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E. Neil Trautwein, assistant vice president of the National Association of Manufacturers, said Tuesday that he believed the new law "has the potential to slow or even reverse the decline in the level of retiree health coverage provided by employers".
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The extent of prefunding required by this measure vastly exceeds the level of prefunding for retiree benefits in any private company in the entire country.
To fund its current level of benefits for retirees 30 years hence, Italy would have to increase contributions (i.e., taxes) to its pay-as-you-go state pension scheme from 13% of GDP now to over 20%.
In 2006 Congress passed a law requiring an unprecedented level of pre-funding for retiree health care benefits.
Senator Akaka said the proposal would preserve the current level of drug coverage for federal retirees.
Officials fear that the need to cover retiree benefits could swamp the state's general budget, forcing tax increases or service reductions, and require some kind of cutback in the level of medical benefits offered to retirees.
They have said that by partly privatizing the entitlement program, Mr. Bush would endanger retirees' current level of benefits, a charge that Mr. Bush cannot afford to let stick.
Males, old age, residing in rural areas, becoming a widow or widower, living alone, having a low level of education, being a pensioner or a retiree, and perceiving an insufficient monthly income were associated with higher rates of multimorbidity.
Mr. Gore wants to leave the system unchanged and maintain the current level of guaranteed benefits even as the number of retirees grows substantially.
A quarter of workers and 17percentt of retirees indicate that their current level of debt is higher than it was five years ago.
Social Security provides the largest part of retiree income.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com