Retirement Lit Review - Final

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INTRODUCTION AND BACKGROUND INFORMATION for Retirement Literature: An Interdisciplinary Review of Preretirement Influences on Attitudes and Decisions regarding Retirement by Linda Smith Brothers, ASA, EA, Ph. D. Candidate This Excel workbook is part of the above named project, and provides supplementary information to the report of the same name. It contains an extensive Bibliography of research and practitioner articles published since 1990 on the topic of preretirement influences on attitudes and decisions regarding retirement. A description of the specific categories covered or variables addressed by the articles listed is provided below. This workbook also contains an indepth review of 60 articles. A summary of each article, including a summary of findings, list of dependent variables and hypotheses, theoretical support, type of analysis, and data detail, is provided on the Review worksheet. The Bibliography worksheet is designed to be used by others for future reference and research purposes, and thus can be searched by several means. It is currently listed in the standard alphabetical order by author (column L). However, if you wish to search by year, simply highlight the entire field (column A through M, row 8 through 719), select Data, then Sort (from the Excel toolbar), and choose to sort by column M. If you wish to see only topics addressing a specific category, highlight the entire field, select Data, then Sort, and choose to sort by the one appropriate column A through K in descending order. For example, if you wish to see the list of articles addressing the effect of employer-sponsored pension plans on employee satisfaction (category b, see below), highlight the entire field, select Data, then Sort, and choose to sort by column B in descending order; those articles addressing the effect of employer-sponsored pension plans on employee satisfaction will appear at the top of the list. Description of Article Variables Addressed by Each Category Employee Understanding and Knowledge about employer-sponsored pension plans Effects of Pension Plans on Employee Satisfaction, which contains articles addressing the influence that provision of employer-sponsored pension plans has on employee satisfaction Effects of Pension Plans on Other Employee Attitudes and Behaviors, which contains articles addressing the influences, other than on employee satisfaction, that provision of employer-sponsored pension plans have on employee attitudes and behaviors (e. g., turnover, intent to turnover, bridge employment). Normal Retirement Decisions, which contains articles updating normal retirement trends and addressing the items that have been shown to influence normal retirement decisions, including employer-sponsored pension plans, government-sponsored plans, health, marital status, etc. Normal retirement is assumed to be at age 65 or later. Early Retirement Decisions, which contains articles updating early retirement trends and addressing the items that have been shown to influence early retirement decisions, including employer-sponsored pension plans, government-sponsored plans, health, marital status, etc. Early retirement is assumed to be at ages before 65. Plan Participation Decisions, which contains articles addressing participant wealth accumulation, including decisions to save and/or to participate in employer-sponsored voluntary-contribution-type plans (i.e., 401(k)) Effects of Health, which includes articles addressing the influence of health on the retirement decision and/or the influence of health care costs on the retirement decision Differences by age groups or cohorts, which contains articles that discuss the difference in retirment trends and the difference in items that influence those trends by age group or by age cohort. Effects of DB as compared to DC Employer-Sponsored Pension Plans, which includes articles addressing the different effects of defined benefit as compared to defined contribution type plans on the retirement decision and/or on employee attitudes and behaviors. Stock held as Retirement Investment, which contains articles addressing employee and/or sponsored-plan characteristics that influence participant investment decisions, either in stock in general or in employer stock specifically. Demographic Influences, which includes articles addressing the influence of gender, marital status, race or ethnicity, and/or other demographic characteristics on the retirement decision.
RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

Topics Addressed
BIBLIOGRAPHY Abadie, A. (2000), Semiparametric Extimation of Instrumental Variable Models for Causal Effects, NBER Working Paper (www.nber.org/papers) Working Paper # t0260 (2000) Adams, G. A. and Beehr, T. A. (1998), Turnover and Retirement: A Comparison of their Similarities and Differences, Personnel Psychology (1998, 51) pg. 643-665 Agnew, J., Balduzzi, P., and Sunden, A. (2000), Portfolio Choice, Trading, and Returns in a Large 401(k) Plan, Center for Retirement Research, Working Paper 2000-06 (2000, 06) Ahituv, A. and Zeira, J. (2001), Technical Progress and Early Retirement, Hebrew University of Jerusalem (2001)
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Allen, S. G. (2004), The value of phased retirement, NBER Working Paper Series, Working Paper # 10531, May, 2004
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Allen, S. G., Clark, R. L., and McDermed, A. A. (1993), Pensions, Bonding, and Lifetime Jobs, Journal of Human Resources (1993, 28) pg. 463 - 481 Allen, S. G., Clark, R. L., Ghent, L. S. (2003), Phasing into Retirement, NBER Working Paper (www.nber.org/papers) Working Paper # 9779 (June, 2003) Alpert, W. T. and Woodbury, S. A. (2000), Employee Benefits, Labor Markets in Canada and the United States, W. E. Upjohn Institute, ISBN 0-88099-205-0 (2000) Altman, D. (2002), Planning; Ready to Quit, but Deep in Debt, New York Times on the Web, (3/12/2002), pp. 11
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American Association of Retired Persons (1999), Baby Boomers Envision their retirement: An AARP segmentation analysis, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) (Feb., 1999) American Association of Retired Persons (2000), Investor Understanding of Broker Account Statements: Findings from a Survey, American Association of Retired Persons (research.aarp.org/consume/listchron.html) (Oct., 2000)
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American Association of Retired Persons (2002), Beyond 50: Summary Tables and Charts, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) (May, 2002) k American Association of Retired Persons (2002), Staying ahead of the curve: The AARP Work and Career Study, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) (Sept., 2002) American Association of Retired Persons (2003), 2003 Consumer Experience Survey: Insights on consumer credit behavior, fraud, and financial planning, American Association of Retired Persons (research.aarp.org/consume/listchron.html) (Oct., 2003)
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American Association of Retired Persons (2003), Staying ahead of the curve 2003: The AARP working in retirement study, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) (Sept., 2003) Page 3
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BIBLIOGRAPHY Article Yr American Association of Retired Persons (2004), Investor Perceptions and Preferences toward selected stock market conditions and 2004 practices: An AARP Survey of stock owners ages 50 and older, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) (Feb., 2004) Ameriks, J. (2000), Using Retirement Planning Software to assess Americans' preparedness for Retirement: An Update, Benefits Quarterly 2000 (16, 4), (2000, 4th quarter) Ameriks, J. (2001), Assessing Retirement Preparedness with Planning Software: 1998 Update, Benefits Quarterly (17, 4), (2001, 4th quarter) An, M. Y., Christensen, B. J., and Gupta, N. D. (1999), Retirement Incentives and Couples' Retirement Decision, Working Paper Centre for Labour Market and Social Research, Working Paper # 99 - 10 Anand, V. (2003), Plan sponsors limit 401(k) plan trades, Pensions & Investments, (31: 22) (Oct. 27, 2003), pp. 1 - 5 2001
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Anderson, P. M., Gustman, A. L., and Steinmeier, T. L. (1999), Trends in Male Labor Force Participation and Retirement: Some Evidence on the Role of Pensions and Social Security in the 1970s and 1980s, Journal of Labor Economics (1999, 17, 4) pg. 757-783 and NBER Working Paper (www.nber.org/papers) Working Paper # 6208 (Oct., 1997) Asch, B. J. and Warner, J. T. (1999), Separation and Retirement Incentives in the Federal Civil Service, RAND National Defense Research Institute, ISBN # 0-8330-2689-5 Asch, B. J. and Warner, J. T. (2000), The Thrift Savings Plan: Will Reservists Participate?, RAND Documented Briefing, ISBN # 0-83302871-5 Asch, B. J. and Warner, J. T. (2001), An Examination of the Effects of Voluntary Separation Incentives, RAND National Defense Research Institute, ISBN # 0-8330-2566-X Asch, B., Haider, S., and Zissimopoulos, J. (2002), The Retirement Behavior of Federal Civil Service Workers, RAND
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Asch, B., Haider, S., and Zissimopoulos, J. (2003), The Effects of Workforce-Shaping Incentives on Civil Service Retirements, RAND Documented Briefing, ISBN # 0-8330-3352-2 (2003) Ashenfelter, O. and Card, D. (2001), Did the Elimination of Mandatory Retirement Affect Faculty Retirement Flows?, NBER Working Paper (www.nber.org/papers) Working Paper # 8378 (July, 2001) Autor, D. H. and Duggan, M. G. (2002), The Rise in Disability Recipiency and the Decline in Unemployment, Center for Retirement Research, Working Paper # 2002-07 (Sept. 2002) Bajtelsmit, V. and Bernasek, A. (2001), Risk Preferences and the Investment Decision of Older Americans, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. 2001-11 (June, 2001) Bajtelsmit, V. and Jianakoplos, N. A. (2001), Household Stock Investing: Inside versus Outside the Retirement Plan, Benefits Quarterly (17: 2) (2001, 2nd Quarter), pp. 49 - 60 Page 4
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BIBLIOGRAPHY Baker, M. (2002), The Retirement Behavior of Married Couples: Evidence from the Spouse's Allowance, NBER Working Paper (www.nber.org/papers) Working Paper # 7138 (May, 1999) or The Journal of Human Resources (37, 1) (2002), pp. 1 - 34 Baker, M. and Benjamin, D. (1999), Early Retirement Provisions and the Labor Force Behavior of Older Men: Evidence from Canada, Journal of Labor Economics (1999, 17, 4) pg. 724 - 756
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Baker, M. and Benjamin, D. (1999), How do retirement tests affect the labor supply of older men?, Journal of Public Economics (71,1) pg. 27 - 51
1999
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Baker, M., Gruber, J., and Mulligan, K. (2001), The Retirement Incentive Effects of Canada's Income Security Programs, NBER Working Paper (www.nber.org/papers) Working Paper # 8658 (Dec., 2001) Baker, M., Gruber, J., and Mulligan, K. (2003), Simulting the Response to Reform of Canada's Income Security Programs, NBER Working Paper (www.nber.org/papers) Working Paper # 9455 (Jan., 2003) Bakker, G. S. (1999), Employers' investment education efforts are paying off, trust officer says, Employee Benefit Plan Review (53: 7) (Jan., 1999), pp. 10 - 12
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Banks, J., Blundell, R., and Smith, J. P. (2003), Understanding Differences in Household Financial Wealth between the United States and Great Britain, Journal of Human Resources (38, 2) pg. 241 - 79 Barber, A. E., Dunham, R. B., and Formisano, R. A. (1992), The impact of flexible benefits on employee satisfaction: A field study, Personnel Psychology (1992, 45) Barber, B. M. and Odean, T. (2001), Boys will be boys: Gender, Overconfidence and Common Stock Investment, Quarterly Journal of Economics (116: 1), (2001), pp. 261 - 292 Bartel, A. P. and Sicherman, N. (1993), Technological Change and Retirement Deci-sions of Older Workers, Journal of Labor Economics (1993, 11,1) 13 Bassett, W. F. and Lumsdaine, R. L. (2001), Probability limits: Are subjective assessments adequately accurate?, The Journal of Human Resources (36, 2), pp. 327 - 363
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Bassett, W. F., Fleming, M. J., and Rodrigues, A. P. (1998), How workers use 401(k) plans: The participation, contribution, and withdrawal decisions., National Tax Journal (LI, 2) pg. 263-289 k Baum, C. L., Hannah, R. L., and Ford, W. F. (2002), The effect of the Senior Citizens' Freedom to Work Act of 2000 on employer-provided pension and medical plans, Benefits Quarterly (18, 2), pp. 65 - 72 Bayer, P. J., Bernheim, B. D., and Scholz, J. K. (1996), The Effects of Financial Education in the Workplace: Evidence from a Survey of Employers, NBER Working Paper Series, Working Paper #5655 (July, 1996)
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Topics Addressed
BIBLIOGRAPHY Beedon, L. (1998), Social Security Reform: The Thrift Savings Plan for Federal Employees, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ., IB33 (July, 1998) Benartzi, S. (2001), Excessive Extrapolation and the Allocation of 401(k) Accounts to Company Stock, The Journal of Finance (2001, 56, 5) pg. 1747 - 1764
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Benitez-Silva, H. (2002), Job Search Behavior at the end of the Life Cycle, Center for Retirement Research, Working Paper # 2002-10 (Dec., 2002) Benitez-Silva, H. (2000), Micro Determinants of Labor Force Status Among Older Americans, SUNY at Stony Brook (Sept., 2000)
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Benitez-Silva, H. and Dwyer, D. S. (2003), What to expect when you are Expecting Rationality: Testing Rational Expectations using Micro Data, SUNY at Stony Brook (2003) Berger, L. (2001), When Do You Retire? Here are 6 answers, New York Times on the Web, (3/21/2001), pp. 11
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Bergmann, T. J., Bergmann, M. A., and Grahn, J. L. (1994), How Important are Employee Benefits to Public Sector Employees, Public Personnel Management (1994, 23, 3) pg. 397 - 406 Bergstresser, D. and Poterba, J. (2002), Asset Allocation and Asset Location: Household Evidence from the Survey of Consumer Finances, NBER Working Paper (www.nber.org/papers) Working Paper # 9268 (Oct., 2002) Berkovec, J. C. and Stern, S. (1991), Job Exit Behavior of Older Men, Econometrica (59: 1), (Jan., 1991), pp. 189 - 210
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Bernheim, B. D. (1992), Will the Baby Boom be ready for Retirement?, Technical Report, Merrill Lynch, Princeton, N. J.
1992
Bernheim, B. D. (1999) Taxation and Saving, NBER Working Paper, (www.nber.org/papers) Working Paper # 7061 (March, 1999)
1999
Bernheim, B. D. and Garrett, D. M. (1996), The Determinants and Consequences of Financial Education in the Workplace: Evidence from a Survey of Households, NBER Working Series, Working Paper #5667 (July, 1996) Bernheim, B. D. and Scholz, J. K. (1993), Private Saving and Public Policy in Tax Policy and the Economy, Volume 7, ed. Poterba, J. M., pp. 73 - 110
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Bernheim, B. D., Forni, L., Gokhale, J. and Kotlikoff, L. J. (2000), How much should americans be saving for Retirement?, American Economic Review (90; 2000) pp. 288-92 Bernheim, B. D., Skinner, J., and Weinberg, S. (1997) What Accounts for the Variation in Retirement Wealth Among U.S. Households? NBER Working Paper (www.nber.org/papers) Working Paper # 6227 (Oct., 1997) Page 6
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BIBLIOGRAPHY Bernstein, Aaron (1996), Why ESOP Deals have Slowed to a Crawl , Business Week (3/18/1996) pg. 101-108
Article Yr 1996
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Bertaut, C. C. and Starr-McCluer, M. (2002), Household Pensions in the Uniter States in Household Portfolios, eds: Guiso, L. Haliassos, M. and Jappelli, T., MIT Press, Cambridge, MA (2002) k Bertola, G., Blau, F. D., and Kahn, L. M. (2002), Labor Market Institutions and Demographic Employment Patterns, NBER Working Paper (www.nber.org/papers) Working Paper # 9043 (July, 2002) Bhattacharya, J., Mulligan, C. B., and Reed, R. R., III (2001), Labor Market Search and Optimal Retirement Policy, NBER Working Paper (www.nber.org/papers) Working Paper # 8591 (Nov., 2001) Bikson, T. K. and Goodchilds, J. D. (1991), Experiencing the Retirement Transition: Managerial and Professional Men Before and After, RAND, a RAND Note, Note # N-3430-MF (1991) Blanchet, D. (1997), Social Security and Retirement in France, NBER Working Paper (www.nber.org/papers) Working Paper # 6214 (Oct., 1997) Blank, E. C. (1999), Pension Type and Retirement Wealth, Industrial Relations (38; 1999) pp. 1 - 10
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Blasi, J., Conte, M., and Kruse, D. (1996), Employee Stock Ownership and Corporate Performance among Public Companies, Industrial and Labor Relations Review (1996, 50,1) pg. 60 - 79 Blau, D. M. (1994), Labor Force Dynamics of Older Men, Econometrica (62; 1994) pp. 117 - 56
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Blau, D. M. and Gilleskie, D. B. (1998), Labor Force Dynamics of Older Married Couples, Journal of Labor Economics (16; 3; 1998) pp. 595-629 Blau, D. M. and Gilleskie, D. B. (2001), Health Insurance and Retirement of Married Couples, University of North Carolina at Chapel Hill (2001) Blau, D. M. and Gilleskie, D. B. (2001), Retiree Health Insurance and the Labor Force Behavior of Older Men in the 1990s, NBER Working Paper # 5948 or Review of Economics and Statistics (83; 2001) pp. 64-80 Blau, D. M. and Gilleskie, D. B. (2003), The role of retiree health insurance in the employment behavior of older men, NBER Working Paper (www.nber.org/papers) Working Paper # 10100 (Nov., 2003) Blau, G. and VanDerhei, J. L. (2000), Employer involvement in defined contribution investment education, Benefits Quarterly (16, 4), pp. 80
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Bloom, D. E., Canning, D., and Graham, B. (2002) Longevity and Life Cycle Savings, NBER Working Paper, (www.nber.org/papers) Working Paper # 8808 (Feb., 2002) Page 7
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BIBLIOGRAPHY Blundell, R. and Johnson, P. ????? (1997) , Pensions and Retirement in the UK, NBER Working Paper (www.nber.org/papers) Working Paper # 6154 (Aug., 1997) Boaz, R. F. and Muller, C. F. (1990), The validity of health limitations as a reason for deciding to retire, Health Service Research (25; 2; 1990) pp. 361 - 86
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Bodie, Z. (1990), Pensions as Retirement Income Insurance, Journal of Economic Literature (28: 1) (March, 1990), pp. 28 - 49
1990
Bodie, Z. and Crane, D. B. (1997) Personal Investing: Advise, Theory and Evidence, Financial Analysts Journal, pp. 13 - 23
1997
Bodie, Z., Hammond, P. B., and Mitchell, O. S. (2001), New Approaches to Analyzing and Managing Retirement Risks, Benefits Quarterly, (17: 4), (2001, 4th Quarter), pp. 72 - 83 Bodie, Z., Merton, R. C., and Samuelson, W. F. (1992), Labor Supply Flexibility and Portfolio Choice in a Life Cycle Model, Journal of Economic Dynamics and Control (16: 3-4) (1992), pp. 427 - 449 Boeri, M. W. (2001), The Effects of Education of Retirement: A Continuity Perspective, Southwest Journal on Aging (17; 2001) pp. 15 - 21
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Boldrin, M. and Jimenez-Martni, S. and Peracchi, F. ????? (1997) , Social Security and Retirement in Spain, NBER Working Paper (www.nber.org/papers) Working Paper # 6136 (Aug., 1997) Bone, C. M. and Mitchell, O. S. (1997), Building Better Retirement Income Models, North American Actuarial Journal (1997, 1, 1) pg. 1 12
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Borsch-Supan, A. (2001), Incentive Effects of Social Security under an Uncertain Disability Option, Themes in the Economics of Aging, ed. Wise, D. A., University of Chicago Press, 2001 or NBER Working Paper (www.nber.org/papers) Working Paper # 7339 (Sept., 1999) Borsch-Supan, A. and Berkel, B. (2003), Pension Reform in Germany: The impact of retirement decisions, NBER Working Paper (www.nber.org/papers) Working Paper # 9913 (Aug., 2003) Borsch-Supan, A. and Schnabel, R. (1997) , Social Security and Retirement in Germany, NBER Working Paper (www.nber.org/papers) Working Paper # 6153 (Aug., 1997) Borsch-Supan, A. H. and Winter, J. K. (2001), Population Aging, Savings Behavior and Capital Markets, NBER Working Paper (www.nber.org/papers) Working Paper # 8561 (Oct., 2001) Bound, J. (1991), Self-Reported vs. Objective Measures of Health in Retirement Models, Journal of Human Resources (26), pp. 106 - 138
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Bound, J. Schoenbaum, M., and Waidman, T. (1995), Race and education differences in disability status and labor force attachment in the Health and Retirement Study, The Journal of Human Resources (30; 1995) pp. S227-S267 Page 8
1995

