TY  - RPRT
        AU  - Holzmann, Robert
AU  - Jousten, Alain
        TI  - Addressing the Legacy Costs in an NDC Reform: Conceptualization, Measurement, Financing
        PY  - 2010/Oct/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 5296
        UR  - https://www.iza.org/publications/dp5296
        AB  - 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.
        KW  - coverage expansion
KW  - legacy costs
KW  - pension reform
KW  - NDC
        ER  -