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An Analysis Of Pension Benefit Formulas, Pension Wealth And Incentives From Pensions

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  • Alan L. Gustman
  • Thomas L. Steinmeier

Abstract

This paper investigates empirical issues related to pensions. It uses the 1983 Survey of Consumer Finances (SCF), a data set with detailed information both on workers and on their pensions. The paper presents new estimates of pension values for various groups. It compares pension values based on relatively complete SCF data with estimates based on incomplete data of the type found in other data sets. It also examines incentives that pensions create for retirement and job mobility, and relates these incentives to plan characteristics. Some findings appear inconsistent with standard explanations for the existence and nature of pensions.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2535.

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Date of creation: Mar 1988
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Handle: RePEc:nbr:nberwo:2535

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References

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  1. Barnow, Burt S & Ehrenberg, Ronald G, 1979. "The Costs of Defined Benefit Pension Plans and Firm Adjustments," The Quarterly Journal of Economics, MIT Press, vol. 93(4), pages 523-40, November.
  2. Bulow, Jeremy I, 1982. "What Are Corporate Pension Liabilities?," The Quarterly Journal of Economics, MIT Press, vol. 97(3), pages 435-52, August.
  3. Zvi Bodie & John B. Shoven & David A. Wise, 1987. "Issues in Pension Economics," NBER Books, National Bureau of Economic Research, Inc, number bodi87-1, October.
  4. Edward P. Lazear & Sherwin Rosen, 1987. "Pension Inequality," NBER Chapters, in: Issues in Pension Economics, pages 341-364 National Bureau of Economic Research, Inc.
  5. Alan L. Gustman & Thomas L. Steinmeier, 1987. "Pensions, Efficiency Wages, and Job Mobility," NBER Working Papers 2426, National Bureau of Economic Research, Inc.
  6. Richard B. Freeman, 1985. "Unions, Pensions, and Union Pension Funds," NBER Chapters, in: Pensions, Labor, and Individual Choice, pages 89-122 National Bureau of Economic Research, Inc.
  7. Laurence J. Kotlikoff & David A. Wise, 1987. "The Incentive Effects of Private Pension Plans," NBER Chapters, in: Issues in Pension Economics, pages 283-340 National Bureau of Economic Research, Inc.
  8. Jeremy I. Bulow, 1981. "Early Retirement Pension Benefits," NBER Working Papers 0654, National Bureau of Economic Research, Inc.
  9. Zvi Bodie & John B. Shoven, 1983. "Financial Aspects of the United States Pension System," NBER Books, National Bureau of Economic Research, Inc, number bodi83-1, October.
  10. Steven G. Allen & Robert L. Clark & Daniel A. Sumner, 1984. "Post-Retirement Adjustments of Pension Benefits," NBER Working Papers 1364, National Bureau of Economic Research, Inc.
  11. Gary S. Fields & Olivia S. Mitchell, 1984. "Retirement, Pensions, and Social Security," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262060914, January.
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Citations

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Cited by:
  1. Olivia S. Mitchell, 1987. "Worker Knowledge of Pension Provisions," NBER Working Papers 2414, National Bureau of Economic Research, Inc.
  2. Alan L. Gustman & Thomas Steinmeier & Nahid Tabatabai, 2007. "Imperfect Knowledge of Pension Plan Type," NBER Working Papers 13379, National Bureau of Economic Research, Inc.
  3. Olivia S. Mitchell, 1990. "The Effects of Mandating Benefits Packages," NBER Working Papers 3260, National Bureau of Economic Research, Inc.
  4. Marjorie Honig & Irena Dushi, 2011. "How much do respondents in the health and retirement study know about their tax-deferred contribution plans? A cross-cohort comparison," Hunter College Department of Economics Working Papers 431, Hunter College: Department of Economics.
  5. 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.
  6. Annamaria Lusardi, 2008. "Household Saving Behavior: The Role of Financial Literacy, Information, and Financial Education Programs," NBER Working Papers 13824, National Bureau of Economic Research, Inc.
  7. Andrew A. Samwick & Jonathan Skinner, 1998. "How Will Defined Contribution Pension Plans Affect Retirement Income?," NBER Working Papers 6645, National Bureau of Economic Research, Inc.
  8. Alan L. Gustman & Thomas L. Steinmeier, 1987. "Pensions, Efficiency Wages, and Job Mobility," NBER Working Papers 2426, National Bureau of Economic Research, Inc.
  9. Palacios, Robert & Whitehouse, Edward, 2006. "Civil-service pension schemes around the world," MPRA Paper 14796, University Library of Munich, Germany.

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