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KMID : 1124020150310010027
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Korean Social Security Studies
2015 Volume.31 No. 1 p.27 ~ p.53
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On The 1986 Pension Reform Of The Federal Civil Service Retirement System In The United States
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Kim Jae-Kyeong
Song In-Bo
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Abstract
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The purpose of this paper is to evaluate the 1986 pension reform of the Federal Civil Service Retirement System in the United States. That is, we try to conduct a case study on the political decision making process of the reform in addition to its background and reform agendas. Moreover, we re-evaluate the reform in terms of the current financial status and long-term financial perspective. Several important policy implications discovered during the analysis are as follows. First, the reform turned out to be top-down reform process engineered by various competing consultations among the Federal Government, the Senate and the Congress. Second, for over 30 years, the pension structure built upon the reform has been maintained on a solid basis. Third, the most important reason could be that the reform tried to streamline the system in order to achieve its actuarial balance, with strengthening the role of the Federal Government as an employer. Forth, reform agendas such as public-private pension equity and multi-pillar old-age security system, which happen to be paramount concern in our reform talks, were accomplished as unintended consequences.
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KEYWORD
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pension reform, political decision making process, reform evaluation, financing scheme, financial perspective
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