Employee Preferences for Pension Plan Features
Data from 517 survey respondents were used to analyze the determinants of the shares of a hypothetical $1,000 budget that employees were given to allocate to cash wages and pension plan features involving early retirement, postponed retirement, and inflation protection. Employee preferences for pension plan features generally reflected the potential for pensions to deal with such factors as risk sharing, family life-cycle decision making, and cash constraints, as those factors were related to observable personal and demographic characteristics of employees as well as to their labor market circumstances and wealth embodied in their pension plans. Amongst other implications, our analysis highlights that the demand is greater for early retirement and inflation protection than for postponed retirement, and the demand for early retirement is likely to increase as the work force ages, dual pension families become more prominent, and layoffs and job changing continue.
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Volume (Year): 22 (2001)
Issue (Month): 4 (October)
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