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The Pension Cost of Changing Jobs

Listed author(s):
  • Steven G. Allen
  • Robert L. Clark
  • Ann A. McDermed

Workers covered by defined benefit pension plans receive lower benefits at retirement if they leave their current job before reaching retirement age. This study estimates the magnitude of this pension loss for workers in the May 1983 supplement of the Current Population Survey, using pension formula estimates from the 1983 Employee Benefit Survey. The pension loss is generally greatest between the ages of 35 and 54 and represents roughly half of a year's earnings for that age group. The loss tends to be quite high in the declining mining and manufacturing sectors. This probably resulted in lower voluntary attrition at a time of massive layoffs and plant closings.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2935.

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Date of creation: Apr 1989
Publication status: published as Research on Aging, vol.10, no.4, pp459-471, December 1988
Handle: RePEc:nbr:nberwo:2935
Note: LS
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