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BIBLIOGRAPHY Bound, J. Schoenbaum, M., and Waidman, T. (1996), Race differences in labor force attachment and disability status., The Gerontologist (36; 1996) pp. 311-21 Bound, J. Schoenbaum, M., Stinebrickner, T. R., and Waidman, T. (1999), The Dynamic effects of health on the labor force transitions of older workers, NBER Working Paper # 6777 (Nov., 1998) or Urban Institute Article (www.urban.org/research) (June 1, 1999) or Labour Economics (6; 2) pp. 179 - 202 Bound, J. Schoenbaum, M., Stinebrickner, T. R., and Waidman, T. (2000), Modeling the effect of health on retirement, NBER (2000)
Article Yr 1996
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Bound, J. Stinebrickner, T., and Waidmann, T. (2003), Health, Economic Resources and the Work Decisions of Older Men, Univ. of Michigan Paper (2003) Broderick, R. and Gerhart, B. (1997), Non-Wage Compensation, Human Resource ManagementHandbook (1997, Part 3) pg. 145 - 173
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Brown, C. (2000), Early Retirement Windows, Forecasting Retirement Needs and Retirement Wealth, eds: Mitchell, O., Hammond, P. B., and Rappaport, A. M. (2000) pg. 253 - 273 Brown, J. R., Liang, N., Weisbenner, S. (2004), 401(k) Matching Contributions in Company Stock: Costs and benefits for firms and workers, NBER Working Paper (www.nber.org/papers) Working Paper # 10419 (April, 2004) Brown, M. T., Fukunaga, C., Umemoto, D., and Wicker, L. (1996), Annual Review, 1990 - 1996: Social Class, Work, and Retirement Behavior , Journal of Vocational Behavior (1996, 49) pg. 159-189 Brown, R. L., Damm, R., and Sharara, I. (2001), A Macro-Economic Indicator of Age at Retirement , North American Actuarial Journal (2001, 5, 2)
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Brown, S. K. (2002), Impact of Stock Market Decline on 50 - 70 year old investors, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) (Dec., 2002) Browning, M. (2000), The Saving Behavior of a Two-Person Household, Scandinavian Journal of Economics (102: 2) (June, 2000), pp. 235 - 251 Bruce, D., Holtz-Eakin, D., and Quinn, J. (2000), Self-Employment and Labor Market Transitions at Older Ages, Center for Retirement Research, Working Paper # 2000-13 (Dec., 2000) Brugiavini, A. (1997) , Social Security and Retirement in Italy, NBER Working Paper (www.nber.org/papers) Working Paper # 6155 (Sept., 1997) Bryant, D. and Sullivan, J. (1995), The 401(k) plan and the Retirement Planning Revolution, Compensa-tion & Benefits Review (1995, June/ July) pg. 58 - 65 Buchko, A. A. (1993), The effects of employee ownership on employee attitudes: An integrated causal model and path analysis., Journal of ManagementStudies (1993, 30, 4) pg. 633-657 Page 9
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BIBLIOGRAPHY Article Yr Budetti, P. P., Burkhauser, R. V., Gregory, J. M., and Hunt, H. A. (2001), Ensuring Health and Income Security for an Aging Workforce, W. 2001 E. Upjohn Institute, ISBN 0-88099-219-0 (2001) Bures, R. ??? (1998), Moving the nest: A look at the effects of family and work status change in Later Mid-Life, University of Chicago Population Research Center Paper Series # 98-1 Burkhauser, R.V., Dwyer, D., Lindeboom, M., Theeuwes, J., and Woittiez, I. (1999), Health, Work, and Economic Well-Being of Older Workers, Aged Fifty-One to Sixty-One: A Cross- National Comparison Using the U.S. HRS and the Netherlands CERRA Data Sets , Wealth, Work, and Health: Innovations in Measurement in the Social Sciences, eds: Smith, J. P. and Willis, R. J. (1999) pg. 150-208 Burkhauser, R. V., and Weathers, R. R. I. (2001), Access to wealth among older workers in the 1990s and how it is distributed: Data from the Health and Retirement Study, Assets for the poor: The benefits of Spreading Asset Ownership, editors Shapiro, T. N. and Wolfe, E. N. (Russell Sage Press, NY) pp. 74-131 Burkhauser, R. V., Clark, R., and Suzman, R. (1998), Symposium on work, retirement, and wealth: Current data and future needs: An international perspective, Australasian Journal on Aging (17; 1998) pp.. 11- 13 1998
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Burkhauser, R.V., Couch, K. A., and Phillips, J. W. (1996) , Who takes early Social Security Benefits? The Economic and Health Character-istics of Early Beneficiaries., The Gerontologist (1996, 36, 6) pg. 789 - 799 Burman, L. E., Coe, N. B., and Gale, W. G. (1999), What Happens When you show them the Money?, Urban Institute, Washington, D. C.; Research Report, (www.urban.org /research) (Nov. 1, 1999) Burman, L. E., Johnson, R. W., and Kobes, D. (2003), Pensions, Health Insurance, and Tax Incentives, Urban Institute, Washington, D. C.; Discussion Paper (www.urban.org /research) (Dec. 1, 2003)
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Burzawa, Sue (1997), Company Stock Ownership solidifies Message to Employees, Employee Benefit Plan Review (November, 1997, 52, 5) pg. 12 - 14 Burzawa, Sue (2000), Employer Knows Best: Knowledge of Work Force Aids in creating effective Retirement Planning Tools, Employee Benefit Plan Review (November, 2000) pg. 18 - 21 Burzawa, Sue (2001), Account Balances indicate that 401(k) Participants have heard the long-term Investor Message, Employee Benefit Plan Review (June, 2001) pg. 35-38 k Cahill, K. E. (2000), Heterogeneity in the retirement process: Patterns and determinants of labor force withdrawal among individuals with low-wage and short-duration jobs, Boston College, Dept of Economics, Dissertation (2000) Campolieti, M. (2002) , Disability and the labor force participation of older men in Canada, Labour Economics (9; 2002) pp. 405-432
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Carasso, A., Thompson, L. H., Tran, P., and Zaretsky, E. (1998), Managing Mandatory Savings Plans, Urban Institute Research Report (www.urban.org/research), (Nov. 1, 1998) Chambers, Nancy (1997), Ownership Gets Big, Management Review (1997, 7) pg. 15 - 19 Page 10
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BIBLIOGRAPHY Chan, S. and Stevens, A. H. (1999), Employment and Retirement Following a Late-Career Job Loss, American Economic Review Papers and Proceedings (89), pp. 211 - 216 Chan, S. and Stevens, A. H. (1999), Job Loss and Retirement Behavior of Older Men, NBER Working Paper (www.nber.org/papers) Working Paper # 6920 (Feb., 1999) Chan, S. and Stevens, A. H. (2001), Job loss and employment patterns of older workers, Journal of Labor Economics (19; 2001) pp. 484521
Article Yr 1999
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Chan, S. and Stevens, A. H. (2001), Retirement Incentives and Expectations, NBER working paper # 8082 (2001)
2001
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Chan, S. and Stevens, A. H. (2002), How does job loss affect the timing of retirement?, NBER working paper # 8780 (2002)
2002
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Chan, S. and Stevens, A. H. (2003), What you don't know can't help you: Knowledge and retirement decision making, NBER Working Papers, Paper # 10185 or Center for retirement research - Boston College (Dec., 2003) i Chan, S. and Stevens, A. H. (2004), Do changes in pension incentives affect retirement? A longitudinal study of subjective retirement expections., Jounal of Public Economics (2004) j Chandler, S. (1996), United We Own: Employee ownership is working at the airline, Business Week (March 18, 1996) pg. 96 - 100
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1996
Choi, J. J., Laibson, D., Madrian, B., and Metrick, A. (2001), Defined Contribution Pensions: Plan Rules, Participant Decisions, and the Path of Least Resistance, NBER Working Paper Series, Working Paper # 8655 (Dec., 2001) k Choi, J. J., Laibson, D., Madrian, B., and Metrick, A. (2001), For Better or for Worse: Default Effects and 401(k) Savings Behavior, NBER Working Paper Series, Working Paper # 8651 (Dec., 2001) Choi, N. G. (2002), Self-defined retirement status and engagement in paid work among older working-age women: Camparison between childless women and mothers, Sociological Inquiry (72; 2002) pp. 43 - 71
2001
2001
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2002
Clark, R. L. and Munzenmaier, F. W. (2001), Impact of Replacing a Defined Benefit Pension with a Defined Contribution Plan or a Cash Balance Plan, North American Actuarial Journal (2001, 5,1) pg. 32 - 56 k Clark, R. L., and Pitts, M. M. (1999), Faculty choice of a pension plan: Defined Benefit vs Defined Contribution, Industrial Relations (1999, 38,1) pg. 18 - 45 Clark, R. L., Goodfellow, G. P., Schieber, S. J., and Warwick, D. (2000), Making the Most of 401(k) Plans: Who's Choosing What and Why , Forecasting Retirement Needs and Retirement Wealth, eds: Mitchell, O., Hammond, P. B., and Rappaport, A. M. (2000) pg. 95 138 Clark, R. L., Haley, J. J., and Schieber, S. J. (2001), Adopting Hybrid Pension Plans: Financial and Communication Issues, Benefits Quarterly, (17: 1) (2001, 1st Quarter), pp. 7 - 17 Page 11
2001
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2000
2001

Topics Addressed
BIBLIOGRAPHY Clowes, M. J. (2003), New 401(k) Landscape, Pensions & Investments, (31: 2) (Jan. 20, 2003), pp. 10
Article Yr 2003
j k
Coffrini, M. (2002), Self-directed brokerage accounts: A first look at participant investment behavior, Compensation and Benefits Review (34: 5) (Sept/Oct, 2002), pp. 59 - 63 Coile, C. (1999), Social Security, Pensions, and the Retirement Decisions of Couples, Working Paper, Wellesley College
2002
1999
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Coile, C. (2002), The effect of health events and health insurance on couples' labor supply decisions, Wellesley College (2002)
2002
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Coile, C. (2003), Health Shocks and Couples' Labor Supply Decisions, Center for Retirement Research, Working Paper # 2003-08 (May, 2003) Coile, C. (2003), Retirement Incentives and Couples' Retirement Decisions, Center for Retirement Research, Working Paper # 2003-04 (March, 2003) of NBER Working Paper # 9490 Coile, C. and Gruber, J. (2000), Social Security and Retirement, Center for Retirement Research, Working Paper # 2000-11 (Dec., 2000) and NBER Working Paper # 7830 Coile, C. and Gruber, J. (2000), Social Security Incentives for Retirement, NBER Working Paper (www.nber.org/papers) Working Paper # 7651 (April, 2000) Coile, C. and Gruber, J. (2001), Social Security Provisions and Retirement, Themes in the Economics of Aging, ed. Wise, D. A., University of Chicago Press, 2001
2003
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2003
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2000
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2000
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2001
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Coile, C. and Gruber, J. (2003), Fiscal Effects of Social Security Reform in the United States, Center for Retirement Research, Working Paper # 2003-05 (April, 2003) Coile, C., Diamond, P., Gruber, J., and Jousten, A. (2002), Delays in claiming Social Security Benefits, NBER Working Paper #7318 (Aug., 1999) or Journal of Public Economics (84; 2002) pp. 357-385 Cole, C. (2003), Pension Plans and the Market, Journal of Financial Service Professionals (57: 4), (July, 2003), pp. 8 - 13
2003
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2002
hi
2003
Copeland, C. and VanDerhei, J. (2000), Personal Account Retirement Plans: An Analysis of the Survey of Consumer Finances, Employee Benefit Research Institute Issue Brief # 223 (2000, July) Coronado, J. L. and Perozek, M. (2003), Wealth effects and the consumption of leisure: Retirement decisions during the stock market boom of the 1990s, Federal Reserve Board, Finance and Economics Discussion Series 2003-20
2000
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Costa, D. L. (1998) The Evolution of Retirement: An American Economic History 1880 - 1990, The University of Chicago Press, Chicago, IL Page 12
1998

