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Why Do Pensions Reduce Mobility?

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  • Steven G. Allen
  • Robert L. Clark
  • Ann A. McDermed

Abstract

Previous studies have found that workers who are covered by pensions are much less likely than other workers to leave their jobs, but the evidence on how specific pension characteristics affect turnover is inconclusive. This paper examines how mobility is affected by vesting standards, the compensation level, and the capital loss of pension wealth for job changers. In two different data sets, we find that the capital loss is strongly associated with lower turnover rates, whereas vesting and the compensation level have relatively little impact. Large capital losses are mainly associated with lower layoff rates rather than lower quit rates.

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File URL: http://www.nber.org/papers/w2509.pdf
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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2509.

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Date of creation: Feb 1988
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Publication status: published as Dennis, Barbara D. (ed.) Proceedings of the Fortieth Annual Meeting, Industrial Relations Research Association 1987. Industrial Relations Research, 1988.
Handle: RePEc:nbr:nberwo:2509

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References

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  1. Richard A. Ippolito, 1987. "Why Federal Workers Don't Quit," Journal of Human Resources, University of Wisconsin Press, vol. 22(2), pages 281-299.
  2. Lazear, Edward P, 1979. "Why Is There Mandatory Retirement?," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1261-84, December.
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Cited by:
  1. Ashok Thomas & Luca Spataro, 2013. "Pension funds and Market Efficiency: A review," Discussion Papers 2013/164, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  2. Andrietti, Vincenzo, 2000. "Occupational pensions and interfirm job mobility in the European Union. Evidence from the ECHP survey," ISER Working Paper Series 2000-07, Institute for Social and Economic Research.
  3. Vincenzo Andrietti, 2004. "Pension Choices And Job Mobility In The Uk," Economics Working Papers we043713, Universidad Carlos III, Departamento de Economía.
  4. Vincenzo Andrietti & Vincent Hildebrand, 2004. "Evaluating Pension Portability Reforms. The Tax Reform Act Of 1986 As A Natural Experiment," Economics Working Papers we045220, Universidad Carlos III, Departamento de Economía.
  5. Andrietti, Vincenzo & Hildebrand, Vincent, 2001. "Pension Portability and Labour Mobility in the United States. New Evidence from SIPP Data," IRISS Working Paper Series 2001-03, IRISS at CEPS/INSTEAD.
  6. Robin L. Lumsdaine & David A. Wise, 1994. "Aging and Labor Force Participation: A Review of Trends and Explanations," NBER Chapters, in: Aging in the United States and Japan: Economic Trends, pages 7-42 National Bureau of Economic Research, Inc.

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