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The Value of Phased Retirement

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  • Steven G. Allen

Abstract

This paper examines how phased retirement plans in higher education create value for both the institution and individual faculty, based upon evidence from the Survey of Changes in Faculty Retirement Policies and an in-depth case study of the University of North Carolina system. Faculty benefit by receiving improved opportunities for part-time work and by having the ability to make a smoother transition to retirement. The policy is clearly of great value to the 25 to 35 percent of UNC faculty who opt for phased over full retirement. The biggest payoff to the university is an increase in the odds that low-performing faculty will start the retirement process earlier. Universities also anticipate increased flexibility in managing faculty employment and compensation; phased retirement is most likely to be observed on campuses where a high percentage of faculty has tenure.

Suggested Citation

  • Steven G. Allen, 2004. "The Value of Phased Retirement," NBER Working Papers 10531, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:10531
    Note: AG LS
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    File URL: http://www.nber.org/papers/w10531.pdf
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    References listed on IDEAS

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    1. Steven G. Allen & Robert L. Clark & Linda S. Ghent, 2003. "Phasing Into Retirement," NBER Working Papers 9779, National Bureau of Economic Research, Inc.
    2. John Pencavel, 2005. "Faculty retirement incentives by colleges and universities," Chapters, in: Robert L. Clark & Jennifer Ma (ed.), Recruitment, Retention and Retirement in Higher Education, chapter 10, Edward Elgar Publishing.
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    Cited by:

    1. Wadensjö, Eskil, 2006. "Part-Time Pensions and Part-Time Work in Sweden," IZA Discussion Papers 2273, Institute of Labor Economics (IZA).
    2. Lachowska, Marta & Sundén, Annika & Wadensjö, Eskil, 2009. "The Impact of a Phased Retirement Program: A Case Study," IZA Discussion Papers 4284, Institute of Labor Economics (IZA).

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    More about this item

    JEL classification:

    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • J4 - Labor and Demographic Economics - - Particular Labor Markets

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