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Includes: statement of Jose Pinera, Pres. International Center for Pension Reform, & Cochairman, Cato Project on Social Security Privation; & prepared statement of Hon. Nick Smith, a Rep. in Congress from the State of Michigan. Mr. Pinera discusses the change in the retirement system in Chile in 1980, when workers were told that their payroll tax could go into an individual savings account. Now every Chilean worker carries a pension passbook, & every month 10% of his or her wages are deposited in this account to create a large retirement fund.