ANNA M. RAPPAPORT is Managing Director of William M. Mercer, Inc., and a Fellow of the Society of Actuaries. She is a consultant to major employers on retirement benefits and the author of numerous journal articles.SYLVESTER J. SCHIEBER is a Vice President of The Wyatt Company and Director of its Research and Information Center in Washington, DC. Dr. Schieber is the author of two books, Retirement Income Opportunities in an Aging America: Coverage and Benefit Entitlement and Social Security: Perspectives on Preserving the System, and a number of journal articles and policy analysis papers.