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

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  • Vincent Touzé

Abstract

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.

Suggested Citation

  • Vincent Touzé, 2011. "Le financement des retraites aux États-Unis. Impact de la crise et tendances de long terme," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 63-112.
    • Handle: RePEc:cai:reofsp:reof_118_0063
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    More about this item

    Keywords

    US economy; pension schemes; economic crisis;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-

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