In short, roughly two-fifths of the measured decline in the personal saving rate since 1995 reflects the foregoing NIPA income-accounting conventions. I should emphasize that any accounting adjustments made to personal saving because of changes in the definition of disposable income are exactly offset in business and government saving so that national saving is unaffected.
The increment to personal saving associated with a treatment of the private defined-benefit pension sector as a business profit center would be offset by a decline in corporate profits and business saving.