MFS Investment Management Chairman Robert Pozen detailed his "progressive indexing" proposal before the Senate Finance Committee in Washington on Tuesday, claiming it could close the long-term deficit dilemma confronting Social Security by more than 70%.

Laid out initially to the Boston financial press after President Bush issued his State of the Union appeal for solutions to ensure solvency of the 75-year-old government-sponsored pension fund, Pozen's proposal has been gaining traction in recent weeks.

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