Question: Privatization: What is a Voluntary Personal Retriement Account?
Answer: Among the proposals being considered, one suggests modeling a personal savings account plan for Social Security after the federal government's Thrift Savings Plan for federal employees and members of Congress.
This plan provides a choice of five diversified, low-cost mutual funds, which workers can contribute to.
After retirement, these workers would receive smaller Social Security benefits because it is expected that some of their retirement income would come from these funds.