Topics Addressed
BIBLIOGRAPHY Crawford, G. (2004), 401(k) Participants as slow as Turtles, Pensions & Investments (32: 9) (May 3, 2004) pp. 3 - 6
Article Yr 2004
Crawford, G. (2004), Workers frightened by visions of retirement future, Pensions & Investments (32, 17), pp. 8
2004
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Crimmins, E. M., Reynolds, S. L., and Saito, Y.(1999), Trends in health and ability to work among the older working-age population, Jouranl of Gerontology Series B Psychological Social Sciences (54; 1; 1999) pp. S31 - 40 Crystal, S. and Johnson, R. (1998), The Changing Retirement Prospects of Americans: Impact of Labor Market Shifts on Economic Outcomes, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. 9801 (Jan., 1998) Cutler, N. (2002), "Job Lock" and Financial Planning: The impact of Health Insurance on the Retirement Decision, Journal of Financial Service Professionals (56: 6), (Nov., 2002)
1999
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1998
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2002
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Cutler, N. E. (2001), Future Pensions, Current Financial Worries, and the Human Wealth Span, Journal of Financial Service Professionals (55: 4) (July, 2001), pp. 24 - 27 Cutler, N. E. (2001), Money, health, and aging consumers: Ongoing challenges and new opportunities for retirement planning, Journal of Financial Service Professionals (55, 2), pp. 52 k Cutler, N. E. (2001), Who Uses a Financial Planner, and Why Not?, Journal of Financial Service Professionals, (55: 6) (Nov., 2001), pp. 33 - 36 Cutler, N. E. (2002), "Job lock" and financial planning: The impact of health insurance on the retirement decision, Journal of Financial Service Professionals (56, 6), pp. 29
2001
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2001
2001
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2002
Cutler, N. E. (2003), Pension Complexity, the Middle Class, and Financial Professionals: New Evidence from the 2001 Survey of Consumer Finances, Journal of financial Service Professionals, (57: 6) (Nov., 2003), pp. 24 - 28 Cutler, N. E. (2004), Managing Transitions in the Aging Society: The Multiple Modern Meanings of Middle Age, Journal of Financial Service Professionals, (58: 1) (Jan., 2004), pp. 40 - 47 Daeumer, R and Hayward, M. D. (1999), Self-employment and wealth disparities between black and white households approaching retirement, Pennsylvania State University, Population Research Institute WP#99-17
2003
2004
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1999
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Danehower, C. and Lust, J. A. (1992), A Conceptual Model of the Determinants of Employee Benefit Satisfaction, Human Resource Management Review (1992, 2, 3) pg. 221 - 238 Danehower, C. and Lust, J. A. (1995), Understanding and Measuring Employee Benefit Satisfaction , Benefits Quarterly (1995, 1st Quarter) pg. 69 - 75
1992
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1995
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Topics Addressed
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BIBLIOGRAPHY Daniels, C.E., and Daniels, J. D. (1991), Factors affecting the Decision to Accept or Reject a Golden Handshake, Benefits Quarterly (1991, 2nd Quarter) pg. 33 - 46 Desmet, R., Lozachmeur, J., and Perelman, S. (2002), An Analysis of Joint Retirement in Belgium, Working Paper University of Liege
Article Yr 1991
de
2002
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DeVaney, S. A. and Chien, Yi-Wen (2001), A Model of Savings Behavior and the Amount Saved in Retirement Accounts, Journal of Financial Service Professionals, (55: 2) (March, 2001), pp. 72 - 80 Diamond, P. and Gruber, J. (1997), Social Security and Retirement in the U. S. , NBER Working Paper (www.nber.org/papers) Working Paper # 6097 (July, 1997) or Social Security and Retirement around the World, Gruber, J. and Wise, D. A., editors Disney, R., Emmerson, C., and Smith, S. (2003), Pension reform and Economic Performance in Britain in the 1980s and 1990s, NBER Working Paper (www.nber.org/papers) Working Paper # 9556 (March, 2003) Dominitz, J., Manski, C. F., and Heinz, J. (2001), Social Security expectations and retirement savings decisions, NBER Working Paper # 8718 (Jan., 2002) or Carnegie Mellon University, Heinz School of Public Policy and Management (2001)
2001
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1997
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2003
2001
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Dorfman, M. S. (2000), Understanding and influencing human behavior, Journal of Financial Service Professionals (54, 3) pp. 60
2000
Dorsey, S. (1995), Pension portability and labor market efficiency: A survey of the literature, Industrial and Labor Relations Review (1995, 48, 2) pg 276 - 292 Dorsey, S., Cornwell, C., and Macpherson, D. (1998), Pensions and Productivity, W. E. Upjohn Institute, ISBN 0-88099-185-2 (1998)
1995
1998
i j
Doucouliagos, C. (1995), Worker Participation and Productivity in Labor- Managed and Participatory Capitalist Firms: A Meta-Analysis , Industrial and Labor Relations Review (1995, 49, 1) pg. 58 - 77 k Duflo, E., and Saez, E. (2000), Participation and Investment Decisions in a Retirement Plan: The influence of Colleagues' Choices, NBER Working Paper Series, Working Paper # 7735 (June, 2000) Duflo, E., and Saez, E. (2002), The Role of Information and Social Interactions in Retirement Plan Decisions: Evidence from a Randomized Experiment, NBER Working Paper Series, Working Paper # 8885 (April, 2002)
1995
2000
2002
Dulebohn, J. H., Murray, B., and Sun, Minghe (2000), Selection among Employer-sponsored Pension Plans: The Role of Individual Differences, Personnel Psychology (2000, 53) pg. 405-432 Dulitzky, D. (1999) Incentives for Early Retirement in Private Pension and Health Insurance Plans, Urban Institute Retirement Project Brief Series (www.urban.org/research) (March, 1999)
2000
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Dwyer, D. S. (2001), Planning for Retirement: The Accuracy of Expected Retirement Dates and the Role of Health Shocks, Center for Retirement Research, Working Paper # 2001-08 (Sept., 2001) Page 14
2001

Topics Addressed
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BIBLIOGRAPHY Dwyer, D. S. and Mitchell, O. S. (1999), Health problems as determinants of retirement: Are self-rated measured endogenous?, NBER Working Paper # 6503 (April, 1998) or Journal of Health Economics (18; 1999) pp. 173-93 Dwyer, D. S., and Hu, J. (2000), Retirement Expectations and Realizations: The Role of Health Shocks and Economic Factors , Forecasting Retirement Needs and Retirement Wealth, eds: Mitchell, O., Hammond, P. B., and Rappaport,A. M. (2000) pg. 274 - 287 EBRI Databook on Employee Benefits, Fourth Edition (1997), authors McDonnell, K., Fronstin, P., Olson, K., Ostrew, P. VanDerhei, J., and Yakoboski, P., and EBRI-ERF Publication, Washington, D.C.
Article Yr 1999
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2000
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1997
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Edey, M. and Simon, J. (Oct., 1996), Australia's Retirement Income System: Implications for Saving and Capital Markets, NBER Working Paper (www.nber.org/papers) Working Paper # 5799 (Oct., 1996) Edwards, R. D. (2002), Health, Risk, and Portfolio Choice, Working Paper, University of California, Berkeley (April, 2002)
1996
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Ekerdt, D. J. (1998), Workplace norms for the timing of retirement, Impact of Work on Older Adults, editors K. Warner Schaie and Carmi Schooler, Springer Publishing Co., NY (1998) pp. 101-23 Ekerdt, D. J. and Hackney, J. K. (2002), Workers' ignorance of retirement benefits, The Gerontologist (42; 2002) pp. 543-51
1998
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Ekerdt, D. J., DeViney, S., and Kosloski, K. (1996), Profiling Plans for Retirement, Journal of Gerontology: Social Sciences (1996, 51B,3) pg. S140 - S149 Ekerdt, D. J., Hackney, J., Kosloski, K., and DeViney, S. (2001), Eddies in the Stream: The Prevalence of Uncertain Plans for Retirement , Journal of Gerontology: Social Sciences (2001, 56B, 3) pg. S162-170 Ekerdt, D. J., and DeViney, S. (1993), Evidence for a Preretirement Process among older male workers, Journal of Gerontology: Social Scien- ces (1993, 48,2) pg. S35 - 43 Ekerdt, D. J., DeViney, S., and Kosloski, K. (1996), Stability and Change in plans for retirement, HRS Working Paper # 96-035 (1996)
1996
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1993
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1996
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Ekerdt, D. J., Kosloski, K., and DeViney, S. (2000), The normative anticipation of retirement by older workers , Research on Aging (22; 2000) pp. 3 - 22 h k Elder, G. H., Jr. and Pavalko, E. L. (1993), Work careers in men's later years: Transitions, trajectories, and historical change, Journal of Gerontology (48; 4; 1993) pp. S180-91 Elder, H. W. and Rudolph, P. M. (1999), Does retirement planning affect the level of retirement satisfaction?, Financial Services Review (8;1999) pp. 117-27
2000
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1993
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Elder, H. W. and Rudolph, P. M. (2000), Beliefs and actions: Expectations and savings decisions by older americans, Financial Services Review (9; 2000) pp. 33-45 Page 15
2000

Topics Addressed
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BIBLIOGRAPHY Elder, T. E. (2001), Reemployment patterns of displaced older workers, Northwestern University (2001)
Article Yr 2001
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Elder, T. E. (2002), Essays on the economics of aging and education, Northwestern University
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2002
d f
Employee Benefit Plan Review - Focus Section (1999), Communication, Education Keys to Retirement Planning, Employee Benefit Plan Review (1999, November) pg. 30 - 32 k Employee Benefit Research Institute (1992), New Findings from the March, 1991, CPS on Pension Coverage and Participation, Employee Benefit Notes (March, 1992), Engelhardt, G. V. (1999), 401(k) participation, lump-sum distributions, and retirement saving. Final report., Syracuse University, 1999
1999
1992
1999
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Engelhardt, G. V. (2001), Have 401(k)s raised household saving? Evidence from the Health and Retirement Study, Syracuse University,Center for Policy Research Aging Studies Program Paper #24 (1084-1695) (2001) Engelhardt, G. V. (2001), How does dipping into your pension affect your retirement wealth?, Syracuse University, Center for Policy Research , Policy Brief #22 (2001) www-cpr.maxwell.syr.edu Engelhardt, G. V. (2002), Pre-retirement lump-sum pension distributions and retirement income security: Evidence from the Health and Retirement Study, National Tax Journal (55; 2002) pp. 665 Engen, E. M., Gale, W. G., and Uccello, C. E. (1999), The adequacy of household saving , Brookings Papers on Economic Activity, (2; 1999) pp. 65-165 (www.brookings.org/es/commentary/journals/bpea_macro/bpea_macro.htm)
2001
2001
2002
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Ettorre, B. (1998), Ownership is Strength, Management Review (1998, 87,11)
pg. 8 - 12
1998
Even, W. and Macpherson, D. A. (2001), Projected retirement income and the preservation of lump sum distributions, USDL, Pension and Welfare Benefits Administration Report (2001) Even, W. and Macpherson, D. A. (1998), The impact of rising 401(k) pension coverage on future retirement income, USDL, Pension and Welfare Benefits Administration Report (1998) k Even, W. E. and Macpherson, D. A. (1991), Employer Size and Pension Coverage, Working Paper, Oxford, Ohio (Jan., 1991)
2001
1998
1991
Even, W. E. and Macpherson, D. A. (1992), Pensions, Labor Turnover, and Employer Size, Working Paper, Oxford, Ohio (May, 1992)
1992
i j
Faggella, D., Gibson, C., McClain, W. T., and Tejera, M. L. (2003), Taking Control of your Retirement Program: What Plan Sponsors and their Employees can do in Today's Economic Environment, Benefits Quarterly, (19: 4), (2003, 4th Quarter), pp. 47 - 54 Page 16
2003

