This content is from: Corner Office

The 2014 Pension 40: Andrew Biggs

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Andrew Biggs
Resident Scholar
American Enterprise Institute
PNR

What retirement crisis? Andrew Biggs, 46, a resident scholar at the American Enterprise Institute and a former Social Security Administration deputy commissioner, branded fears of a retirement income crisis “imaginary” in a recent Wall Street Journal op-ed. Biggs asserts that the real problem lies with risks taken by state and local governments that could cause systemic damage to a safety net that ultimately is not as effective as it should be. Although Biggs admits, “A lot of people fall through the cracks,” he contends that the alarm over retirement income is often targeted at raising Social Security benefits, which would only reduce incentives to save and leave those truly at risk in the lurch. His solution: a universal retirement benefit not linked to earnings, coupled with defined contribution pensions and elimination of payroll taxes for older workers. Oft-cited numbers suggesting that upwards of 60 percent of people nearing retirement aren’t prepared for it underestimate how much income retirees actually have and overestimate how much they’ll need, Biggs says. His model indicates that the number of retirees in jeopardy is closer to 25 percent.



The 2014 Pension 40
Click name to view profile.
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Bruce Rauner
Illinois
John and
Laura Arnold

Laura and John
Arnold Foundation
Randi Weingarten
American Federation of Teachers
Rahm Emanuel
Chicago
David Boies
Boies, Schiller & Flexner
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10
Randy DeFrehn
National Coordinating Committee for Multiemployer Plans
Damon Silvers
AFL-CIO
Laurence Fink
BlackRock
Chris Christie
New Jersey
Robin Diamonte
United Technologies Corp.
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Ted Eliopoulos
California Public Employees’ Retirement System
John Kline
Minnesota
J. Mark Iwry
U.S. Treasury Department
Gina Raimondo
Rhode Island
Phyllis Borzi
U.S. Labor Department
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Orrin Hatch
Utah
Abigail Johnson
Fidelity Investments
Ted Wheeler
Oregon
Caitlin Long
Morgan Stanley
James Hoffa
International Brotherhood of Teamsters
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25
Amy Kessler
Prudential Financial
Alejandro
García Padilla

Puerto Rico
Christopher Klein
U.S. Bankruptcy Court for the Eastern District of Caifornia
Steven Rhodes
Bankruptcy Court for the Eastern District of Michigan
Kevin de León
California
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David Draine
Pew Charitable Trusts
Jordan Marks
National Public Pension Coalition
Sam Liccardo
California
Joshua Rauh
Stanford Graduate School of Business
Karen Ferguson and Karen Friedman
Pension Rights Center
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Timothy Blake
Moody’s Investors Service
Kathleen Kennedy Townsend
Center for Retirement Initiatives, Georgetown University
Edward (Ted) Siedle
Benchmark Financial Services
Daniel Loeb
Third Point
Judy Mares
Employee Benefits Security Administration, U.S. Labor Department
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Andrew Biggs
American Enterprise Institute
Andy Stern
Columbia University
Kenneth Mehlman
KKR & Co.
Teresa Ghilarducci
New School for Social Research
A. Melissa Moye
U.S. Treasury Department


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