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Phasing Into Retirement

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  • Steven G. Allen
  • Robert L. Clark
  • Linda S. Ghent

Abstract

Employers have been launching phased retirement programs to help workers navigate the transition from work to retirement more effectively. This paper examines the experience of the phased retirement system for tenured faculty in the University of North Carolina system. After phased retirement was introduced, there was a sizable increase in the overall separation rate in the system. A multinomial logit model of the retirement decision as a function of pension incentives, employee performance, demographics, and campus characteristics is developed. The key empirical result is that the odds of entering phased retirement are strongly and inversely related to employee performance, as measured by recent pay increases.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 9779.

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Date of creation: Jun 2003
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Publication status: published as Allen, Steven G., Robert L. Clark and Linda S. Ghent. "Phasing Into Retirement," Industrial and Labor Relations Review, 2004, v58(1,Oct), 112-127.
Handle: RePEc:nbr:nberwo:9779

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  1. Gustman, Alan L & Steinmeier, Thomas L, 1986. "A Structural Retirement Model," Econometrica, Econometric Society, vol. 54(3), pages 555-84, May.
  2. Stock, James H & Wise, David A, 1990. "Pensions, the Option Value of Work, and Retirement," Econometrica, Econometric Society, vol. 58(5), pages 1151-80, September.
  3. Ippolito, Richard A, 1985. "The Labor Contract and True Economic Pension Liabilities," American Economic Review, American Economic Association, vol. 75(5), pages 1031-43, December.
  4. Courtney Coile & Jonathan Gruber, 2000. "Social Security and Retirement," NBER Working Papers 7830, National Bureau of Economic Research, Inc.
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Cited by:
  1. Steven G. Allen, 2004. "The Value of Phased Retirement," NBER Working Papers 10531, National Bureau of Economic Research, Inc.
  2. Kenneth T. Whelan & Ronald G. Ehrenberg & Kevin F. Hallock & Ronald L. Seeber, 2011. "Adverse Selection and Incentives in an Early Retirement Program," NBER Working Papers 17538, National Bureau of Economic Research, Inc.
  3. John Pencavel, 2004. "Faculty Retirement Incentives by Colleges and Universities," Discussion Papers 03-028, Stanford Institute for Economic Policy Research.
  4. William Even & David Macpherson, 2004. "Do Pensions Impede Phased Retirement?," Labor and Demography 0407001, EconWPA.
  5. Wadensjö, Eskil, 2006. "Part-Time Pensions and Part-Time Work in Sweden," IZA Discussion Papers 2273, Institute for the Study of Labor (IZA).
  6. Jeff Borland, 2005. "Transitions to Retirement: A Review," Melbourne Institute Working Paper Series wp2005n03, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  7. Robert Hutchens, 2007. "Phased Retirement: Problems and Prospects," Work Opportunity Briefs wob_8, Center for Retirement Research, revised Feb 2007.
  8. Lachowska, Marta & Sundén, Annika & Wadensjö, Eskil, 2009. "The Impact of a Phased Retirement Program: A Case Study," IZA Discussion Papers 4284, Institute for the Study of Labor (IZA).

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