Academic journal article Social Security Bulletin

France Proposes Retirement Savings Funds

Academic journal article Social Security Bulletin

France Proposes Retirement Savings Funds

Article excerpt

After 5 years of debate in France, it appears that a proposed new law on retirement savings is likely to be passed. (For background information, see "Financial Stress Leads France to Weigh Third Tier," Social Security Bulletin, Vol. 57, No. 1 (Spring), 1994, pp. 111-112.) Provisions of this proposed law would allow private sector employees to contribute to private retirement savings as a supplement to the public social security program. Participation in this new program is to be voluntary. All persons covered by social security would be able to contribute. An employee could choose an employersponsored plan, where available, or a plan offered by another employer. In general, there would be no limit on the amount or frequency of employee contributions, although particular plans may set their own rules. Employers may not contribute more than 4 times the employee's contribution. Up to 5 percent of the employee's gross income would be tax free if contributed, while employers' contributions to these plans could be offset against other social security contributions. …

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