Topics Addressed
BIBLIOGRAPHY Farnen, D. B. (2000), Sounds Great, But What's in it for Me?, Benefits Quarterly, (16: 4), (2000, 4th Quarter), pp. 17 - 23
Article Yr 2000
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Favreault, M. M. and Johnson, R. W. (2002), The family, Social Security, and the Retirement Decision, Social Security and the Family: Addressing unmet needs in an underfunded system. Editors M. Favreault, F. Sammartino, and C. Eugene Steuerle, Washington D.C., The Urban Institute Press, 2002, pp. 295 - 329 Feinberg, P. (2004), 401(k) Internet use falls short of Expectations, Pensions & Investments (32: 12) (June 14, 2004), pp. 3 - 6
2002
2004
Feinberg, P. (2004), 401(k) participants sniff at Internet advice tools, Pensions & Investments, (32: 5) (March 8, 2004), pp. 12
2004
hi
Feinberg, P. (2004), Age aces out risk in 401(k) Participant Choices, Pensions & Investments (32: 13) (June 28, 2004), pp. 30 - 32
2004
Feinberg, P. (2004), From Starbucks to the Oakland A's, 18 DC plans exhibit 'best practices,' Pensions & Investments, (32: 4) (Feb. 23, 2004), pp. 3 - 7 k Feinberg, P. (2004), Investment advice sees growth among sponsors, Pensions & Investments, (32: 6) (March 22, 2004), pp. 4 - 5
2004
2004
i j
Feinberg, P. (2004), Market Timers Getting More Attention from Sponsors of DC Plans, Pensions & Investments (32: 12) (June 14, 2004), pp. 18 - 19 Feinberg, P. (2004), Qwest lifts curb on stock sale in 401(k), changes match, Pensions & Investments, (32: 4) (Feb. 23, 2004), pp. 1
2004
2004
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Feldman, D.C. (1994), The Decision to Retire Early: A Review and Conceptualization, Academy of Management Review (1994, 19, 2) pg. 285 - 311 k Flippen, C. and Tienda, M. (1996), Labor force behavior of hispanic elderly: Insights from the HRS, HRS Working Paper 96-032 (1996)
1994
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Flippen, C. and Tienda, M. (2000), Pathways to Retirement: Patterns of Labor Force Participation and Labor Market Exit among the Preretirement Population by race, hispanic origin, and sex, Journal of Gerontology: Social Sciences (55B, 1) pg. S14 - 27 Focus on Investments (1999), Participant Education Must Continue in a down-market Cycle, Employee Benefit Plan Review (53: 7) (Jan., 1999), pp. 42
2000
1999
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Foldes, L. (2000), Valuation and Martingale Properties of Shadow Prices: An Exposition, Journal of Economic Dynamics and Control (24: 11 - 12) (2000), pp. 1641 - 1701 Forni, L. (1999), An analysis of retirement expectations: Evidence from the US Health and Retirement Survey, Bank of Italy, Public Finance Division Research Dept. (1999) Page 17
2000
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BIBLIOGRAPHY Foster, A. C. (1996), Employee participation in Savings and Thrift Plans, Monthly Labor Review (1996, 119,3) pg. 17 - 21
Article Yr 1996
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French, E. (2002), The Effects of Health, Wealth, and Wages on Labor Supply and Retirement Behavior, Working Paper, Federal Reserve Bank of Chicago Friedberg, L (1999), The trend toward part-time work among older workers, University of California, San Diego (Oct, 1999)
2002
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1999
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Friedberg, L (2003), The impact of technogogical change on older workers: Evidence from data on computer use, Industrial and Labor Relations Review (56; 2003) pp. 511-529 or NBER Working Paper # 8297 (May, 2001) Friedberg, L. (1998), The Effect of Old Age Assistance on Retirement, NBER Working Paper (www.nber.org/papers) Working Paper # 6548 (May, 1998)
2003
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1998
Friedberg, L. and Owyang, M. T. (2002), Not your father's pension plan: The rise of 401(k) and other defined contribution plans, Federal Reserve Bank of St. Louis, Review (2002) Friedberg, L. and Webb, A. (2000), The impact of 401(k) plans on retirement, University of California, San Diego, Dept. of Economics Working Paper 2000/30 Friedberg, L. and Webb, A. (2003), Retirement and the Evolution of Pension Structure, NBER Working Paper (www.nber.org/papers) Working Paper # 9999 (Sept., 2003) Fronstin, P. (1999), Retirement Patterns and Employee Benefits: Do Benefits Matter?, The Gerontologist (1999, 39, 1) pg. 37 - 47
2002
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2000
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2003
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1999
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Fronstin, P. (1997), Employee Benefits, Retirement Patterns, and Implications for Increased Work Life , EBRI Issue Brief (184; 1997)
1997
Gale, W. and Orszag, P. (2003), Private Pensions: Issues and Options, Urban Institute, Washington, D. C.; Discussion Paper, (www.urban.org /research) (April 16, 2003) i Gale, W., and Milano, J. (1998), Effects of Pensions on Household Wealth Accumulation: Implications of the shift toward defined contribution plans, Living with Defined Contribution Plans, editors O. Mitchell and S. Scheiber, Pension Research Council, 1998 k Gauthier, A. H. and Smeeding, T. M. (2000), Patterns of time use of people age 55 to 64 years old: Some Cross-National Comparisons, Center for Retirement Research, Working Paper # 2000-15 (Dec., 2000) Gerhart, B. and Milkovich, G. (1992) Employee Compensation: Research and Practice, in Handbook of Industrial and Organizational Psychology, 2nd edition, Vol. 3, eds: Dunnette, M. D. and Hough, L. M., pp. 481 - 569 Ghent, L. S., Allen, S. G., and Clark, R. L. (2001), The Impact of a New Phased Retirement Option on Faculty Retirement Decisions, Research on Aging (23: 6) (Nov., 2001), pp. 671 - 693 Page 18
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BIBLIOGRAPHY Ghent, L. S., Clark, R. L., and McDermed, A. A. (2003), Pension Plan Choice and Faculty Mobility, Working Paper (Feb., 2003)
Article Yr 2003
Gist, J., Wu, K. B., and Ford, C. (1999), Do Baby Boomers Save and, if so, what for?, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. 9906 (June, 1999) Gokhale, J., Kotlikoff, L. J., and Warchawsky, M. J. (1999), Comparing the Economic and Conventional Approaches to Financial Planning, NBER Working Paper (www.nber.org/papers) Working Paper # 7321 i Gokhale, J., Kotlikoff, L. J., and Warchawsky, M. J. (2001), Life Cycle Saving, Limits on Contributions to DC Pension Plans, and Lifetime Tax Benefits, NBER Working Paper (www.nber.org/papers) Working Paper # 8170 (March, 2001) j k Gollier, C. (2002), What does Theory have to Say about Household Portfolios? in Household Portfolios, eds: Guiso, L., Haliassos, M., and Jappelli, T., MIT Press: Cambridge, MA (2002) Gowan, M. A. (1998), A preliminary investigation of factors affecting appraisal of the decision to take early retirement., Journal of Employment Counseling (35) pgs. 124-137
1999
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2001
2002
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1998
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Greller, M. M. (1999), In Search of Late Career: A review of Contemporary Social Science Research Applicable to the Understanding of Late Career, Human Resource Management Review (1999, 9, 3) pg. 309 - 349 Greller, M. M. (1997), Extending workers' careers: U. S. implications from the European experience., Human Resource Planning (20,2), pgs. 13 - 14 Gruber, J. (1996), Disability Insurance benefits and labor supply, NBER, Working Paper Series No. 5866, (Dec., 1996)
1999
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1996
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Gruber, J. (1999), Social Security and Retirement in Canada, NBER Working Paper (www.nber.org/papers) Working Paper # 6308 (Dec., 1997) or in 'Social Security and Retirement Around the World,' eds: Gruber, J. and Wise, D. A., pp. 73 - 100, University of Chicago Press Gruber, J. and Madrian, B. C. (1995), Health Insurance Availability and the Retirement Decision, American Economic Review (84: 4) (Sept., 1995), pp. 938 - 948
1997
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1995
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Gruber, J. and Madrian, B. C. (2002), Health Insurance Labor Supply and Job Mobility: A Critical Review of the Literature, NBER Working Paper (www.nber.org/papers) Working Paper # 8817 (Feb., 2002) Gruber, J. and Wise, D. A. (1997), Social Security Programs and Retirement Around the World: Introduction and Summary of Papers, NBER Working Paper (www.nber.org/papers) Working Paper # 6134 (Aug., 1997) Gruber, J. and Wise, D. A. (2002), Social Security Programs and Retirement Around the World: Micro Estimation, NBER Working Paper (www.nber.org/papers) Working Paper # 9407 (Dec., 2002) Gruber, J., and Orszag, P. (2000), Does the Social Security Earnings Test Affect Labor Supply and Benefits Receipt?, Center for Retirement Research, Working Paper # 2000-07 (Nov., 2000) Page 19
2002
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BIBLIOGRAPHY Guiso, L., Haliassos, M. and Jappelli, T. (2002), Introduction in Household Portfolios, eds: Guiso, L., Haliassos, M. and Jappelli, T., MIT Press: Cambridge, MA (2002) Gustman, A. L. and Steinmeier, T. L. (1991), The effects of Pensions and Retirement Policies on Retirement in Higher Education , American Education Association Papers and Proceedings (1991, 81, 2) pg. 111 - 115 or NBER Working Paper # 3593 (Sept., 1991) Gustman, A. L., Mitchell, O. S., Samwick, A. A., and Steinmeier, T. L. (1999), Pension and Social Security Wealth in the Health and Retirement Study, in 'Wealth, Work, and Health: Innovations in Measurement in the Social Sciences,' eds: Smith, J. P. and Willis, R. J. (1999) pg. 150-208 or NBER Working Paper (www.nber.org/papers), Working Paper # 5912 (Feb., 1997) Gustman, A. L., Mitchell, O. S., Samwick, A. A., and Steinmeier, T. L. (2000), Evaluating Pension Entitlements, Forecasting Retirement Needs and Retirement Wealth, eds: Mitchell, O., Hammond, P. B., and Rappaport, A. M. (2000) pg. 309 - 326 Gustman, A. L. and Steinmeier, T. L. (1994), Employer-provided health insurance and retirement behavior, Industrial and Labor Relations Review (1994, 48, 1), pp. 124 - 140 or NBER Working Paper # 4307 (March, 1993)
Article Yr 2002
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1991
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1999
2000
1994
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Gustman, A. L. and Juster, F. T. (1996), Income and wealth of older american households: Modeling issues for Public Policy Analysis, NBER Working Paper 4996 (1995) or in 'Assessing Knowledge of Retirement Behavior,' eds: Hanushek, E. A. and Maistato, N. (1996), pp. 11 53 Gustman, A. L. and Mitchell, O. S. (1992), Pensions and the Labor Market: Behavior and Data Requirements in The Need for Good Data eds. Bodie, Z. and Munnell, A., Pension Research Council, Philadelphia, pp. 39 - 87 Gustman, A. L. and Steinmeier, T. L. (2000), Pensions and retiree Health benefits in household wealth: Changes from 1969 to 1992, NBER Working Paper # 7320 (Aug., 2000) Journal of Human Resources (35; 2000) pp. 30-50 Gustman, A. L. and Steinmeier, T. L. (2001), Imperfect Knowledge, retirement and saving, NBER working paper No. 8406 (2001)
1995
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Gustman, A. L. and Steinmeier, T. L. (2002), The Social Security Early Entitlement Age in a Structural Model of Retirement and Wealth, NBER working paper 9183 (2002) Gustman, A. L. and Steinmeier, T. L. (1991), Changing the Social Security Rules for Work after 65, Industrial and Labor Relations Review, (44: 4) (July, 1991), pp. 733 - 45 Gustman, A. L. and Steinmeier, T. L. (1995), Pension Incentives and Job Mobility, W. E. Upjohn Institute, ISBN 0-88099-151-8 (1995)
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Gustman, A. L. and Steinmeier, T. L. (1999), Changing Pensions in Cross-Section and Panel Data: Analysis with Employer Provided Plan Descriptions, Proceedings, National Tax Assoc. (Nov. 8 - 10; 1999) pp. 371-377 Gustman, A. L. and Steinmeier, T. L. (1999), Effects of Pensions on Savings: Analysis with Data from the Health and Retirement Study, NBER Working Paper # 6681 (Aug., 1998) or Carnegie Rochester Conference Series on Public Policy 50(99) No.0167-2231 pp. 271-324 Gustman, A. L. and Steinmeier, T. L. (2000) Retirement in a Family Context: A Structural Model for Husbands and Wives, NBER Working Paper # 4629 (1994) or Journal of Labor Economics (18: 3), pp. 503 - 545 Page 20
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BIBLIOGRAPHY Gustman, A. L. and Steinmeier, T. L. (2000), Employer provided pension data in the NLS Mature Women's Survey and in the Health and Retirement Study, Research in Labor Economics (19; 2000) pp. 215-252 or NBER Working Paper # 7174 (Sept., 1999) Gustman, A. L. and Steinmeier, T. L. (2001), Retirement and Wealth, NBER Working Paper (www.nber.org/papers) Working Paper # 8229 (April, 2001) Gustman, A. L. and Steinmeier, T. L. (2002), Retirement and the Stock Market Bubble, NBER working paper 9404 (2002)
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Gustman, A. L. and Steinmeier, T. L. (2002), Social Security, Pensions, and Retirement Behavior Within the family, NBER working paper 8772 (2002) Gustman, A. L. and Steinmeier, T. L. (2002), The influence of pensions on behavior: How much do we really know?, TIAA-CREF Research Dialog (71; 2002)
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Gustman, A. L. and Steinmeier, T. L. (2003), What people don't know about their pensions and social security: An analysis using linked data from the Health and Retirement Study, NBER Working Paper # 7368 (Sept., 1999) Public Policies and Private Pensions, editor Gale, W. G. , Brookings Institution, Washington, D. C. (2003) Gustman, A. L. and Steinmeier, T. L. (2004), Personal Accounts and Family Retirement, NBER Working Paper (www.nber.org/papers) Working Paper # 10305 (Feb., 2004) Gustman, A. L., and Steinmeier, T. L. (2000), Retirement Outcomes in the Health and Retirement Study, NBER Working Paper # 7588 or Social Security Bulletin (63; 2000) pp. 57-71 (www.ssa.gov/policy/pubs/SSB) Gustman, A. L., Mitchell, O. S. and Steinmeier, T. L. (1995), Retirement Measures in the Health and Retirement Survey, NBER Working Paper Series No. 4813 (Aug, 1994) or Journal of Human Resources (1995, 30) or the Journal of Human Resources (30, 1995), pp. S57 - S83 Gustman, A. L., Mitchell, O. S., and Steinmeier, T. L. (1994), The Role of Pensions in the Labor Market: A Survey of theLiterature, Industrial and Labor Relations Review (1994, 47, 3) pg. 417 - 438
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Gustman, A. L., Mitchell, O. S., and Steinmeier, T. L. (1995), Older union and nonunion workers and their jobs in the Health and Retirement Survey, Proceedings, Industrial Relations Research Assoc. (1995) pp. 44-53 Gustman, A.L. and Steinmeier, T. L. (1993), Pension Portability and Labor Mobility: Evidence from the Survey of Income and Program Participation, Journal of Public Economics (1993, 50) pg. 299 - 323 Haider, S. and Loughran, D. (2001), Elderly labor supply: Work or Play?, RAND Working Paper Series, Report # DRU-2582 (April, 2001)
1995
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Haider, S. and Stephens, M., Jr. (2004), Is there a retirement-consumption puzzle? Evidence using subjective retirement expectations, NBER Working Paper (www.nber.org/papers) Working Paper # 10257 (Feb., 2004) Haider, S. J. (2001), Impact of displacement on older workers, NTIS publication orders@ntis.gov or 1-800-553-NTIS Page 21
2004
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BIBLIOGRAPHY Article Yr Hanisch, K. A. and Hulin, C. A. (1991), General Attitudes and Organizational Withdrawal: An Evaluation of a Causal Model , Journal of 1991 Vocational Behavior (1991, 39) pg. 110 - 128 Hanisch, K. A. and Hulin, C. L. (1990), Job Attitudes and Organizational Withdrawal: An Examination of Retirement and Other Voluntary Withdrawal Behaviors, Journal of Vocational Behavior (1990, 37) pg. 60 - 78 Hannon, J., Milkovich, G., and Sturman, M. (1990), Using Expert Systems in the Management of Human Resources Advanced Human Resource Studies, Cornell University. (Working Paper Series,# 90-19) , Center for 1990
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1990
Hansen, F. (2000), New Trends in 401(k) plans, Compensation and Benefits Review (32: 2) (Mar/Apr 2000), pp. 17 - 21
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Hansson, R.O., DeKoekkoek, P. D., Neece, W. M., and Patterson, D. W. (1997), Successful Aging at Work: Annual Review, 1992 1996: The Older Worker and Transitions to Retirement , Journal of Vocational Behavior (1997, 51) pg. 202 - 233 Hardy, M. A. and Quadagno, J. (1995), Satisfaction with Early Retirement: Making choices in the Auto Industry, Journal of Gerontology: Social Sciences (50B, 4) pg. S217 - 28 Hardy, M. A. and Shuey, K. (2000), Pension Decisions in a Changing Economy: Gender, Structure, and Choice, The Journals of Gerontology, Series B: Psychological Sciences and Social Sciences (55; 2000) pp. S271-277 Hariharan, G., Chapman, K. S., and Domian, D. L. (2000), Risk tolerance and asset allocation for investors nearing retirement, Financial Services Review (9; 2000) pp. 159-170 Harris, A. R. (2001), Modeling retirement behavior: A test of the option-value model using the Health and Retirement Study , Congressional Budget Office (2001)
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Harris, M. M. and Fink, L.S. (1994), Employee Benefit Programs and Attitudinal and Behavioral Outcomes: A Preliminary Model , Human Resource Management Review (1994, 4, 2) pg. 117 - 129 Harris, M. M. (1993), Reactions to Employee Benefits: Development and Refinement of a Measure, Proceedings of the 1993 Industrial Relations Research Association Meetings (1993; IRRA) pg 91- 98 k Hayward, M. D., Friedman, S., and Chen, H. (1998), Career Trajectories and Older Men's Retirement, Journal of Gerontology: Social Scien- ces (1998, 53B,2) pg. S91 - 103 Hayward, M. D., and Grady, W. R. (1990), Work and retirement among a coht of older men in the United States 1966 - 1983, Demography (27; 3; 1990) pp. 337-56 Hayward, M. D., Crimmins, e. M., and Wray, L. A. (1994), The relationship between retirement life cycle changes and older men's labor force participation rates, Journal of Gerontology (49; 5; 1994) pp. S219-30 Hayward, M. D., Friedman, S., and Chen, H. (1996), Race inequalities in men's retirement, Journal of Gerontology, Series B, Psychological Social Science (51; 1; 1996) pp. S1 - 10 Page 22
1994
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1996

Topics Addressed
BIBLIOGRAPHY Healey, T. J. (2002), Revive Approach of ERISA Advisory Council on 401(k) Company Stock Issue, Pensions & Investments, (30: 9) (April 29, 2002), pp. 12 - 15 Heaton, J. and Lucas, D. (1997), Savings Behavior and Portfolio Choide: Evidence from the Tax Data, Working Paper, Northwestern University, 1997 Heaton, J. and Lucas, D. (2000), Portfolio Choice and Asset Prices: The Importance of Entrepreneurial Risk, Journal of Finance (55: 3) (2000), pp. 1163 - 1198 Henkens, K. and Tazelaar, F. (1997), Explaining retirement decisions of civil servants in the Netherlands: Intentions, behavior, and the discrepancy between the two., Research on Aging, (19), pgs. 139 - 173 Hennessey, H. W., Jr., Perrewe, P.L., and Hochwarter, W. A. (1992), Impact of Benefit Awareness on Employee and Organizational Outcomes: A Longitudinal Field Examination, Benefits Quarterly (1992, 2nd Quarter) pg. 90 - 96 Henretta, J. C. (2000), The Future of Age Integration in Unemployment, The Gerontologist (40; 2000) pp. 286 - 92
Article Yr 2002
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1997
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1997
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Henretta, J. C., Chan, C. G., and O'Rand, A. M.(1992), Retirement reason versus Retirement Process: Examining the reasons for Retirement Topology, Journal of Gerontology: Social Sciences (47,1) pg. S1-7 k Henretta, J. C., O'Rand, A. M., and Chan, C. G. (1993), Gender Differences in Employment and Spouse's Retirement, Research on Aging (15), pp. 148 - 169 Henretta, J. C., O'Rand, A. M., and Chan, C. G. (1993), Joint Role Investments and Synchronization of Retirement: A Sequential Approach to Couples' Retirement Timing, Social Forces (71), pp. 981 - 1000 Herzog, A. R., House, J. S., and Morgan, J. N. (1991), Relation of work and retirement to health and well-being in older age, Psychological Aging (6; 2; 1991) pp. 202-11 Hewitt Assoc. (1993), Flexible compensation programs and practices, Hewitt Assoc. (1993a)
1992
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1991
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Hewitt Assoc. (2003), Current Retirement Plan Challenges: Employer Perspectives, Hewitt Associates, LLC (Oct., 2003)
2003
Hewitt Assoc. (2003), Employees' 401(k) Savings and Investing Habits in Reaction to 2002 Events, (www.hewittassoc.com), Hewitt Associates LLC k Hewitt Assoc. (2003), The Hewitt 401(k) Rollover Distribution Analysis, (www.hewittassoc.com), Hewitt Associates LLC
2003
2003
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Hewitt Assoc. (2003), Total Retirement Income at Large Companies: The Real Deal, (RetirementIncomeRT.Doc97/01Rasa 3/03) Hewitt Associates LLC Page 23
2003

Topics Addressed
BIBLIOGRAPHY Hewitt Assoc. (2003), U. S. Employers Remain Committed to 401(k) Plans Despite Weak Economy, Trends and Experience in 401(k) Plans, (www.hewittassoc.com), Hewitt Associates LLC Hewitt Assoc. (2004), The Hewitt 401(k) Index, Hewitt Associates LLC, (2004)
Article Yr 2003
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Hewitt Assoc. (2004), U. S. Employees Sluggish in Interacting with 401(k) Plans, (www.hewittassoc.com), Hewitt Associates LLC
2004
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Heywood, J. S., Siebert, W. S., and Wei, X. (2002), Worker Sorting and Job Satisfaction: The case of Union and Government Jobs, Industrial and Labor Relations Review, (55: 4) (July, 2002), pp. 595 - 609 Hill, T. (1998), Why There Are Differences in Retirement Income by Race in America, Watson, Wyatt Worldwide (1998)
2002
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Holden, S. and VanDerhei, J. (2001), Contribution Behavior of 401(k) Plan Participants, Employee Benefit Research Institute Issue Brief # 238 (2001, October) Holden, S. and VanDerhei, J. (1999), 401(k) plan asset allocation, account balances, and loan activity in 1999, EBRI issue brief 230
2001
1999
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Holden, S. and VanDerhei, J. (2002), Asset Allocation of 401(k) plan participants, Journal of Financial Service Professionals, (56: 5) (Sept. 2002), pp. 72 - 83 k Holden, S. and VanDerhei, J. (2002), Regression analysis of the influence of participant and plan sponsor characteristics on 401(k) plan participants' contribution activity., EBRI Hollenbeck, K. (1995), A Review of Retirement Income Policy Models, Upjohn Institute Working Papers, #WP00095-038 (1995)
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Hong, H., Kubik, J. D., and Stein, J. C. (2001), Social Interaction and Stock-Market Participation, NBER Working Paper (www.nber.org/papers) Working Paper # 8358 (July, 2001) Honig, M. (1993), The Subjective Probabilities of Retirement of White, Black, and Hispanic Married Women, HRS/AHEAD Working Paper 94-008 (Dec., 1993) Honig, M. (1996), Changes Over Time in Subjective Retirement Probabilities, HRS/AHEAD Working Paper 96-036 (1996)
2001
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Honig, M. (1996), Retirement expectations: Differences by race, ethnicity, and gender, The Gerontologist (1996, 36, 3)
1996
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Honig, M. (1998), Married Women's Retirement Expectations: Do Pensions and Social Security Matter?, American Economic Review (88; 1998) pp. 202-06 Page 24
1998

