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Retirement, retention, recruitment: Evidence from a federal pension policy

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  • Wilson, Brock M.

Abstract

I exploit a policy change for U.S. federal workers’ pension benefits to estimate the effect of pension generosity on worker retirement, retention and recruitment. The policy increased pensions by 16%–25%. I find there is a 30.3% decrease in job quits for permanent workers. However, there is little evidence that pension generosity has an effect on new hires. This suggests salience may play a role in how workers value pensions. Additionally, I find a large heterogeneous labor supply response to pension generosity. Altogether, this shows that pension generosity is effective in retaining workers and may have important implications for workforce planning.

Suggested Citation

  • Wilson, Brock M., 2025. "Retirement, retention, recruitment: Evidence from a federal pension policy," Labour Economics, Elsevier, vol. 97(C).
    • Handle: RePEc:eee:labeco:v:97:y:2025:i:c:s0927537125001368
    DOI: 10.1016/j.labeco.2025.102812
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    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H75 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Government: Health, Education, and Welfare
    • H32 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Firm

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