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Unions, Pension Wealth, and Age-Compensation Profiles

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  • Steven G. Allen
  • Robert L. Clark

Abstract

This paper examines the effect of unions on both the magnitude and distribution of pension benefits. An analysis of experience during 1973–79 under a sample of defined benefit plans shows that beneficiaries retire at an earlier age under collectively bargained plans than under other plans, receive larger benefits when they retire, and receive larger increases in their benefits after they retire. Also, benefit differentials within and across cohorts of retirees are smaller among union than nonunion beneficiaries. The average union-nonunion differential is therefore greater in total compensation (wages plus pension benefits) than in wages alone. Because pension benefits grow more rapidly with years of service in the nonunion sector, however, the total compensation differential narrows with age more quickly than the wage differential.

Suggested Citation

  • Steven G. Allen & Robert L. Clark, 1986. "Unions, Pension Wealth, and Age-Compensation Profiles," ILR Review, Cornell University, ILR School, vol. 39(4), pages 502-517, July.
    • Handle: RePEc:sae:ilrrev:v:39:y:1986:i:4:p:502-517
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    Cited by:

    1. Lu, Yi & Tao, Zhigang & Wang, Yijiang, 2010. "Union effects on performance and employment relations: Evidence from China," China Economic Review, Elsevier, vol. 21(1), pages 202-210, March.
    2. J. Adam Cobb, 2019. "Managing the Conflicting Interests of Workers and Shareholders: Evidence from Pension-Assumption Manipulations," ILR Review, Cornell University, ILR School, vol. 72(3), pages 523-551, May.
    3. Thomas C. Buchmueller & John DiNardo & Robert Valletta, 2004. "A Submerging Labor Market Institution?Unions and the Nonwage Aspects of Work," NBER Chapters, in: Emerging Labor Market Institutions for the Twenty-First Century, pages 231-263, National Bureau of Economic Research, Inc.
    4. Kathleen M. McGarry & Andrew Davenport, 1998. "Pensions and the Distribution of Wealth," NBER Chapters, in: Frontiers in the Economics of Aging, pages 463-486, National Bureau of Economic Research, Inc.
    5. Gustman, A.L. & Mitchell, O.S. & Steinmeier, T.L., 1993. "The Role of Pensions in the Labor Market," Papers 93-07, Cornell - Center for Advanced Human Resource Studies.

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