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BIBLIOGRAPHY Houseman, S. and Nakamura, A. (2001), Life -Cycle Working Time and Nonstandard Work, Vol. II, W. E. Upjohn Institute, ISBN 0-88099229-B (2001) Hu, W. and Scott, J. (2000), Retirement planning and long-term risk, Benefits Quarterly (16, 4), pp. 52 - 56
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Hungerford, T. L. (1996), 401(k) Pension Plans: Many take advantage of opportunity to ensure adequate retirement income, US Govt Accounting Office (1996) g i k Hurd, M. and Kapteyn, A. (2003), Health, wealth, and the role of institutions, The Journal of Human Resources (38, 2), pp. 386 - 415
1996
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Hurd, M. D. (1990), Research on the Elderly: Economic Status, Retirement, and Consumption and Saving, Journal of Economic Literature (28: 2) (June, 1990), pp. 565 - 637 k Hurd, M. D. (1990), The Joint Retirement Decision of Husbands and Wives in Issues in the Economics of Aging, ed. Wise, D. A., University of Chicago Press, Chicago, IL, pp. 231 - 54 Hurd, M. D. (1998), Comment on : Health Events, Health Insurance, and Labor Supply in Frontiers in the Economics of Aging, ed. Wise, D. A., University of Chicago Press, Chicago, IL i k Hurd, M. D. (1999), Labor Market Transitions in the HRS: Effects of the Subjective Probability of Retirement and of Pension Eligibility , Wealth, Work, and Health: Innovations in Measurement in the Social Sciences, eds: Smith,J. P. and Willis, R. J. (1999) pg. 267-290 Hurd, M. D. (2002), Portfolio Holdings of the Elderly in Household Portfolios, eds: Guiso, L., Haliassos, M., and Jappelli, T., MIT Press: Cambridge, MA (2002) k Hurd, M. D. and McGarry, K. (1993), The Relationship Between Job Characteristics and Retirement, NBER Working Paper 4558 or HRS Working Paper 94-003 Hurd, M. D. and Zissimopoulos, J. (2002), Saving for Retirement: Wage growth and unexpected events, Michigan Retirement Research Center (2002) k Hurd, M. D., Smith, J. P., and Zissimopoulos, J. M. (2003), The Effects of Subjective Survival on Retirement and Social Security Claiming, RAND Working Paper Series, Report # DRU-3008 (Jan., 2003) or NBER Working Paper (www.nber.org/papers) Working Paper # 9140 (Sept., 2002) Hurd, M., Lillard, L., and Panis, C. (1998), An Analysis of the Choice to Cash Out Pension Rights at Job Change or Retirement, RAND Working Paper Series, Report # DRU-1979-DOL (Oct., 1998) Ippolito, R. (1990), Toward Explaining Earlier Retirement after 1970, Industrial and Labor Relations Review (43: 5) (July, 1990), pp. 556 69
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Ippolito, R. (1992), Selecting Out High Discounters: A Theory of Defined Contribution Pensions, Pension Benefit Guarantee Corporation, (Jan., 1992) Page 25
1992

Topics Addressed
BIBLIOGRAPHY Ippolito, R. (1994), Pensions and Indenture Premia, Journal of Human Resources (29)
Article Yr 1994
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Jackson, J. S., Lockery, S. A., and Juster, F. T. (1996), Introduction: Health and retirement among ethnic and racial minority groups, The Gerontologist (36; 1996) pp. 282 - 84 Jacobius, A. (2002), 401(k) dollars not enough to sustain market, Pensions & Investments (30: 16) (Aug. 5, 2002), pp. 3 - 5
1996
2002
Jacobius, A. (2002), 401(k) investment advice isn't working, Pensions & Investments, (30: 22) (Oct. 28, 2002), pp. 3 - 6
2002
Jacobius, A. (2002), Asset management - automatically, Pensions & Investments (30: 12) (June 10, 2002), pp. 8
2002
Jacobius, A. (2002), Cracks in the System, Pensions & Investments (30: 15) (July 22, 2002), pp. 3 - 4
2002
Jacobius, A. (2002), Investment Education Award Winners Stand Out, Pensions & Investments (2002, 30, 5) pg. 3 - 5
2002
Jacobius, A. (2002), J. C. Penny modifies 401(k) plan to keep in step with competition, Pensions & Investments, (30: 9) (April 29, 2002), pp. 2 - 3 Jacobius, A. (2002), John A. Harland Co. hires new provider, changes 401(k) options, Pensions & Investments (30: 10) (May 13, 2002), pp. 29 - 30
2002
2002
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Jacobius, A. (2002), More Companies using Stock for their DC Plan Contributions, Pensions & Investments (30: 19) (Sept. 16, 2002) pp. 3 -
2002
Jacobius, A. (2002), States make their DC plans even more competitive in fight to retain the money, Pensions & Investments, (30: 18) (Sept. 2, 2002), pp. 2 - 5 Jacobius, A. (2002), Tough Times Highlight role of Education , Pensions & Investments (2002, 30, 5) pg. 17 - 20
2002
2002
Jacobius, A. (2003), 401(k) education fails as participants time market, Pensions & Investments, (31: 6) (March 17, 2003), pp. 3 - 6
2003
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Jacobius, A. (2003), Amount needed to retire still eludes U.S. workers, Pensions & Investments (31, 8), pp. 6 - 8
2003
Jacobius, A. (2003), Avaya 401(k)s veer from inherited option menu, Pensions & Investments (31: 5) (March 3, 2003), pp. 4 - 5 Page 26
2003

Topics Addressed
BIBLIOGRAPHY Jacobius, A. (2003), Big DC Shift Finished at special-size Clothing Store, Pensions & Investments (31: 5) (March 3, 2003), pp. 3 - 4
Article Yr 2003
Jacobius, A. (2003), DC Participants timing Global Investments, Pensions & Investments (31: 1) (Jan. 6, 2003), pp. 1 - 3
2003
Jacobius, A. (2003), Eddy Awards celebrate creativity, charm and smarts, Pensions & Investments, (31: 4) (Feb. 17, 2003), pp. 3 - 7
2003
Jacobius, A. (2003), More Plan Sponsors do away with 401(k) match, Pensions & Investments (31: 17) (Aug. 18, 2003), pp. 4 - 5
2003
Jacobius, A. (2003), Participants still gung-ho on Company Stock, Pensions & Investments (31: 2) (Jan. 20, 2003), pp. 3 - 5
2003
Jacobius, A. (2003), Participants want refund on 401(k)'s EDS stock, Pensions & Investments (31: 12) (June 9, 2003), pp. 1 - 3
2003
Jacobius, A. (2003), Rocking The Pension, Pensions & Investments, (31: 1) (Jan. 6, 2003), pp. 8
2003
Jacobius, A. (2003), Rollover Money to Eclipse DB and DC Plans' assets, Pensions & Investments (31: 7) (March 31, 2003), pp. 3 - 4
2003
Jacobius, A. and Alexander, T. (2002), Discouraged Participants Losing Faith in 401(k) Plans, Pensions & Investments, (30: 26) (Dec. 23, 2002), pp. 1 - 3 Jensen, E. R. and Mellor, J. M. (2001), An investigation of the effect of informal insurance on household retirement saving, College of William & Mary (2001) k Jenson, G. A. and Morrisey, M. A. (2002), Endogenous Fringe Benefits, Compensating Wage Differentials and Older Workers, International Journal of Health Care Finance and Economics (1; 2002) pp. 2003 - 226 Jianakoplos, N. A., Bajtelsmit, V. L., and Bernasek, A. (2003), How Marriage Matters to Pension Investment Decisions, Journal of Financial Service Professionals, (57: 2) (March, 2003), pp. 48 - 57 Johnson, R. W. (1994), The Impact of Worker Preferences on Pension Coverage in the HRS, RAND Working Paper Series, Report # DRU636-NIA Johnson, R. W. (1999), The Gender Gap in Pension Wealth: Is women's progress in the labor market equalizing retirement benefits?, The Urban Institute; The Retirement Project Brief Series (1999) Johnson, R. W. (2002), Medicare, Retirement costs, and Labor Supply at Older Ages, Center for Retirement Research, Working Paper Series # 2002-08 (Dec., 2002) Page 27
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BIBLIOGRAPHY Johnson, R. W. and Favreault, M. M. (2001), Retiring together or working alone: The impact of spousal employment and disability on Retirement Decisions, Center for Retirement Research, Working Paper Series # 2001-01 (March, 2001) or Urban Institute, Research paper (March 1, 2001) Johnson, R. W. and Favreault, M. M. (2001), The Family, Social Security, and the Retirement Decision, in Social Security and the Family, eds. Favreault, M. M., Sammartino, F. J., and Steuerle, C. E., The Urban Institute Press, Washington, D. C. Johnson, R. W. and LoSasso, A. T. (2001), Balancing Retirement Security with the Needs of Frail Parents: Caregiving, Financial Transfers, and Work by Women at Midlife, North American Actuarial Journal (5; 2001) Johnson, R. W. and LoSasso, A. T. (2000), The Trade-Off between Hours of Paid Employment and Time Assistance to Elderly Parents at Midlife, The Urban Institute, Washington, D. C. Johnson, R. W. and Steuerle, C. E. (2003), Promoting Work at Older Ages: The Role of Hybrid Pension Plans in an Aging Population, Urban Institute, Washington, D. C.; Research Report (www.urban.org /research) (Dec. 31, 2003) Johnson, R. W. and Uccello, C. E. (2002), Can Cash Balance Pension Plans Improve Retirement Security for Today's Workers, Urban Institute, Washington, D. C.; Policy Brief, (www.urban.org /research) (Nov. 27, 2002) Johnson, R. W. and Uccello, C. E. (2003), Cash Balance Plans and the Distribution of Pension Wealth, Industrial Relations (34; 2003)
Article Yr 2001
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Johnson, R. W., Davidoff, A. J., and Perese, K. (2003), Health insurance costs and early retirement decisions, Industrial and Labor Relations Review (56; 2003) pp. 716 - 729. Johnson, R. W., Favreault, M. M., and Goldwyn, J. H. (2003), Employment, Social Security, and Future Retirement Outcomes for Single Mothers, Center for Retirement Research, Working Paper Series # 2003-14 (July, 2003) Johnson, R. W., Moon, M., and Davidoff, A. J. (2002), Medicare Buy-In for the Near Elderly, The Urban Institute Article (Feb., 2002)
2003
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Johnson, R. W., Sambamoorhi, U. and Crystal, S. (2000), Pension Wealth at Midlife: Comparing Self-Reports with Provider Data, Review of Income and Wealth (46), pp. 59 - 83 Jones, D. C. and Kato, T. (1993), The Scope, Nature, and Effects of Employee Stock Ownership Plans in Japan, Industrial and Labor Relations Review (1993, 46) pg. 352 - 367 Kalemli-Ozcan, S. and Weil, D. N. (2002), Mortality Change, the Uncertainty Effect, and Retirement, NBER Working Paper (www.nber.org/papers) Working Paper # 8742 (Jan., 2002) Kapteyn, A. and de Vos, K. (1997) , Social Security and Retirement in The Netherlands, NBER Working Paper (www.nber.org/papers) Working Paper # 6135 (Aug., 1997)
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Kapteyn, A. and Panis, C. (2003), The size and composition of wealth holdings in the United States, Italy, and the Netherlands, NBER Working Paper (www.nber.org/papers) Working Paper # 10182 (Dec., 2003) Page 28
2003

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BIBLIOGRAPHY Karoly, L. A. and Rogowski, J. A. (1998), Health Insurance and Labor Market Transitions of Older Workers, RAND Working Paper, Report # DRU-1797-DOL/AHCPR (Jan., 1998) Karoly, L. A. and Rogowski, J. A. (1999), Retiree Health Benefits and Retirement Behavior: Implications for Health Policy, Health Benefits and the Workforce (2) pg. 43 - 71
Article Yr 1998
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1999
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Karoly, L. A., and Rogowski, J. A. (1994), The Effect of Access to Post-Retirement Health Insurance on the Decision to Retire Early, Industrial andLabor Relations Review (1994, 48, 1) pg. 103 -123 or RAND paper # 94-13E Kedzierski, R. (2004), Italian workers still need to be sold on need for private pension system, Pensions & Investments, (32: 3) (Feb. 9, 2004), pp. 14 - 16 Khitatrakun, S. (2002), Wealth and the Timing of Retirement, UW-Madison, Economics Department (2002)
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Khitatrakun, S., Kitamura, Y., and Scholz, J. K. (2000), Pensions and Wealth: New Evidence from the Health and Retirement Study, UWMadison, Economics Department (2000) k Kilgour, J. G. (2001), Responding to changing retirement savings programs, Compensation and Benefits Review (33: 5) (Sept/Oct, 2001), pp. 25 - 35 Kim, S. (2003), The Impact of Research Productivity on Early Retirement of University Professors, Industrial Relations (42: 1) (Jan., 2003), pp. 106 - 125 k Kim, S. and Feldman, D. C. (2000), Working in Retirement: The antecedents of bridge employment and its consequences for quality of life in retirement, Academy of Management Journal (2000, 43, 6) pg. 1195 - 1210 Kim, S. and Feldman, D. C. (1998), Healthy, Wealthy,or Wise: Predicting actual acceptances of early retirement incentives at three points in time, Personnel Psychology (1998, 51) pg. 623 - 642 King, M. and Leape, J. I. (1998), Wealth and Portfolio Composition: Theory and Evidence, Journal of Public Economics, (69: 2) (1998), pp. 155 - 193 Korczyk, S. (1996), Pre-retirement pension distributions in the Health and Retirement Study, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. 9609 (Aug., 1996) Korczyk, S. (1998), How Americans Saves, American Association of Retired Persons (research.aarp.org/consume/listchron.html) (IB # 9806, 1998) Kosloski, K., Ekerdt, D., and DeViney, S. (2001), The Role of Job- Related Rewards in Retirement Planning Psychological Sciences (2001, 56B, 3) pg. P160 - 169 , Journal of Gerontology:
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Kozlowski, R. (2004), Research shows Saving is still not Americans' strong suit, Pensions & Investments (32: 7) (April 5, 2004), pp. 26 - 27 Page 29
2004

