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The Transformation of the American Pension System: Was it Beneficial for Workers?
Edward N. Wolff
First Chapter | Table of Conents
333 pp. 2011
$40.00 cloth 9780880993807
$20.00 paper 9780880993791
The share of Americans with defined contribution pension plans now exceeds the share of those with defined benefit plans. Wolff refers to this as the "great transformation" and it leads him to examine recent evidence to see whether there are winners and losers resulting from this switch away from traditional pension plans.
"At last, in one place, all the data one would want on the impact on households of the dramatic shift from defined benefit plans to 401(k)s. If you want the numbers, read this book."
–Alicia H. Munnell, Director, Center for Retirement Research at Boston College, and Peter F. Drucker Professor in Management Sciences, Boston College, Carroll School of Management
" Wolff's careful analysis illuminates the holes in the new system and how important Social Security wealth was to retirement income adequacy, even when the stock market and housing prices were booming. Now that those days are gone, his policy recommendations are even more important."
–Lars Osberg, University Research Professor and McCulloch Professor of Economics, Dalhousie University