Retirement and the Evolution of Pension Structure
AbstractDefined benefit pension plans have become considerably less common since the early 1980s, while defined contribution plans have spread. Previous research showed that defined benefit plans, with sharp incentives encouraging retirement after a certain point, contributed to the striking postwar decline in American retirement ages. In this paper we find that the absence of age-related incentives in defined contribution plans leads workers to retire almost two years later on average, compared to workers with defined benefit plans. Thus, the evolution of pension structure can help explain recent increases in employment among people in their 60s, after decades of decline.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 9999.
Date of creation: Sep 2003
Date of revision:
Publication status: published as Friedberg, Leora and Anthony Webb. "Retirement and the Evolution of Pension Structure." Journal of Human Resources 40, 2 (Spring 2005): 281-308.
Note: AG LS
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Other versions of this item:
- J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
- J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-07-18 (All new papers)
- NEP-LAB-2004-07-18 (Labour Economics)
- NEP-RMG-2003-09-28 (Risk Management)
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