Research and Program Descriptions About Dominican Republic
This article examines the recent reforms in individual account systems in Latin America, with a focus on the recent overhaul of the Chilean system and major reforms in Mexico, Peru, and Colombia. The authors analyze key elements of pension reform in the region relating to individual accounts: system coverage, fees, competition, investment, the impact of gender on benefits, financial education, voluntary savings, and payouts.
To date, more than 30 countries have established some form of individual accounts in their retirement systems. This article identifies those countries, categorizes how the individual accounts fit into their retirement income systems, and identifies some basic characteristics of the accounts. Because this analysis of individual accounts is intended to inform the current United States debate involving Social Security, the discussion is limited to countries in which such accounts are part or all of a mandatory retirement income program.