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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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  • Dean Baker, 2006. "Universal Voluntary Accounts: A Step Towards Fixing the Retirement System," CEPR Reports and Issue Briefs 2006-30, Center for Economic and Policy Research (CEPR).
    • Handle: RePEc:epo:papers:2006-30
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    Cited by:

    1. 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.
    2. John Schmitt & Janelle Jones, 2013. "Making Jobs Good," Challenge, Taylor & Francis Journals, vol. 56(4), pages 6-21.
    3. 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).

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