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An Analysis Of Pension Benefit Formulas, Pension Wealth And Incentives From Pensions

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  • Alan L. Gustman
  • Thomas L. Steinmeier

Abstract

This paper investigates empirical issues related to pensions. It uses the 1983 Survey of Consumer Finances (SCF), a data set with detailed information both on workers and on their pensions. The paper presents new estimates of pension values for various groups. It compares pension values based on relatively complete SCF data with estimates based on incomplete data of the type found in other data sets. It also examines incentives that pensions create for retirement and job mobility, and relates these incentives to plan characteristics. Some findings appear inconsistent with standard explanations for the existence and nature of pensions.

Suggested Citation

  • Alan L. Gustman & Thomas L. Steinmeier, 1988. "An Analysis Of Pension Benefit Formulas, Pension Wealth And Incentives From Pensions," NBER Working Papers 2535, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:2535
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    References listed on IDEAS

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    1. Wise, David A., 1985. "Pensions, Labor, and Individual Choice," National Bureau of Economic Research Books, University of Chicago Press, number 9780226902937, December.
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    10. Zvi Bodie & John B. Shoven, 1983. "Financial Aspects of the United States Pension System," NBER Books, National Bureau of Economic Research, Inc, number bodi83-1, July.
    11. Laurence J. Kotlikoff & David A. Wise, 1987. "The Incentive Effects of Private Pension Plans," NBER Chapters, in: Issues in Pension Economics, pages 283-340, National Bureau of Economic Research, Inc.
    12. Zvi Bodie & John B. Shoven & David A. Wise, 1987. "Issues in Pension Economics," NBER Books, National Bureau of Economic Research, Inc, number bodi87-1, July.
    13. Jeremy I. Bulow, 1982. "What are Corporate Pension Liabilities?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 97(3), pages 435-452.
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    Citations

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    Cited by:

    1. Alan L. Gustman & Thomas Steinmeier & Nahid Tabatabai, 2007. "Imperfect Knowledge of Pension Plan Type," NBER Working Papers 13379, National Bureau of Economic Research, Inc.
    2. Gary V. Engelhardt & Anil Kumar, 2007. "Employer Matching and 401(k) Saving: Evidence from the Health and Retirement Study," NBER Chapters, in: Public Policy and Retirement, Trans-Atlantic Public Economics Seminar (TAPES), pages 1920-1943, National Bureau of Economic Research, Inc.
    3. Andrew A. Samwick & Jonathan Skinner, 1998. "How Will Defined Contribution Pension Plans Affect Retirement Income?," NBER Working Papers 6645, National Bureau of Economic Research, Inc.
    4. palacios, Robert & Whitehouse, Edward, 2006. "Civil-service pension schemes around the world," Social Protection Discussion Papers and Notes 90340, The World Bank.
    5. Marjorie Honig & Irena Dushi, 2011. "How much do respondents in the health and retirement study know about their tax-deferred contribution plans? A cross-cohort comparison," Economics Working Paper Archive at Hunter College 431, Hunter College Department of Economics.
    6. Annamaria Lusardi, 2008. "Household Saving Behavior: The Role of Financial Literacy, Information, and Financial Education Programs," NBER Working Papers 13824, National Bureau of Economic Research, Inc.
    7. Mitchell, Olivia S, 1988. "Worker Knowledge of Pension Provisions," Journal of Labor Economics, University of Chicago Press, vol. 6(1), pages 21-39, January.
    8. 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.
    9. G L Clark, 1990. "Restructuring, Workers' Pension Rights, and the Law," Environment and Planning A, , vol. 22(2), pages 149-168, February.
    10. Gary V. Engelhardt, 2000. "Have 401(k)s Raised Household Saving? Evidence from the Health and Retirement Study," Social and Economic Dimensions of an Aging Population Research Papers 33, McMaster University.
    11. Irena Dushi & Marjorie Honig, 2008. "How Much Do Respondents in the Health and Retirement Study Know About Their Tax-deferred Contribution Plans? A Crosscohort Comparison," Working Papers wp201, University of Michigan, Michigan Retirement Research Center.
    12. Olivia S. Mitchell, 1990. "The Effects of Mandating Benefits Packages," NBER Working Papers 3260, National Bureau of Economic Research, Inc.
    13. Alan L. Gustman & Thomas L. Steinmeier, 1987. "Pensions, Efficiency Wages, and Job Mobility," NBER Working Papers 2426, National Bureau of Economic Research, Inc.

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