@TechReport{iza:izadps:dp5296,
            	author={Holzmann, Robert and Jousten, Alain},
            	title={Addressing the Legacy Costs in an NDC Reform: Conceptualization, Measurement, Financing},
            	year={2010},
	month={Oct},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={5296},
            	url={https://www.iza.org/publications/dp5296},
	abstract={The paper provides a framework for the conceptualization, definition and estimation of legacy costs that need to be addressed in a reform that transforms an unfunded defined contribution (NDB) scheme into a notional (or non-financial) defined contribution (NDC) scheme. As the new contribution rate is fixed and, perhaps, reduced, paying for the accrued to date liabilities leaves a financing gap that needs to be estimated and financed, best outside the pension system if a less distorting financing form is available. The paper illustrates the proposed measurement approach with broad estimates under a hypothetical NDC reform in China.},
	keywords={coverage expansion;legacy costs;pension reform;NDC},
            }