A new analysis by the nonpartisan Employee Benefit Research Institute (EBRI) that details the major logistical hurdles to "privatizing" Social Security will be released at a press conference Nov. 12 at 9:45 a.m. at the National Press Club.
The EBRI study - the first of its kind - provides specific information about how and why individual investment accounts would require fundamental changes in the way the existing Social Security system is operated. Among the major changes that would likely result:
- New paperwork and reporting burdens on business owners, workers and the government.
- Significant additional regulations.
- Extra operational costs, especially for small businesses.
The EBRI analysis notes that the current debate over adding individual accounts (IAs) to Social Security so far has largely ignored the practical but critically important issues about how to administer such accounts. These issues are addressed for the first time in detail in the EBRI report, "Individual Social Security Accounts: Issues in Assessing Administrative Feasibility and Costs."
Co-authors of the analysis are EBRI President and CEO Dallas Salisbury, and EBRI Research Associate Kelly Olsen, both of whom will discuss the report's findings. Copies of the 48-page report will be also be distributed.
EBRI is a private, nonprofit, nonpartisan public policy research organization based in Washington, DC. Founded in 1978, its mission is to contribute to, to encourage, and to enhance the development of sound employee benefit programs and sound public policy through objective research and education. EBRI does not lobby and does not take positions on legislative proposals.
# # #
#445