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BIBLIOGRAPHY Kreider, B. and Riphahn, R. T. (2000), Explaining applications to the U.S. disability system: A semiparametric approach, The Journal of Human Resources (35, 1), pp. 82 - 115 Krueger, A. B. and Pischke, J. (1992), The effect of Social Security on labor supply: A cohort analysis of the notch generation, Journal of Labor Economics (10; 4) pg. 412 - 37
Article Yr 2000
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Kruse, D. L. (1991), Profit Sharing and Employment Variability: Microeconomic Evidence on the Weitzman Theory, Industrial and Labor Relations Review (1991, 44, 3) pg. 437- 453 Kunde, D. (2000), Retiring with a Difference, London Free Press, Business, pp. D10 (Jan. 19, 2000)
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Kunde, D. (2000), The trend is to retire gradually, Ottawa Citizen, Careers, pp. E4 (Jan., 26, 2000)
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Kuo, H. - H. D., Park, H., Hauser, T. S., Hauser, R. M., and Marks, N. F. (2001), Surveys of the Life Course and Aging: Some Comparisons, UW-Madison, Center for Demography and Ecology, Working Paper 2001-06 (2001) f i Kusko, A. L., Poterba, J. M., and Wilcox, D. W. (1994), Employee decisions with respect to 401(k) plans: Evidence from individual-level data, NBER Working Paper Series, Working Paper # 4635 (Feb., 1994) Laibson, D. I. (1996) Hyperbolic Discount Functions, Undersavings, and Savings Policy, NBER Working Paper Series, Working Paper # 5635 (June, 1996) k Lane, M. C. (1993), The Effect of Employee Benefit Satisfaction on Organizational Consequences, Proceedings of the 1993 Industrial Relations Research Association Meetings (1993; IRRA) pg. 99-107 Lee, C. (2003), Labor Market Status of Older Males in the United States 1880 - 1940, NBER Working Paper (www.nber.org/papers) Working Paper # 9550 (March, 2003) Lengnick-Hall, M. L., and Bereman, N. A. (1994), A Conceptual Framework for the Study of Employee Benefits, Human Resource Management Review (1994, 4, 2) pg. 101 - 115 Leonesio, M. V. (1996), Economic model of work-leisure choice., Handbook on employment and the elderly, W. H. Crown, editor, Greenwood Press, pg. 213-248 k Levine, P. B., Mitchell, O. S., and Moore, J. F. (2000), Women on the Verge of Retirement: Predictors of Retiree Well Being, in Forecasting Retirement Needs and Retirement Wealth, eds: Mitchell, O., Hammond, P. B., and Rappaport, A. M. (2000), pp. 167 - 207 Levine, P. B., Mitchell, O. S., and Phillips, J. W. (1999), Worklife Determinants of Retirement Income Differentials Between men and Women, NBER Working Paper 7243 or PRC Working Paper (http://prc.wharton.upenn.edu/prc/99-19.PDF) (1999) Levinson, G. M. (2000), KPMG Benefits Survey Reveals Low 401(k) Contribution Rate, Journal of Pension Planning and Compliance, (25: 4) (Winter 2000), pp. 50 - 62 Page 30
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BIBLIOGRAPHY Lewis, D. E. (2001), More Women over 50 working full time, Boston Globe, Boston Works, pp G2 (Dec. 2, 2001)
Article Yr 2001
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Lichtenstein, J. and Wu, K. B. (2000), Pension and IRA Coverage Among Boomer, Pre-Boomer, and Older Workers, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. 2000-03 (Feb., 2000) Lichtenstein, J. H. and Verma, S. (2003), Older Workers' Pension Plan and IRA Coverage, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. DD91 (Oct., 2003) Lichtenstein, J. H. and Wu, K. B. (2003), Retirement Plan Coverage and Saving Trends of Baby Boomer Cohorts by Sex: Analysis of the 1989 and 1998 SCF, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ., DD93 (Nov., 2003) Linsenmeier, D. M. (2002), Do Retiree Health Benefits Cause Early Retirement?, Princeton University (2002)
2000
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Loprest, P. J. (1995), Health Insurance Coverage of Early Retirees with Disabilities, Urban Institute Research Paper, (June 1, 1995)
1995
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Loprest, P. J. and Zedlewski, S. R. (1997), Health Insurance Coverage Transitions of Older Americans, Urban Institute Research Paper, (May, 30, 1997) k Loprest, P., Rupp, K., and Sandell, S. H. (1995), Gender, Disabilities, and Employment in the Health and Retirement Study, Journal of Human Resources (30) pg. S293-318 (1995) Lott, J. R. and Kenny, L. W. (1999), Did Women's Suffrage Change the Size and Scope of Government?, Journal of Political Economy (107: 6) (1999) pp. 1163 - 1198 Loughran, D. and Panis, C. (2001), Retirement Planning, RAND Labor and Population Program, Social Security Adminis. (PM-1244-SSA) Sept., 2001 Lozier, G. G., and Dooris, M. J. (1991), Projecting Faculty Retirement: Factors Influencing Individual Decisions , American Education Association Papers and Proceedings (May, 1991) pg. 101 - 105
1997
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Lucas, L. (2000), Under the Microscope: A closer look at the Diversification and Risk Behavior of 401(k) Participants and How Plan Sponsors can address Key Investing Issues, Benefits Quarterly, (16: 4), (2000, 4th Quarter), pp. 24 - 30 k Lucas, L. (2002), Meeting the Financial Planning Needs of a Diverse and Paradoxical 401(k) Population, Benefits Quarterly, (18: 4), (2004, 4th Quarter), pp. 15 - 21 Lum, Y. S. and Lightfoot, E. (2003), The Effect of Health on Retirement Saving Among Older Workers, Social Work Research (27) pp. 31(2003)
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Lumsdaine, R. L, Stock, J. H. and Wise, D. (1990), Efficient Windows and Labor Force Reduction, Journal of Public Economics (1990, 43) pg. 131 - 159 Page 31
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BIBLIOGRAPHY Lumsdaine, R. L, Stock, J. H. and Wise, D. A. (1992), Three Models of Retirement: Computational Complexity versus Predictive Validity, Topics in the Economics of Aging, ed. Wise, D. A., University of Chicago Press, 1992 or NBER Working Paper, Paper # 3558, (Nov., 1992) Lumsdaine, R. L, Stock, J. H., and Wise, D. A. (1992), Pension Plan Provisions and Retirement: Men and Women, Medicare, and Models, NBER Working Paper, Paper # 4101
Article Yr 1992
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1992
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Lumsdaine, R. L. (1998), Caring for Children and the Retirement Decision, Brown University, Dept. of Economics (1998)
1998
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Lumsdaine, R. L. and Mitchell, O. S. (1999), New Developments in the Economic Analysis of Retirement , Handbook of Labor Economics, Volume 3C, editors Ashenfelter, O. and Card, D., Elsevier Science (1999), pp. 3261 - 3307 h k Lumsdaine, R. L. and Wise, D. A. (1994), Aging and Labor Force Participation in Aging in the United States and Japan: Economic Trends, eds: Noguchi, Y. and Wise, D. A., University of Chicago Press, Chicago, IL Lundberg, S. J. and Ward-Batts, J. (2000), Saving for Retirement: Household Bargaining and Household Net Worth, Michigan Retirement Research Center (2000) Luoma, I., Virokannas, H., Rahkonen, M., Uusimiki, A. A., and Rajala, U. (1998), Progress of work career, retirement-orientation, and health in middle-aged workers, Occupational Medicine (48; 3; 1998) pp. 161 - 8 k Lupton, J. and Smith, J. P. (1999), Marriage, Assets, and Savings, RAND Working Series, Report # DRU-2215-NICHD (Nov., 1999)
1999
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Lusardi, A. (2001), Explaining why so many people do not save, Center for Retirement Research, Working Paper # 2001-05 (Sept., 2001)
2001
Lusardi, A. (1999), Information, Expectations, and Savings for Retirement, Behavioral Dimensions of Retirement Economics, ed. H. J. Aaron, Brookings Institution Press, pp. 81 - 115, (1999) Lusardi, A. (2000), Saving for Retirement: The Importance of Planning, TIAA-CREF Institute Research Dialog (2000)
1999
2000
Lusardi, A. (2004), Financial Education and Saving, Pension Design and Decision-Making under Uncertainty, eds. O. Mitchell and S. Utkus (2004) k Lusardi, A., Skinner, J., and Venti, S. (2001), Saving Puzzles and Saving Policies in the United States, NBER Working Paper # 8237 (April, 2001) or Oxford Review of Economic Policy, (17; 2001), pp. 95 - 115 Lust, J. A. (1990), The Determinants of Employee Fringe Benefit Satisfaction: A Replication and Revision, Benefits Quarterly (1990; 2) pg. 89-95 Luzadis, R. A. and Mitchell, O. S. (1991), Explaining Pension Dynamics, Journal of Human Resources (26: 4) (Fall, 1991), pp. 679 - 703 Page 32
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BIBLIOGRAPHY MacBean, E. C. (2004), Creating Retirement Security: Just Show Them the Money?, Journal of Financial Service Professionals, (58: 1) (Jan., 2004), pp. 48 - 58 Madrian, B. C. (1994), Employment-based Health Insurance and Job Mobility: Is There Evidence of Job-Lock?, Quarterly Journal of Economics (109: 1) (Feb., 1994), pp. 27 - 51 Madrian, B. C. (1994), The Effect of Health Insurance on Retirement, Brookings Papers on Economic Activity, pp. 181 - 252
Article Yr 2004
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1994
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Madrian, B. C. and Beaulieu, N. D. (1998), Does Medicare Eligibility Affect Retirement? In Inquiries in the Economics of Aging, ed. Wise, D. A., University of Chicago Press, Chicago, IL, pp. 109 - 31 Madrian, B. C. and Shea, D. F. (2000), The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior, NBER Working Paper Series, Working Paper # 7682 (May, 2000) Maestas, N. (2001), Labor, Love & Leisure: Complementarity and the Timing of Retirement by Working Couples, UC- Berkeley, Department of Economics (2001) Mandelker, J. (1996), Case study: How Pitney Bowes Broadens Benefit Choices with Value-Added Services, Compensation & Benefits Review (1996, March/ April) pg. 60 - 66 Mathew Greenwald & Associates and Employee Benefit Research Institute (2003), 2003 Risks and Process of Retirement Survey: Report of Findings, Society of Actuaries (Nov., 2003)
1998
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Mathew Greenwald & Associates (1996), Early retirement incentive offer in retrospect, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. 9616 (Nov., 1996) Mathew Greenwald & Associates (2002), Insight into participant investment knowledge and behavior, John Hancock Financial Services, Defined Contribution Plan Survey, 8th Edition (June, 2002) Mathew Greenwald & Associates (2003), Retirement plan preferences survey: Report of Findings, Society of Actuaries and American Academy of Actuaries (Oct., 2003)
1996
2002
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2003
Mazzocco, M. (2002), Savings, Risk Sharing, and Preferences for Risk, Working Paper, University of Wisconsin (2002)
2002
k 31
McCarthy, M. and McWhirter, L. (2000), Are Employees Missing the Big Picture?, Benefits Quarterly, (16: 1), (2000, 1st Quarter), pp. 25 -
2000
McCarthy, M. and Turner, J. A. (2000), Pension Education: Does It Work? Does It Matter?, Benefits Quarterly, (16: 1), (2000, 1st Quarter), pp. 64 - 72 k McCarty, T. A. (1990), The Effect of Social Security on Married Women's Labor Force Participation, National Tax Journal (43: 1), pp. 95 110 Page 33
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BIBLIOGRAPHY McClellan, M. (1998), Health Events, Health Insurance and Labor Supply: Evidence from the Health and Retirement Survey, Frontiers in the Economics of Aging, ed. David Wise, Univ. of Chicago Press (1998) McFadden, D., Hurd, M. and et al. (1998), Consumption and Savings Balances of the Elderly: Experimental Evidence on Survey Response Bias, Frontiers in the Economics of Aging, ed. David Wise, Univ. of Chicago Press (1998) pp. 353 - 87 McGarry, K. (Nov., 2004), Health and Retirement: Do Changes in Health Affect Retirement Expectations?, NBER Working Paper (www.nber.org/papers) Working Paper # 9317 (Nov., 2002) or Journal of Human Resources McGarry, K. and Davenport, A. (1998), Pensions and the Distribution of Wealth, NBER Working Paper # 6171 (Sept., 1997) or Frontiers in the Economics of Aging, ed. David Wise, Univ. of Chicago Press (1998) McNamara, T. K., O'Grady-LeShane, R., and Williamson, J. B. (2003), The Role of Marital History, Early Retirement Benefits, and the Economic Status of Women, Center for Retirement Research, Working Paper # 2003-01 (Jan., 2003) Miah, M. S. (2001), Two Essays Related to Labor Market Behavior: Demand for publicly provided job training programs in Illinois and Poor health, asset accumulation, and early retirement behavior, Northern Illinois Univ. Dissertation # 0-493-23496-9
Article Yr 1998
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Miceli, M. P. and Lane, M. C. (1991), Antecedents of Pay Satisfaction, Research in Personnel and Human Resources Management (1991, 9) pg. 235 - 309 Michaud, P. C. (2003), Joint Labor Supply Dynamics of Older Couples, IZA Institute for the Study of Labor, Bonn, Germany, Discussion Paper # 832 (2003)
1991
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Miller, L. (2002), The Ongoing Growth of Defined Contribution and Individual Account Plans: Issues and Implications, Employee Benefit Research Institute Issue Brief # 242 (2002, March) Mitchell, J. M. (1991), Work behavior after the onset of arthritis, Medical Care (29; 4; 1991) pp. 362 - 76
2002
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Mitchell, O. S. (1990), Aging, Job Satisfaction, and Job Performance in An Aging Workforce, eds. Bluestone, I, Montgomery, R. and Owen, J., Wayne State University Press, Detroit, MI, pp. 242 - 72 Mitchell, O. S. (1991), Social Security Reforms and Poverty among Older Dual-Earner Couples, Journal of Population Economics (4: 4) (Nov., 1991), pp. 281 - 93 j Mitchell, O. S. and Bodie, Z. (2000), A Framework for Analyzing and Managing Retirement Risks, University of Pennsylvania, Wharton Pension Research Council, PWC WP 2000-4 (2000) k Mitchell, O. S. and Phillips, J. W. (2000), Retirement Responses to early Social Security Benefit Reductions, NBER Working Paper No.7963 (Oct., 2000) Mitchell, O. S. and Utkus, S. P. (2002), The role of company stock in defined contribution plans, NBER Working Paper (www.nber.org/papers) Working Paper # 9250 (Oct., 2002) Page 34
1990
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BIBLIOGRAPHY Mitchell, O. S., Moore, J. F., and Phillips, J. W. (2000), Explaining Retirement Saving Shortfalls, Forecasting Retirement Needs and Retirement Wealth, eds: Mitchell, O., Hammond, P. B., and Rappaport, A. M. (2000) pg. 137 - 163 Mitchell, O. S., Phillips, J. W. R., Au, A., and McCarthy, D. (2003), Retirement Wealth and Lifetime Earnings Variability, University of Pennsylvania, Wharton Pension Research Council, PWC WP 2003-4 (2003) Mitchell, O. S., Poterba, J. M., and Warchawsky, M. J. (1999), New Evidence on the Money's Worth of Individual Annuities, American Economic Review (89: 5) pp. 1299 - 1318
Article Yr 2000
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Moen, P., Kim, J. E., and Hofmeister, H. (2001), Couples' Work/Retirement Transitions, Gender, and Marital Quality, Social Psychology Quarterly (64), pp. 55 - 71 Mollica, K. A. and DeWitt, R. L. (2000), When Others Retire Early: What About Me?, Academy of Management Journal (2000, 43, 6) pg. 1068-1075 Montgomery, E., Shaw, K., and Benedict, M. E. (1992), Pensions and Wages: An Hedonic Price Theory Approach, International Economic Review (33: 1), pp. 111 - 28
2001
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Moore, J. F. and Mitchell, O. S. (2000), Projected Retirement Wealth and Savings Adequacy in the Health and Retirement Study, NBER Working Paper 6240 (Oct., 1997) or in Forecasting Retirement Needs and Retirement Wealth, eds: Mitchell, O. S., Hammond, P. B., and Rappaport, A. M. (2000) Morgan, A. (2002), Experiencing Transitional Events in the Pre-Retirement Years, University of Massachusetts Boston, The Gerontology Institute (2002) Morin, R. and Deane, C. (2002), Undepressing Findings About Retirement, Washington Post (July 9, 2002)
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Mullainathan, S. and Thaler, R. H. (2000), Behavioral Economics, NBER Working Paper (www.nber.org/papers) Working Paper # 7948 (Oct., 2000) i Muller, L. A. (2001), Does Retirement Education Teach Individuals to Save Pension Distributions?, Social Security Bulletin (64; 2001) pp. 48-65 (www.ssa.gov/policy/pubs/SSB) Muller, L. A. (2003), Investment Choice in Defined Contribution Plans: The Effects of Retirement Education on Asset Allocation, Benefits Quarterly, (19: 2), (2003, 2nd Quarter), pp. 76 - 94 k Mulligan, C. (2000), Induced Retirement, Social Security, and the Pyramid Mirage, NBER Working Paper (www.nber.org/papers) Working Paper # 7679 (April, 2000) Mulligan, C. B. (2000), Can Monopoly Unionism Explain Publicly Induced Retirement?, NBER Working Paper (www.nber.org/papers) Working Paper # 7680 (April, 2000) Mulligan, C. B. and Sala-i-Martin, X. (1999), Gerontocracy, Retirement, and Social Security, NBER Working Paper (www.nber.org/papers) Working Paper # 7117 (May, 1999) Page 35
