBER Working Papers 6430, National Bureau of Economic Research, Inc.
  4. Robert Novy-Marx & Joshua D. Rauh, 2009. "The Liabilities and Risks of State-Sponsored Pension Plans," Journal of Economic Perspectives, American Economic Association, vol. 23(4), pages 191-210, Fall.
  5. Robert Novy-Marx & Joshua D. Rauh, 2008. "The Intergenerational Transfer of Public Pension Promises," NBER Working Papers 14343, National Bureau of Economic Research, Inc.
  6. Jeffrey R. Brown & David W. Wilcox, 2009. "Discounting State and Local Pension Liabilities," American Economic Review, American Economic Association, vol. 99(2), pages 538-42, May.
  7. Gary V. Engelhardt & Jonathan Gruber & Cynthia D. Perry, 2002. "Social Security and Elderly Living Arrangements," NBER Working Papers 8911, National Bureau of Economic Research, Inc.
  8. Jeffrey R. Brown & Robert Clark & Joshua Rauh, 2011. "The Economics of State and Local Public Pensions," NBER Working Papers 16792, National Bureau of Economic Research, Inc.
  9. Joshua Rauh & Robert Novy-Marx, 2010. "Policy Options for State Pension Systems and Their Impact on Plan Liabilities," NBER Working Papers 16453, National Bureau of Economic Research, Inc.
  10. Paola Monperrus-Veroni, 2009. "Les fonds de pension dans la crise," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 221-254.
  11. Jacques Le Cacheux & Vincent Touzé, 2002. "Les modèles d'équilibre général calculable à générations imbriquées. Enjeux, méthodes et résultats," Revue de l'OFCE, Presses de Sciences-Po, vol. 80(1), pages 87-113.
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