Wharton Pension Research Council Working Papers

Document Type

Working Paper

Date of this Version



This chapter surveys the issues facing policymakers and workers’ organizations thinking about rebuilding a viable retirement security system in the United States, in the context of declining defined benefit coverage and persistent serious flaws in defined contribution plans. The chapter lays out principles for a universal system of supplemental retirement income coverage based on mandatory contribution levels, mandatory portability, limitations on early withdrawals, and annuitization. The structure outlined envisions continued participant and employer choice of both investment strategy and benefit design, with incentives built in for collective asset management.


The published version of this Working Paper may be found in the 2010 publication: Reorienting Retirement Risk Management.

Working Paper Number


Copyright/Permission Statement

Opinions and conclusions are solely those of the author(s) and do not reflect views of the institutions supporting the research, with whom the authors are affiliated, or the Pension Research Council. Copyright 2009 © Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.

Included in

Economics Commons



Date Posted: 23 August 2019