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The U.S. Social Security System, first formed back in the 1930s, is a government-defined benefit pension program financed by worker payroll taxes. As workers pay in their payroll taxes, they accumulate benefit credits. At any point in time, one can make some economic and demographic assumptions, project forward tax inflows and benefit outflows, and determine the long-run actuarial soundness of the system, or really the long-term consistency of the present set of tax and benefit schedules. Every year such forecasts are made by the Social Security and Medicare Trustees— three cabinet officers, the Commissioner of Social Security, and two outside members. Although earlier Social Security legislation mandated that quadrennial outside advisory councils be appointed to review these forecasts and to comment on relevant policy issues, the last such council to examine the retirement system was the famous Greenspan Commission in 1983. But a new advisory council was formed in 1994, and I was asked to chair it. It included three members from business, three from unions, and various others from the private pension industry, the self-employment sector, independent representatives, and so forth, making 13 members in all. We met monthly from mid-1994 to mid-1996, commissioned a number of special studies, appointed two technical panels that made reports, and in January 1997 issued our own report. In this paper I discuss this report and the policy proposal I put forward for dealing with Social Security.

Mending But Not Ending Social Security: The Individual Accounts Plan