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Pension Underfunding and Liberal Retirement Benefits Among State and Local Government Workers

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  • Johnson, Richard W.
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    Abstract

    Finds evidence that the relative generosity of pensions among state and local government workers is related to the ability to underfund public employee retirement plans. Shows a strong, positive relationship among underfunding levels, individual pension wealth, and taxpayer mobility.

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    Bibliographic Info

    Article provided by National Tax Association in its journal National Tax Journal.

    Volume (Year): 50 (1997)
    Issue (Month): 1 (March)
    Pages: 113-42

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    Handle: RePEc:ntj:journl:v:50:y:1997:i:no._1:p:113-42

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Smith, Robert Stewart, 1981. "Compensating Differentials for Pensions and Underfunding in the Public Sector," The Review of Economics and Statistics, MIT Press, vol. 63(3), pages 463-68, August.
    2. Ureta, Manuelita, 1992. "The Importance of Lifetime Jobs in the U.S. Economy, Revisited," American Economic Review, American Economic Association, vol. 82(1), pages 322-35, March.
    3. Ronald G. Ehrenberg, 1980. "Retirement system characteristics and compensating wage differentials in the public sector," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 33(4), pages 470-483, July.
    4. Hutchens, Robert M, 1987. "A Test of Lazear's Theory of Delayed Payment Contracts," Journal of Labor Economics, University of Chicago Press, vol. 5(4), pages S153-70, October.
    5. Zvi Bodie, 1989. "Pensions as Retirement Income Insurance," NBER Working Papers 2917, National Bureau of Economic Research, Inc.
    6. Johnson, Richard W, 1996. "The Impact of Human Capital Investments on Pension Benefits," Journal of Labor Economics, University of Chicago Press, vol. 14(3), pages 520-54, July.
    7. Don Bellante & Albert N. Link, 1981. "Are public sector workers more risk averse than private sector workers?," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 34(3), pages 408-412, April.
    8. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
    9. Lazear, Edward P, 1979. "Why Is There Mandatory Retirement?," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1261-84, December.
    10. Hutchens, Robert M, 1989. "Seniority, Wages and Productivity: A Turbulent Decade," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 49-64, Fall.
    11. Woodbury, Stephen A, 1983. "Substitution between Wage and Nonwage Benefits," American Economic Review, American Economic Association, vol. 73(1), pages 166-82, March.
    12. Bulow, Jeremy I, 1982. "What Are Corporate Pension Liabilities?," The Quarterly Journal of Economics, MIT Press, vol. 97(3), pages 435-52, August.
    13. Ippolito, Richard A, 1985. "The Labor Contract and True Economic Pension Liabilities," American Economic Review, American Economic Association, vol. 75(5), pages 1031-43, December.
    14. Quinn, Joseph F, 1982. "Pension Wealth of Government and Private Sector Workers," American Economic Review, American Economic Association, vol. 72(2), pages 283-87, May.
    15. Dorsey, Stuart, 1987. "The Economic Functions of Private Pensions: An Empirical Analysis," Journal of Labor Economics, University of Chicago Press, vol. 5(4), pages S171-89, October.
    16. Inman, Robert P., 1982. "Public employee pensions and the local labor budget," Journal of Public Economics, Elsevier, vol. 19(1), pages 49-71, October.
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    Cited by:
    1. Sprunger, Philip & Wilson, John Douglas, 1998. "Imperfectly Mobile Households and Durable Local Public Goods: Does the Capitalization Mechanism Work?," Journal of Urban Economics, Elsevier, vol. 44(3), pages 468-492, November.

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