Chile was the pioneer country in replacing a defined-benefit, unfunded, paygo pension system managed by the State for a defined-contribution, fully funded, capitalization pension system managed by the private sector.  Year the law was approved: 1980 (November 4) Year the PRA system began to operate: 1981 (May 1) Workers with a PRA:  8.2 M. (Dec. 2010) Accumulated funds in PRA system: US$ 180.000 M. (Dec. 2010) Average annual return of funds: 9,25% on top of inflation (1991-2010) OpEd: Retiring in Chile by José Piñera Book: "El Cascabel al Gato" by José Piñera. Here a summary in English. Essay: Empowering Workers by José Piñera.