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BIBLIOGRAPHY Article Yr Mulvey, J. (2003), Retirement behavior and retirement plan designs: Strategies to retain an aging workforce, Benefits Quarterly (19, 4), pp. 2003 25 - 35 Munnel, A. H., Cahill, K. E., and Jivan, N. A. (2003), How Has the Shift to 401(k)s Affected the Retirement Age?, Center for retirement research - Boston College - Issue Brief # 13 (2003) Munnell, A. H. and Yohn, F. (1992), What is the Impact of Pensions on Savings? in Pensions and the U. S. Economy: The Need for Good Data, eds. Bodie, Z. and Munnell, A., Pension Research Council, Philadelphia, pp. 115 - 39 Munnell, A. H., Sunden, A., and Taylor, C. (2000), What Determines 401(k) Participation and Contributions?, Center for Retirement Research, Working Paper # 2000-12 (Dec., 2000) 2003
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Murray, K. (2003), The Automatic Escalator: Stepping up Plan Participation, Journal of Pension Planning and Compliance, (29: 3) (Fall, 2003), pp. 80 - 103 Mutchler, J. E., Burr, J. A., Pienta, A. M., and Massagli, M. P. (1997), Pathways to labor force exit: Work transitions and work instability, Journal of Gerontology Series B Psychological Social Sciences (52; 1; 1997) pp. S4 - 12
2003
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Mutchler, J. E., Burr, J. A., Massagli, M. P., and Pienta, A. (1999), Work transitions and health in later life, Journal of Gerontology Series B Psychological Social Sciences (54; 5; 1999) pp. S252 - 61 Mutran, E. J., Reitzes, D. C. and Fernandez, M. E. (1997), Factors that influence attitudes toward retirement, Research on Aging, (19), pgs. 251-273 Myers, D. A. (1991), Work after cessation of career job, Journal of Gerontology (46; 2; 46) pp. S93 - 102
1999
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Neumark, D. and Powers, E. T. (1998), Welfare for the Elderly: The Effects of SSI on Pre-Retirement Labor Supply, NBER Working Paper (www.nber.org/papers) Working Paper # 6805 (Nov., 1998) k Neumark, D. and Powers, E. T. (2003), The Effects of Changes in State SSI Supplements on Pre-Retirement Labor Supply, NBER Working Paper (www.nber.org/papers) Working Paper # 9851 (July, 2003) Neumark, D.and Powers, E. (1997), The Effect of Means-Tested Income Support for the Elderly on Pre-Retirement Saving: Evidence from the SSI Program in the U.S., NBER Working Paper (www.nber.org/papers) Working Paper # 6303 (Dec., 1997) Ng-Baumhackl, M., Gist, J., and Figueiredo, C. ( 2003), Pennies from heaven: Will inheritances bail out the boomers?, AARP Public Policy Institute, Oct., 2003 k Ng-Baumhackl, M., Gist, J., and Figueiredo, C. (2003), Pennies from heaven: Will inheritances bail out the boomers?, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. DD90 (Oct., 2003) Nielson, N. L. and Chan, D. K. W. (2003), Employers Use of Early Retirement Incentives, 1992 - 2000, University of Calgary, Haskayne School of Business, Calgary, AB (2003) Page 36
1998
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BIBLIOGRAPHY O'Leary, C. J. and Wandner, S. A. (2000), Unemployment Compensation and Older Workers, W. E. Upjohn Institute, Working Paper # WP00-61 (2000) Olson, J. A. (1999), Linkages with Data from Social Security Administrative Records in the Health and Retirement Study, Social Security Bulletin, vol. 62, pp. 73 - 85 (1999)
Article Yr 2000
1999
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Olson, J. A. (1999), Who is 62 Enough? Identifying Respondents Eligible for Social Security Early Retirement Benefits in the Health and Retirement Study, Social Security Bulletin, vol. 62, pp. 51-56 (1999) f i k Orszag, P. R. (2004), Balances in Defined Contribution Plans and IRAs, Urban Institute, Washington, D. C.; Article, (www.urban.org /research) (Feb. 4, 2004) Osberg, L. (1993), Is it retirement or unemployment? Induced 'retirement' and constrained labor supply among older workers, Applied Economics (25) pg. 505-19 k Oshio, T. and Yashiro, N. (1997) , Social Security and Retirement in Japan, NBER Working Paper (www.nber.org/papers) Working Paper # 6156 (Sept., 1997) Osmond, T. A. and O'Brien, G. (2000), Delivering 401(k) Administration On Line: Best Practices and Lessons Learned, Benefits Quarterly, (16: 1), (2000, 1st Quarter), pp. 19 - 24 k Ozanne, L. (1999), Individual Retirement Accounts, Urban Institute, Washington, D. C.; Article, (www.urban.org /research) (Oct. 1, 1999)
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Palme, M. and Svensson, I. (1997) , Social Security, Occupational Pensions, and Retirement in Sweden, NBER Working Paper (www.nber.org/papers) Working Paper # 6137 (Aug., 1997) Palmer, B. A. (2002), The 2001 GSU/Aon RETIRE Project Report, Journal of Financial Service Professionals, (56: 1) (Jan., 2002), pp. 35 44
1997
2002
Panis, C. W. A. (2003), Annuities and Retirement Satisfaction, RAND Working Paper, Report # DRU-3021
(April, 2003)
2003
Papke, L. E. (1995), Participation in and contributions to 401(k) pension plans: Evidence from plan data, Journal of Human Resources (XXX) pg. 311-325 Papke, L. E. (2002), Choice and Other Determinants of Employee Contributions to Defined Contribution Plans, Center for retirement research - Boston College (2002) Papke, L. E. (2004), Individual Financial Decisions in Retirement Plans: The Role of Participant Direction , Journal of Public Economics (2004) k Papke, L. E. and Woolridge, R. M. (1993), Econometric Methods for Fractional Response Variables with an Application to 401(k) Plan Participation Rates, NBER Working Paper Series, Technical Working Paper # 147 (Nov., 1993) Page 37
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BIBLIOGRAPHY Papke, L. E., Peterson, M., and Poterba, J. M. (1996), Did 401(k) Plans replace other employer pensions?, NBER Working Paper (www.nber.org/papers) Working Paper # 4501 (June, 1996) Park, C. (1999), Social Security Disability Insurance and Older Workers, University of Pennsylvania ISBN 0-599-39026-3 (1999)
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Parnes, H. S. and Sommers, D. G. (1994), Shunning Retirement: Work Experience of Men in Their Seventies and Early Eighties, Journal of Gerontology: Social Sciences (49, 3) pg. S117-S124 Penner, R. G. (1994), Dealing with the Retirement of the Baby Boomers, Urban Institute Research Report (Jan. 1, 1994)
1994
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Penner, R. G., Perun, P., and Steuerle, C. E. (2002), Legal and Institutional Impediments to Partial Retirement and Part-Time Work by Older Workers, Urban Institute, Washington, D. C.; Research Report, (www.urban.org /research) (Nov. 20, 2002) Penner, R. G., Perun, P., and Steuerle, C. E. (2003), Letting Older Workers Work, Urban Institute, Washington, D. C.; Policy Brief, (www.urban.org /research) (July 1, 2003) i j Pensions & Investments (2004), 401(k) Plan Participants sue W. R. Grace over stock decline, Pensions & Investments (32: 17) (Aug. 23, 2004), pp. 25 Pensions & Investments (2004), Canadian DC plan sponsors say education not working, Pensions & Investments, (32: 3) (Feb. 9, 2004), pp. 14 i Pensions & Investments (2004), DC Managers: Briefs, Pensions & Investments (32: 16) (Aug. 9, 2004), pp. 30
2002
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Peracchi, F. and Welch, F. (1994), Trends in labor force transitions of older men and women, Journal of Labor Economics (12) pg. 210-42
1994
Perun, P. (2000), The Limits of Saving, Urban Institute, Washington, D. C.; Research Report, (www.urban.org /research) (Aug. 1, 2000)
2000
i j
Perun, P. (2000), Employee Stock Ownership Plans, Urban Institute, Washington, D. C.; Policy Brief, (www.urban.org /research) (June 1, 2000) k Pestieau, P. and Stijns, J. P. (1997) , Social Security and Retirement in Belgium, NBER Working Paper (www.nber.org/papers) Working Paper # 6169 (Sept., 1997) Pienta, A. (1999), Early childbearing patterns and women's labor force behavior in later life, Journal of Women Aging (11; 1; 1999) pp. 6984
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Pienta, A. M. (1996), Labor Force Behavior of Married Women in Later Life, SUNY - Buffalo Doctoral Dissertation (1996) Page 38
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BIBLIOGRAPHY Pienta, A. M. (1997), Older Couples: An Examination of Health and Retirement within the Context of the Family, Penn State University Population Research Institute, Working Paper Series 97-03 (1997) Pienta, A. M. (1998), Partners In Marriage: An Analysis of Family Effects and the Likelihood of Retirement, Penn State University Population Research Institute, Working Paper Series 98-05 (1998) Pienta, A. M. (2003), Partners In Marriage: An analysis of husbands' and wives' retirement behavior, Journal of Applied Gerontology (22; 2003), pp. 340-358 Pienta, A. M. and Hayward, M. D. (2002), Who Expects to Continue Working After Age 62? The retirement plans of couples, The Journals of Gerontology, Series B: Psychological Sciences and Social Sciences (57B; 2002) pp. S199-208 Pienta, A. M., Burr, J. A., and Mutchler, J. E. (1994) , Women's labor force participation in later life: The effects of early work and family experiences, Journal of Gerontology (49; 5; 1994) pp. S231-239 Pierce, J. L., Rubenfeld, S. A., and Morgan, S. (1991), Employee Ownership: A Conceptual Model of Process and Effects, Academy of Management Review (1991, 18, 1) pg. 121 - 144 Polachek, S. W. (2000), Worker well-being, specifically chapter on a test of Lazear's mandatory retirement model, Elsevier Science, New York (2000)
Article Yr 1997
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Poterba, J. M. (1994), Government Saving Incentives in the United States, in Public Policies and Household Saving, ed. Poterba, J. M., The University of Chicago Press, Chicago (1994), pp. 1 - 18 Poterba, J. M. (2001), Taxation and Portfolio Structure: Issues and Implications, NBER Working Paper Series, Working Paper # 8223, (2001)
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Poterba, J. M. and Samwick, A. A. (1997) Household Portfolio Allocation over the Life Cycle, NBER Working Paper Series (www.nber.org/papers) Working Paper # 6185 (Sept., 1997) Poterba, J. M. and Samwick, A. A. (1999), Taxation and Household Portfolio Composition: U. S. Evidence from the 1980s and 1990s, NBER Working Paper Series, Working Paper # 7392, (1999) Poterba, J. M. and Wise, D. A. (1999), Individual Financial Decisions in Retirement Saving Plans and the Provision of Resources for Retirement, NBER Working Paper (www.nber.org/papers) Working Paper # 5762 (March, 1999) Poterba, J. M., Venti, S. F., and Wise, D. A. (1995), Lump-Sum Distributions from Retirement Saving Plans: Receipt and Utility, NBER Working Paper #5298, See Pienta, A. M., et al above Poterba, J. M., Venti, S. F., and Wise, D. A. (1997), Personal Retirement Saving Programs and Asset Accumulation: Reconciling the Evidence, NBER Working Paper (www.nber.org/papers) Working Paper # 5599 (Jan., 1997) Poterba, J. M., Venti, S. F., and Wise, D. A. (1998), 401(k) Plans and Future Patterns of Retirement Saving, American Economic Review, (88; 1998) pp. 179 - 184 Page 39
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BIBLIOGRAPHY Article Yr Poterba, J. M., Venti, S. F., and Wise, D. A. (1999), Implications of rising personal retirement saving, NBER working paper # 6295 (March, 1999 1999) Poterba, J. M., Venti, S. F., and Wise, D. A. (2000), Saver Behavior and 401(k) Retirement Wealth, American Economic Review (90; 2000) pp. 297- 302 Poterba, J. M., Venti, S. F., and Wise, D. A. (2001), Preretirement Cashouts and Foregone Retirement Saving: Implications for 401(k) asset accumulation, Themes in the Economics of Aging, ed. Wise, D. A., University of Chicago Press, 2001 or NBER Working Paper (www.nber.org/papers) Working Paper # 7314 (Aug., 1999) Poterba, J. M., Venti, S. F., and Wise, D. A. (2001), The Transition to Personal Accounts and Increasing Retirement Wealth: Macro and Micro Evidence, NBER Working Paper Series, Working Paper # 8610 (Nov., 2001) Powers, E. and Neumark, D. (2001), The Supplemental Security Income Program and Incentives to take up Social Security Early Retirement: Empirical Evidence from Matched SIPP and Social , NBER Working Paper (www.nber.org/papers) Working Paper # 8670 (Dec., 2001) or Center for Retirement Research, Working Paper # 2001-06 (Sept., 2001) Pruter, R. (1999), Financial Education Can Ease Employee Anxiety Concerning Retirement Plan Conversion, Employee Benefit Plan Review (1999, March/ April) pg. 40 - 44 Purcell, P. (2003), Retirement Savings and Household Wealth in 2000: Analysis of Census Bureau Data, Journal of Pension Planning and Compliance, (29: 2) (Summer 2003), pp. 48 - 75 Purcell, P. J. (2000), Lump-sum Distributions and Retirement Income Security, Journal of pension Planning and Compliance (26: 3), (Fall, 2000), pp. 27 - 59 Purcell, P. J. (2003), Employer Stock in Retirement Plans: Investment Risk and Retirement Security, Benefits Quarterly, (19: 2), (2003, 2nd Quarter), pp. 51 - 70 Purcell, P. J. (2004), Retirement Savings and Household Wealth: A Summary of Recent Data, Journal of Pension Planning and Compliance, (30: 2) (Summer 2004), pp. 1 - 29 Quinn, J. F. and Kozy, M. (1996), The Role of Bridge Jobs in the Retirement Transition: Gender, race, and ethnicity, The Gerontologist (1996, 36, 3) pg. 363 - 380 Quinn, J. F. (1997), Retirement Trends and Patterns in the 1990s: The End of an Era?, The Public Policy and Aging Report (8; 1997) pp. 10-14 2000
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Quinn, J. F. (1997), The Role of Bridge Jobs in the Retirement Patterns of Older Americans, Social Policy and the Labour Market, eds. Philip deJong and Theodore Marmor, Ashgate Publishing, Ltd., (1997) Quinn, J. F. (1999), Has the Early Retirement Trend Reversed?, Working Papers in Economics, Boston College, Working Paper # 424
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Quinn, J. F. (1999), Retirement Patterns and Bridge Jobs in the 1990s, Employee Benefit Research Institute No. 206 (1999) Page 40
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BIBLIOGRAPHY Quinn, J. F. (2000), New Paths to Retirement, in Forecasting Retirement Needs and Retirement Wealth, eds: Mitchell, O., Hammond, P. B., and Rappaport, A. M. (2000) pg. 13 - 32 Quinn, J. F., Burkhauser, R. V., and Myers, D. A. (1990), Passing the Torch: The Influence of Economic Incentives on Work and Retirement, W. E. Upjohn Institute, ISBN 0-88099-092-9 (1990) Quinn, J. F., Burkhauser, R. V., Cahill, K., and Weathers, R. (1998), The Microeconomics of the Retirement Decision in the United States, OECD Economics Dept. Working Paper No. 203 (1998)
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Rappaport, A. M. and Greenwald, M. (2002), New Insights on Post-retirement Risks, Compensation & Benefits Management (2002, 18, pg. 33 - 43
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Rebick, M. (1993), Finding Jobs for Older Workers: The Japanese Approach in As the Workforce Ages: Costs, Benefits, and Policy Challenges, ed. Mitchell, O. S., ILR Press, Ithaca, NY, pp. 103 - 24 Rein, M. and Turner, J. (2004), Pension Coverage Lessons for the United States from Other Countries, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. 2004 - 01 (Feb., 2004) Reitzes, D. C., Mutran, E. J., and Fernandez, M. E. (1996), Preretirement Influences on Postretirement Self-Esteem, Journal of Gerontology: Social Sciences (51B, 5) pg. S242-S249 Reitzes, D. C., Mutran, E. J., and Fernandez, M. E. (1998), The decision to retire: A career perspective, Social Science Quarterly (79) pg. 607-619 Reynolds, J. R. and Quadagno, J. (1998), Health and Socioeconomic Mobility: The Economic Consequences of Changes in Health for PreRetirement Workers, American Sociological Association: Association-Paper (1998)
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Riphahn, R. T. (1999), Disability retirement among german men in the 1980s, Industrial and Labor Relations Review (52, 4), pp. 628 - 647
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Rix, S. E. (1996), The challenge of an aging work force: Keeping older workers employed and employable, Journal of Aging Social Policy (8; 2-3; 1996) pp. 79 - 96 i j k Rix, S. E. (2000), Update on the Older Worker: 1999 - Gains Continue; Officials project some increase in Participation, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. DD48 (April, 2000) Rix, S. E. (2001), Workers at the Bottom: An update on America's Minimum Wage Workers, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. DD65 (Oct., 2001) Rix, S. E. (2003), Update on the Older Worker: 2002, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. DD88 (June, 2003) Rix, S. E. (2004), Aging and Work - A view from the United States, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. 2004 - 02 (Feb., 2004) Page 41
