Witnesses: David Koitz, CRS; Jane Ross & Frank Mulvey, GAO; Robert Ball, Nat. Acad. of Social Insur.; Stuart Butler, Heritage Fdn.; Jerry Mashaw, Yale Univ.; Sylvester Schieber, Watson Wyatt Worldwide; C. Eugene Steuerle, Urban Inst.; Edward Gramlich, Univ. of Michigan. Statements by: Steven Cord, Center for the Study of Econ.; Kelly Olsen, Employee Benefit Research Inst.; Pat Miller, KY Teachers Retirement System; Laurence Kotlikoff, Boston Univ., Jeffrey Sachs, Harvard Univ.; National Silver Haired Congress; RobertScott, OPPOSE; & Herbert Dyer, State Teachers Retirement System of Ohio.