| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18517 |
| 来源ID | Working Paper 18517 |
| The Effect of Pension Design on Employer Costs and Employee Retirement Choices: Evidence from Oregon | |
| John Chalmers; Woodrow T. Johnson; Jonathan Reuter | |
| 发表日期 | 2012-11-09 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Oregon's Public Employees Retirement System (PERS) is a rich setting in which to study the effect of pension design on employer costs and employee retirement-timing decisions. PERS pays retirees the maximum benefit calculated using three formulas that can be characterized as defined benefit (DB), defined contribution (DC), and a combination of DB and DC. From the employer's perspective, we show that this "maximum benefit" calculation is costly. Average ex post retirement benefits are 54% higher than they if had been calculated using only the DB formula. Monte Carlo simulations verify that the higher cost could have been predicted at the start of our sample period. From the employee's perspective, we show that plan design distorts the retirement-timing decision: employees receiving DC benefits are significantly more likely to retire before the normal retirement age than employees receiving DB benefits. Exploiting two sources of exogenous variation in the level of the DC benefit, we show that employees respond to within-year variation in their retirement incentives and, consistent with peer effects, that they respond more strongly to these incentives when more of their coworkers face similar incentives. Finally, consistent with the emerging literature on financial mistakes by households, we show that a small but significant fraction of retirees would benefit from shifting their retirements by as little as one month. |
| 主题 | Microeconomics ; Economics of Information ; Public Economics ; National Fiscal Issues ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w18517 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576192 |
| 推荐引用方式 GB/T 7714 | John Chalmers,Woodrow T. Johnson,Jonathan Reuter. The Effect of Pension Design on Employer Costs and Employee Retirement Choices: Evidence from Oregon. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18517.pdf（433KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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