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Pension Plan Provisions and Retirement: Men & Women, Medicare, and Models

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  • Robin L. Lumsdaine
  • James H. Stock
  • David A. Wise

Abstract

The ongoing analysis of the effects of pension plan provisions on retirement is pursued in this paper. A primary objective of this paper is to test the validity of models previously developed and estimated with data from a Fortune 500 company, here using data from a second large company. The evidence confirms that changes in the retirement rates by age correspond closely to provisions of the firm pension plan. There is essentially no difference in the retirement behavior of men and women. As in previous work, it is found that simpler "option value model" of retirement yields very similar results to the considerably more complex stochastic dynamic programming specification. Both fit the data well and predict rather well the effect on retirement of a special retirement window plan, Some consideration is also given to the effects of firm health insurance and median coverage on retirement.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4201.

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Date of creation: Oct 1992
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Publication status: published as Robin L. Lumsdaine & James H. Stock & David A. Wise, 1994. "Pension Plan Provisions and Retirement: Men and Women, Medicare, and Models," NBER Chapters, in: Studies in the Economics of Aging, pages 183-222 National Bureau of Economic Research, Inc.
Handle: RePEc:nbr:nberwo:4201

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  1. Robin L. Lumsdaine & James H. Stock & David A. Wise, 1992. "Three Models of Retirement: Computational Complexity versus Predictive Validity," NBER Chapters, National Bureau of Economic Research, Inc, in: Topics in the Economics of Aging, pages 21-60 National Bureau of Economic Research, Inc.
  2. Edward P. Lazear, 1982. "Pensions as Severance Pay," NBER Working Papers 0944, National Bureau of Economic Research, Inc.
  3. Lumsdaine, Robin L. & Stock, James H. & Wise, David A., 1990. "Efficient windows and labor force reduction," Journal of Public Economics, Elsevier, Elsevier, vol. 43(2), pages 131-159, November.
  4. Jeremy I. Bulow, 1981. "Early Retirement Pension Benefits," NBER Working Papers 0654, National Bureau of Economic Research, Inc.
  5. John P. Rust, 1989. "A Dynamic Programming Model of Retirement Behavior," NBER Chapters, National Bureau of Economic Research, Inc, in: The Economics of Aging, pages 359-404 National Bureau of Economic Research, Inc.
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