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The Pension Cost of Changing Jobs

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

Abstract

Workers covered by defined benefit pension plans receive lower benefits at retirement if they leave their current job before reaching retirement age. This study estimates the magnitude of this pension loss for workers in the May 1983 supplement of the Current Population Survey, using pension formula estimates from the 1983 Employee Benefit Survey. The pension loss is generally greatest between the ages of 35 and 54 and represents roughly half of a year's earnings for that age group. The loss tends to be quite high in the declining mining and manufacturing sectors. This probably resulted in lower voluntary attrition at a time of massive layoffs and plant closings.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2935.

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Date of creation: Apr 1989
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Publication status: published as Research on Aging, vol.10, no.4, pp459-471, December 1988
Handle: RePEc:nbr:nberwo:2935

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Cited by:
  1. Leora Friedberg & Michael T. Owyang, 2004. "Explaining the evolution of pension structure and job tenure," Working Papers, Federal Reserve Bank of St. Louis 2002-022, Federal Reserve Bank of St. Louis.
  2. Robert L. Clark & Joseph F. Quinn, 1999. "Effects of Pensions on Labor Markets and Retirement," Boston College Working Papers in Economics, Boston College Department of Economics 431, Boston College Department of Economics.
  3. Friedberg Leora & Owyang Michael T & Sinclair Tara M, 2006. "Searching For Better Prospects: Endogenizing Falling Job Tenure and Private Pension Coverage," The B.E. Journal of Economic Analysis & Policy, De Gruyter, De Gruyter, vol. 6(1), pages 1-42, August.
  4. Kenneth Trager & James Francis & Kevin SigRist, . "Florida's Public Pension Reform Debate: A Discussion of the Issues and Estimates of the Option Costs," Pension Research Council Working Papers, Wharton School Pension Research Council, University of Pennsylvania 99-23, Wharton School Pension Research Council, University of Pennsylvania.
  5. Alicia H. Munnell & Steven A. Sass, 2007. "The Labor Supply of Older Americans," Working Papers, Center for Retirement Research at Boston College wp2007-12, Center for Retirement Research, revised Jun 2007.
  6. Steven G. Allen & Robert L. Clark & Ann A. McDermed, 1991. "Pensions, Bonding, and Lifetime Jobs," NBER Working Papers 3688, National Bureau of Economic Research, Inc.

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