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

Listed author(s):
  • Vincent Touze

    (Observatoire français des conjonctures économiques)

Deux logiques concourent au financement des retraites américaines : un régime fédéral par répartition verse des pensions de base ; des fonds de retraite par capitalisation gérés par des employeurs publics ou privés complètent le système. La récession de 2009 a lourdement pesé sur les ressources du régime par répartition et ce dernier est en déficit primaire depuis 2010. Toutefois son financement n’a pas été mis en péril grâce aux revenus financiers d’un fonds de réserve qui compensent amplement le déficit primaire. La crise a réduit les ressources et rapproché la période où le régime commence à puiser dans le fonds de réserve. À long terme, ce dernier ne sera pas suffisant pour couvrir le déficit chronique. Des réformes seront donc nécessaires d’ici 2030. Avec la crise financière, les régimes par capitalisation ont souffert d’une forte dévalorisation de leurs actifs, ce qui peut poser un problème de survie pour certains fonds de pension. Pour ceux qui versent des pensions à prestation définie, le risque est porté par les employeurs qui doivent alors ajuster leurs contributions en fonction des performances boursières. Pour les pensions à cotisations définies, les aléas financiers sont intégralement supportés par les salariés. En cas de faillite, les fonds de pension à prestation définie du secteur privé bénéficient d’une garantie fédérale. Ce n’est pas le cas pour les fonds gérés par les États et les administrations locales. Pourtant, ces derniers semblent plus vulnérables car ils étaient déjà sous-capitalisés avant la crise et, de plus, leurs engagements auraient été largement sous-évalués. Des mesures correctives nationales ou locales semblent donc inévitables.

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Paper provided by Sciences Po in its series Sciences Po publications with number info:hdl:2441/eu4vqp9ompqllr09hi4ch92c6.

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Date of creation: Jul 2011
Publication status: Published in Revue de l'OFCE, 2011, pp.63-112
Handle: RePEc:spo:wpmain:info:hdl:2441/eu4vqp9ompqllr09hi4ch92c6
Contact details of provider: Web page: http://www.sciencespo.fr/

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  1. Laurence J. Kotlikoff, 1996. "Privatization of Social Security: How It Works and Why It Matters," NBER Chapters,in: Tax Policy and the Economy, Volume 10, pages 1-32 National Bureau of Economic Research, Inc.
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  3. 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.
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  7. 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.
  8. 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.
  9. Jeffrey R. Brown & David W. Wilcox, 2009. "Discounting State and Local Pension Liabilities," American Economic Review, American Economic Association, vol. 99(2), pages 538-542, May.
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