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The Role of Pensions in the Labor Market

Author

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  • Gustman, A.L.
  • Mitchell, O.S.
  • Steinmeier, T.L.

Abstract

Employer-sponsored group pension plans offer an unusual window into long-term employment relationships. This is because the pension promise is documented in a set of explicit statements regarding future payment and employment agreements between workers and their employers. In this paper, we show that recent research on pensions in the labor market offers considerable insight into long-term labor market arrangements. Most importantly. we explore how pensions influence employee compensation. retirement, turnover, and other matters central to the determination of labors' price and quantity over time. A number of unanswered questions. and difficult-to-reconcile empirical findings, are also outlined.
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Suggested Citation

  • 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.
    • Handle: RePEc:fth:corirl:93-07
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    Cited by:

    1. Lamla, Bettina & Coppola, Michela, 2013. "Is it all about access? Perceived access to occupational pensions in Germany," MEA discussion paper series 201312, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    2. Olivia S. Mitchell, "undated". "New Trends in Pension Benefit and Retirement Provisions," Pension Research Council Working Papers 2000-1, Wharton School Pension Research Council, University of Pennsylvania.
    3. Randall K. Filer & Marjorie Honig, 2005. "Endogenous Pensions and Retirement Behavior," Economics Working Paper Archive at Hunter College 410, Hunter College Department of Economics.
    4. Didier Blanchet & Cécile Brousse, 1994. "L'extension de la retraite : quelques approches explicatives," Revue Économique, Programme National Persée, vol. 45(3), pages 775-788.
    5. Drolet, Marie & Morissette, Rene, 1999. "The Evolution of Pension Coverage of Young and Prime-aged Workers in Canada," Analytical Studies Branch Research Paper Series 1999138e, Statistics Canada, Analytical Studies Branch.
    6. Douglas Fore, "undated". "Going Private in the Public Sector: The Transition From Defined Benefit to Defined Contribution Pension Plans," Pension Research Council Working Papers 99-14, Wharton School Pension Research Council, University of Pennsylvania.
    7. Robert L. Clark & Joseph F. Quinn, 1999. "Effects of Pensions on Labor Markets and Retirement," Boston College Working Papers in Economics 431, Boston College Department of Economics.
    8. Tuuli Juurikkala & Olga Lazareva, 2006. "Non-wage benefits, costs of turnover, and labor attachment: evidence from Russian firms," Working Papers w0062, Center for Economic and Financial Research (CEFIR).
    9. Charles Brown, "undated". "Early Retirement Windows," Pension Research Council Working Papers 98-17, Wharton School Pension Research Council, University of Pennsylvania.
    10. Ashok Thomas & Luca Spataro, 2013. "Pension funds and Market Efficiency: A review," Discussion Papers 2013/164, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    11. David McCarthy, 2003. "A Lifecycle Analysis of Defined Benefit Pension Plans," Working Papers wp053, University of Michigan, Michigan Retirement Research Center.
    12. Olivia S. Mitchell & John W.R. Phillips, 2000. "Retirement Responses to Early Social Security Benefit Reductions," NBER Working Papers 7963, National Bureau of Economic Research, Inc.
    13. Ms. Enrica Detragiache, 2003. "Company Pension Plans, Stock Market Returns, and Labor Demand," IMF Working Papers 2003/222, International Monetary Fund.
    14. Andrietti, Vincenzo, 2000. "Occupational pension coverage in the European Union. An empirical analysis," ISER Working Paper Series 2000-14, Institute for Social and Economic Research.
    15. Haynes, Jonathan B. & Sessions, John G., 2013. "Work now, pay later? An empirical analysis of the pension–pay trade off," Economic Modelling, Elsevier, vol. 30(C), pages 835-843.
    16. Drolet, Marie & Morissette, Rene, 1999. "L'evolution de la protection offerte par les pensions aux travailleurs jeunes et plus ages au Canada," Direction des études analytiques : documents de recherche 1999138f, Statistics Canada, Direction des études analytiques.
    17. Olivia S. Mitchell, "undated". "International Models for Pension Reform," Pension Research Council Working Papers 98-5, Wharton School Pension Research Council, University of Pennsylvania.
    18. Sundaram, Rangarajan K. & Yermack, David, 2006. "Pay Me Later: Inside Debt and Its Role in Managerial Compensation," SIFR Research Report Series 43, Institute for Financial Research.
    19. Olivia S. Mitchell, "undated". "Developments in Pensions," Pension Research Council Working Papers 98-4, Wharton School Pension Research Council, University of Pennsylvania.
    20. Alan L. Gustman & Olivia S. Mitchell & Thomas L. Steinmeier, 1994. "Retirement Research Using the Health and Retirement Survey," NBER Working Papers 4813, National Bureau of Economic Research, Inc.
    21. Harley Frazis & Mark A. Loewenstein, 2013. "How Responsive are Quits to Benefits?," Journal of Human Resources, University of Wisconsin Press, vol. 48(4), pages 969-997.
    22. Olivia S. Mitchell & John W.R. Phillips, 2001. "Eligibility for Social Security Disability Insurance," Working Papers wp011, University of Michigan, Michigan Retirement Research Center.

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    More about this item

    Keywords

    PENSION PLANS; EMPLOYMENT;

    JEL classification:

    • 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

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