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Worker Knowledge of Pension Provisions

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Author Info
Olivia S. Mitchell

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Abstract

This paper evaluates the quality of workers' information regarding pension offerings using both administrative records and worker reports of pension provisions. Missing and misinformation proves to be widespread. Unionized employees, higher income workers and those in large firms, the better educated, and those with greater seniority are better informed about their pensions. There are also demographic differences: nonwhites have less pension knowledge than whites, but women are better informed than men along several pension dimensions. Myopia about pension incentive structures is troubling since workers may save or consume suboptimally, change jobs, or retire earlier than they would have if equipped with better pension information. The prevalence of missing data should also be troubling to empirical pension analysts using data sets reporting workers' assessments of pension provisions.

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Publisher Info
Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2414.

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Date of creation: Oct 1987
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Handle: RePEc:nbr:nberwo:2414

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References listed on IDEAS
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.:
  1. Olivia S. Mitchell & Gary S. Fields, 1981. "The Effects of Pensions and Earnings on Retirement: A Review Essay," NBER Working Papers 0772, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Ronald G. Ehrenberg, 1980. "Retirement system characteristics and compensating wage differentials in the public sector," Industrial and Labor Relations Review, ILR Review, ILR School, Cornell University, vol. 33(4), pages 470-483, July.
  3. Olivia S. Mitchell & Rebecca A. Luzadis, 1985. "Firm-Level Policy Toward Older Workers," NBER Working Papers 1579, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Steven G. Allen & Robert L. Clark, 1985. "Unions, Pension Wealth, and Age-Compensation Profiles," NBER Working Papers 1677, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Gary S. Fields & Olivia S. Mitchell, 1984. "Retirement, Pensions, and Social Security," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262060914.
  6. Mellow, Wesley & Sider, Hal, 1983. "Accuracy of Response in Labor Market Surveys: Evidence and Implications," Journal of Labor Economics, University of Chicago Press, vol. 1(4), pages 331-44, October. [Downloadable!] (restricted)
  7. Duncan, Greg J & Hill, Daniel H, 1985. "An Investigation of the Extent and Consequences of Measurement Error in Labor-Economic Survey Data," Journal of Labor Economics, University of Chicago Press, vol. 3(4), pages 508-32, October. [Downloadable!] (restricted)
  8. Silvana Pozzebon & Olivia S. Mitchell, 1986. "Married Women's Retirement Behavior," NBER Working Papers 2104, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  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. [Downloadable!] (restricted)
  10. Laurence J. Kotlikoff & David A. Wise, 1987. "The Incentive Effects of Private Pension Plans," NBER Working Papers 1510, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Edward P. Lazear & Sherwin Rosen, 1984. "Pension Inequality," NBER Working Papers 1477, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    • Edward P. Lazear & Sherwin Rosen, 1987. "Pension Inequality," NBER Chapters, in: Issues in Pension Economics, pages 341-364 National Bureau of Economic Research, Inc. [Downloadable!]
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