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Retirement Incentives: The Interaction between Employer-Provided Pensions, Social Security, and Retiree Health Benefits

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

Proposed changes in the U.S. Social Security provisions include increasing the normal retirement age from 65 to 67 and changing from 3% to 8% the increase in benefits for each year that retirement is delayed after normal retirement. The paper considers the interaction between these changes and the provisions of employer-provided pension plans. For persons with an employer-provided defined benefit plan, the conclusion is that the Social Security changes will have little effect on labor force participation, but that changes in the firm plan - like increasing the early retirement age - would have very large effects on labor force participation.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4613.

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Date of creation: Jan 1994
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Publication status: published as Robin L. Lumsdaine, James H. Stock, David A. Wise. "Retirement Incentives: The Interaction between Employer-Provided Pensions, Social Security, and Retiree Health Benefits," in Michael D. Hurd and Naohiro Yashiro, editors, "The Economic Effects of Aging in the United States and Japan" University of Chicago Press (1996)
Handle: RePEc:nbr:nberwo:4613

Note: AG LS PE
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  1. Burkhauser, Richard V. & Butler, J. S. & Gulcin Gumus, 2003. "Option Value and Dynamic Programming Model Estimates of Social Security Disability Insurance Application Timing," IZA Discussion Papers 941, Institute for the Study of Labor (IZA).
  2. Christopher J. Ruhm, 1994. "Do Pensions Increase the Labor Supply of Older Men?," NBER Working Papers 4925, National Bureau of Economic Research, Inc.
  3. Sergi Jiménez-Martín & José M. Labeaga & Cristina Vilaplana, 2006. "Award Errors and Permanent Disability Benefits in Spain," Working Papers 2006-18, FEDEA.
  4. Ellen R. McGrattan & Richard Rogerson, 2004. "Changes in hours worked, 1950?2000," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Jul, pages 14-33.
  5. Karen Kopecky, 2005. "The Trend in Retirement," Economie d'Avant Garde Research Reports 12, Economie d'Avant Garde.
  6. Kandice Kapinos, 2011. "Changes in Firm Pension Policy: Trends Away from Traditional Defined Benefit Plans," Working Papers 11-36, Center for Economic Studies, U.S. Census Bureau.

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