Social Security Accounts: Who Would Provide Annuities, and How?

May 20, 2005, 9:00 am 9:00 am
Location
Washington Court Hotel
525 New Jersey Avenue, NW
Atrium Ballroom
Washington, DC 20001
United States
Contact Anita Cardwell
Many proposals for individual accounts in Social Security would require that retirees use all or part of their accounts to buy life annuities that are indexed for inflation. Key questions that merit attention include: What entities would provide those annuities? If private insurers sell them, what regulations would govern the pricing and marketing of life annuities? Would state or federal regulators set and enforce the rules? Would retirees be assured payments even if the insurer enters bankruptcy? Would guaranty arrangements resemble the Pension Benefit Guaranty Corporation or follow a different model? Would insurers look to government securities to hedge against inflation? What are Treasury Inflation-Protected Securities and how do they work? What new issues arise if the government provides annuities directly to retirees? What can we learn from other countries about converting individual accounts into life annuities?

You are invited to join the National Academy of Social Insurance for a briefing that examines these issues on May 20, 2005, from 9:00 to 11:00 am at the Washington Court Hotel, 525 New Jersey Avenue, N.W. (near Union Station). A continental breakfast will be served at 8:30 am. Come prepared to ask questions. Ample time will be set aside for discussion.

Issues in Extending the Private Annuity Market to Social Security Accounts
Howell E. Jackson, Harvard Law School

Treasury Inflation-Protected Securities: Goals in Debt Management
Jeff Huther, Director of Debt Management, U.S. Treasury Department

Issues If Government is the Annuity Provider
Kenneth S. Apfel, LBJ School of Public Affairs, University of Texas, and Chair of NASI Study Panel, former Commissioner of Social Security

Lessons from Abroad
G.A. (Sandy) Mackenzie, International Monetary Fund, author of Annuity Markets and Pension Reform, forthcoming

Commentary:
Julie Kosterlitz, The National Journal

Moderator:
Virginia P. Reno, Vice President for Income Security, National Academy of Social Insurance