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BIBLIOGRAPHY Rix, S. E. (April, 1999), Update on the Older Worker: 1998 - Employment Gains Continue, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. DD42 (April, 1999) Rogowski, J. A. and Karoly, L. A. (1994), The consequences of early retirement for health insurance status, RAND publications (1994)
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Rogowski, J. and Karoly, L. (2000), Health Insurance and Retirement Behavior: Evidence from the Health and Retirement Survey , RAND Working Paper, Report # DRU-1798-DOL/AHCPR (Dec., 1997) or Journal of Health Economics (18:4), pp. 482 - 502 k Rogowski, J. and Karoly, L. (2001), Health Insurance and Retirement Behavior: Evidence from the Health and Retirement Survey - An Update, Journal of Health Economics (19,4) pg. 529-39 Rohwedder, S. (2003), Empirical Validation of HRS Pension Wealth Measures, RAND publications (2003)
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Roman, P. M. and Johnson, J. A. (1996), Alcohol's role in work-force entry and retirement., Alcohol Health and Research World (20, 3) pg. 162 - 169 j k Rosen, H. S. and Wu, S. (2003), Portfolio Choice and Health Status , NBER Working Paper # 9453 (Jan., 2003) or Employee Benefits, Compensation and Pension Law (4; 2003) (http://papers.ssrn.com/paper.taf?abstract_id=375305) Rosenblatt, R. A. (2000), Older Workers Sweat Boom Times, Aging Today (Nov/Dec, 2000)
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Rosenthal, M. (1997), Laying down the Law on Company Stock, Institutional Investor (1997, 31, 9) pg. 191 - 193
1997
Rugh, J. (2003), Participant Contribution and Asset Allocations During the Recent Bull and Bear Market: Evidence from TIAA-CREF, Benefits Quarterly (19: 4) (2003, 4th Quarter), pp. 55 - 67 Ruhm, C. J. (1990), Bridge Jobs and Partial Retirement , Journal of Labor Economics (8: 4) (Oct., 1990), pp. 482 - 502
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Ruhm, C. J. (1994), Bridge employment and job stopping: Evidence from the Harris/Commonwealth fund survey., Journal of Aging Social Policy (6; 4; 1994) pp. 73 - 99 Ruhm, C. J. (1995), Secular changes in the work and retirement patterns of older men, Journal of Human Resources (30) pg. 362-85
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Rust, J. (1990), Behavior of Male Workers at the End of the Life Cycle: An Empirical Analysis of States and Controls in Issues in the Economics of Aging, ed. Wise, D. A., University of Chicago Press, Chicago, IL, pp. 317 - 79 f i Rust, J. (1999), Effect of Pensions on Saving: Analysis with Data from the Health and Retirement Study: A Comment, Carnegie Rochester Conference Series on Public Policy 50 (1999) pp. 325 - 35 (http://www.elsevier.com/inca/publications/store/5/2/2/6/6/6/index.htt) Page 42
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BIBLIOGRAPHY Rust, J. and Phelan, C. (1997), How Social Security and Medicare affect Retirement Behavior in a World of Incomplete Markets, Econometrica (1997, 65, 4) pg. 781 - 831 Sabelhaus, J. (1994), How Does Pension Coverage Affect Household Saving. Final Report, Urban Institute, Washington, D. C. (1994)
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1994
Salisbury, D. L. (2000), Will we outlive our money?, Benefits Quarterly (16, 4), pp. 31 - 36
2000
Salisbury, D. L. and Helman, R. (2002), The 2002 Retirement Confidence Survey Mesasge: Step Up Education Efforts Now!, Benefits Quarterly, (18: 4) ( 2002, 4th Quarter), pp. 42 - 55 k Samwick, A. A. (1998), New Evidence on Pensions, Social Security, and the Timing of Retirement, NBER Working Paper (www.nber.org/papers) Working Paper # 6534 (April, 1998) or Journal of Public Economics, (70: 2), (Nov., 1998), pp. 207 - 236 Samwick, A. A. and Skinner, J. (1998), How will Defined Contribution Pension Plans Affect Retirement Income?, NBER Working Paper (www.nber.org/papers) Working Paper # 6645 (July, 1998) Samwick, A. and Wise, D. A. (2001), Option Value Estimation with HRS Data, Dartmouth College (2001)
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Santiago, A. M. and Muschkin, C. G. (1996), Disentangling the effects of disability status and gender on the labor supply of anglo, black, and latino older workers, Gerontologist (36; 3; 1996) pp. 299 - 310 Schmidt, W. A. (2002), Recent ERISA Fiduciary Developments: Participant Advice, Journal of Pension Planning and Compliance, (28: 2) (Summer, 2002), pp. 62 - 69 Scholz, J. K. (2001), Achieving Retirement Security or a Loophole Ridden Tax Code? Saving Incentives in the U.S., UW-Madison, Department of Economics (2001) Scholz, J. K., Seshadri, A., Khitatrakun, S. (2004), Are Americans Saving 'Optimally' for Retirement?, NBER Working Paper (www.nber.org/papers) Working Paper # 10260 (Feb., 2004)
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Schott, F. H. (1999), U. S. Household Finance in the 1990s, Journal of Financial Service Professionals, (53:2) (March, 1999), pp. 33 - 40
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Scott, J. S. and Shoven, J. B. (1996), Lump-Sum Distributions: Fulfilling the Portability Promise or Eroding Retirement Security? , Employee Benefit Research Institute Issue Brief # 178 (1996, October) k Scott, M. M. (1997), Gender Privilege in Retirement Planning and Saving, State University of New York at Stony Brook #0-591-76837-2 (1997) Seeder, B. (2002), U. K. strikes start over closing of Defined Benefit Schemes, Pensions & Investments, (30: 22) (Oct. 28, 2002) pp. 14 15 Page 43
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BIBLIOGRAPHY Settersten, R. A., Jr. (1998), Time, age, and the transition to retirement: New evidence on life-course flexibility, International Journal of Aging and Human Development (47) pg. 177 - 203 Shapiro, D. (2001), Online Investor Study, American Association of Retired Persons, Public Policy Institute (research.aarp.org/consume/listchron.html) (Jan., 2001)
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Shaw, L. B. and Hill, C. (2003), Retirement Decision-Making and Economic Outcomes for Men and Women, Macmillan Encyclopedia of Aging, ed. D. Ekerdt (2003) Shelton, A. (2000), Incentives to Claim Social Security Benefits, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. DD56 (Nov., 2000) Shelton, A. (2000), The Social Security Earnings Limit and Work and Retirement Incentives, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. DD 54 (Nov., 2000) Sher, L. J. (2001), Survey of Cash Balance Conversions, Benefits Quarterly, (17: 1) (2001, 1st Quarter), pp. 19 - 26
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Shoven, J. B. (1999), The Location and Allocation of Assets in Pension and Conventional Savings Accounts, NBER Working Paper (www.nber.org/papers) Working Paper # 7007 (March, 1999) k Shuey, K. (2001), Couples Approaching Retirement: The Organization of Pension Behavior within the Family, Florida State University, available from UMI, Order # DA3014359 (0419-4209) (2001) Shultz, K. S., Morton, K. R., and Weckerle, J. R. (1998), The Influence of Push and Pull Factors on Voluntary and Involuntary Early Retirees' Retirement Decision and Adjustment, Journal of Vocational Behavior (1998, 53) pg. 45 - 57 Singh, G. and Verma, A. (2003), Work history and later life labor force participation: Evidence from a large telecommunications firm, Industrial and Labor Relations Review (56, 4), pp. 699 - 715 Smith, D. B. and Moen, P. (1998), Spousal influence on retirement: His, her, and their perceptions., Journal of Marriage and the Family (60) pgs. 734 - 744 Smith, J. P. (1995), Unequal Wealth and Incentives to Save, RAND Working Paper 0-8330-2289-X (DB-145-RC) (1995)
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Smith, J. P. (1997), The Changing Economic Circumstances of the Elderly: Income, Wealth, and Social Security, Syracuse University Policy Brief # 8, Center for Policy Research, Maxwell School of Citizenship and Public Affairs (1997) Smith, J. P. (1999), Healthy Bodies and Thick Wallets: The Dual Relation Between Health and Economic Status, Journal of Economic Perspectives (13: 2) (1999), pp. 145 - 166 Smith, K. (2003), How will recent patterns of earnings inequality affect future retirement Income?, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. 2003-06 (May, 2003) Page 44
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BIBLIOGRAPHY Smith, V. K., Kim, H., and Taylor, D. H. (2002), Do the Near Elderly Value Mortality Risks Differently?, North Caroline State University (2002) Social Security Administration (2002), Income of the Aged Chartbook, 2000, Social Security Administration, Washington, D. C.
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Stapleton, D. C. and Burkhauser, R. V. (2003), The Decline in Employment of People with Disabilities: A Policy Puzzle, W. E. Upjohn Institute, ISBN 0-88099-259-X (2003) Stephens, M. Jr. (1998), Two Essays on the Labor Market, UM, ISBN # 0-599-08469-3 (1998)
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Stephens, M. Jr. and Haider, S. J. (2003), Can Unexpected retirement explain the retirement-consumption puzzle? Evidence for subjective retirement expectations, Center for Retirement Research, Working Paper # 2003-15 (August, 2003) h Sterns, H. L. and Miklos, S. M. (1995), The Aging Worker in a Changing Environment: Organizational and Individual Issues, Journal of Vocational Behavior (1995,47) pg. 248-268 Stetz, T. A. (1998), Reasons for Retirement: Antecedents and Consequences, Central Michigan University ISBN 0-591-75664-1
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Steuerle, C. E. (1999) A Government Match for Private Pension Savings?, Urban Institute Article (www.urban.org/research) (Feb. 8, 1999)
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Steuerle, C. E. and Carasso, A. (2001), A Prediction: Older Individuals will work more in the future, Urban Institute, Washington, D. C.; Policy Brief, (www.urban.org /research) (March 30, 2001) Steuerle, C. E. and Spiro, C. (1999), A New Approach to Age and Work, Urban Institute, Washington, D. C.; Policy Brief, (www.urban.org /research) (Aug. 30, 1999) Steuerle, C. E. and Spiro, C. (1999), Adjusting for Life Expectancy in Measures of Labor Force Participation, Urban Institute, Washington, D. C.; Policy Brief, (www.urban.org /research) (Oct. 30, 1999) Steuerle, C. E. and Spiro, C. (1999), Nonemployment: A Necessary Economic Indicator, Urban Institute, Washington, D. C.; Policy Brief, (www.urban.org /research) (June 1, 1999) Steuerle, C. E. and Spiro, C. (1999), The Many Reinforcements of Retiring Early, Urban Institute, Washington, D. C.; Policy Brief, (www.urban.org /research) (Sept. 15, 1999) i 80 Stock, J. H. and Wise, D. A. (1990), Pensions, the Option Value of Work, and Retirement, Econometrica (58: 5) (Sept., 1990), pp. 1151 -
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Stock, J. H. and Wise, D. A. (1990), The Pension Inducement to Retire: An Option Value Analysis, in Issues in the Economics of Aging, editor: Wise, D. A., 1990 University of Chicago Press, Chicago, IL Page 45
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BIBLIOGRAPHY Article Yr Sturnman, M. C., Hannon, J. M., and Milkovich, G. T. (1996), Computerized Decision Aids for Flexible Benefits Decisions: The Effects of 1996 an Expert System and Decision Support System on Employee Intentions and Satisfaction with Benefits, Personnel Psychology (1996, 49) pg. 883 - 908 Sulds, J. L. and Rabin, R. J. (2002), New wave of 401(k) Litigation, Pensions & Investments (30: 24) (Nov. 25, 2002), pp. 11 - 12 2002
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Super, Jones T. (1999), Examining the Links Between Retirement and Health Insurance: Implications for Medicare Eligibility, National Health Policy Forum Issue Brief No. 733 k Szinovacz, M. (2002), Couple Retirement Patterns and Retirement Age: A Comparison of Austria and the United States, International Journal of Sociology and Social Policy (32: 2002) Szinovacz, M. E., DeViney, S., and Davey, A. (2001), Influences of Family Obligations and Relationships on Retirement: Variations by Gender, Race, and Marital Status, Journal of Gerontology: Social Sciences (56B), pp. S20-27 Talaga, J. A. and Beehr, T. A. (1995), Are there gender differences in predicting retirement decisions?, Journal of Applied Psychology (1995, 80, 1) pg. 16 - 28 Taylor, M. A. and Shore, L. M. (1995), Predictors of Planned Retirement Age: An Application of Beehr's Model, Psychology and Aging (1995, 10, 1) pg. 76 - 83 Timmerman, S. (2000), Planning for the Future: A Focus on Mature Women, Journal of Financial Service Professionals, (54: 1) (Jan., 2000), pp. 22 - 24 Timmerman, S. (2001), Longevity: Risk or Reward?, Journal of Financial Service Professionals, (55: 3) (May, 2001), pp. 32 - 34
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Timmerman, S. (2002), Baby Boomers: Assessing their Retirement Risk in Trying Times, Journal of Financial Service Professionals, (56: 3) (May, 2002), pp. 31 - 33 Timmermann, S. (2000), 50 in 2000: Leading edge boomers reflect on life and retirement, Journal of Financial Service Professionals (54, 4), pp. 36
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Timmermann, S. (2000), Earlier retirement or longer worklife? Myths, realities, and predictions, Journal of Financial Service Professionals (54, 5), pp. 34 Towers Perrin (2002), Retirement Savings Know-how Eludes Most Employees, Towers Perrin TP Track (Nov., 2002)
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Towers Perrin (2002), Shifting Investment Risk to Employees: The Landscape Changes, Towers Perrin TP Track (May, 2002)
2002
Towers Perrin (2004), Retirement Plans Today: Rocky Times for DC Plans Create Opportunity for Employers to Help Educate Employees, A Towers Perrin Point of View (2004) Page 46
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BIBLIOGRAPHY Towers Perrin HR Services (2003), Back to the future: Redefining retirement in the 21st century, The 2003 Retirement Study, www.towersperrin.com, Nov., 2003 Turner, J. (2003), Pension Portability - Is this Europe's Future? An Analysis of the United States as a Test Case, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. 2003-03 (March, 2003) Turner, J. A. (1993), Pension Policy for a Mobile Labor Force, W. E. Upjohn Institute, ISBN 0-88099-133-X
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Turner, J. A. (2001), Rate-of-return Guarantees for Defined Contribution Plans, Benefits Quarterly (17: 1) (2001, 1st Quarter), pp. 46 - 53
2001
Turner, J. A. (2003), Errors Workers Make in managing 401(k) Investments, Benefits Quarterly (19: 4) (2003, 4th Quarter), pp. 75 - 82
2003
Turner, J. A. and Watanabe, N. (1995), Private Pension Policies in Industrialized Countries: A Comparative Analysis, W. E. Upjohn Institute, ISBN 0-88099-149-6 (1995) Turner, J. A., editor (2001), Pay at Risk: Compensation and Employment Risk in the United States and Canada, W. E. Upjohn Institute, ISBN 0-88099-221-2 (2001) Uccello, C. E. (1998), Factors Influencing Retirement: Their implications for raising Retirement Age, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ., 9810 (Oct.,1998) of Urban Institute Report (www.urban.org/research) (Oct. 1, 1998)
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Uccello, C. E. (2000), 401(k) Investment decisions and social security reform, Center for Retirement Research, Working Paper # 2000-04 (March, 2000) or Urban Institute, Research Report (Feb. 23, 2000) Uccello, C. E. (2000), Do Spouses Coordinate their investment decisions in order to share risks?, Center for Retirement Research, Working Paper # 2000-09 (Nov., 2000) Uccello, C. E. (2001), 401(k) Investment Decisions and Social Security Reform, North American Actuarial Journal (2001, 5,1) pg. 70 - 79
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Uccello, C. E. (2001), Are Americans Saving Enough for Retirement?, Urban Institute, Washington, D. C.; Policy Brief, (www.urban.org /research) (July 1, 2001) US General Accounting Office (2001), Older Workers: Demographic Trends Pose Challenges for Employers and Workers, US Govt Accounting Office GAO-02-85 (2001) Van der Klaauw, W. and Wolpin, K. I. (2002), Social Security, Pensions and the Savings and Retirement Behavior of Households, Univ. of North Carolina at Chapel Hill (2002)
2001
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VanDerhei, J. and Copeland, C. (2001), A Behavioral Model for Predicting Employee Contributions to 401(k) Plans: Preliminary Results, North American Actuarial Journal (2001, 5,1) pg. 80 - 94 Page 47
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BIBLIOGRAPHY VanDerhei, J. (2002), Company Stock in 401(k) Plans: Results of a Survey of ISCEBS Members, Benefits Quarterly (18: 3) (2002, 3rd Quarter), pp. 65 - 76 Venti, S. F. and Wise, D. A. (1999), Lifetime Earnings, Savings Choices, and Wealth at Retirement, Wealth, Work, and Health: Innovations in Measurement in the Social Sciences, eds: Smith, J. P. and Willis, R. J. (1999) pg. 87- 120 Venti, S. F. and Wise, D. A. (1998), The Cause of Wealth Dispersion at Retirement: Choice or Chance?, American Economic Review (88; 1998) pp. 185-91 Venti, S. F. and Wise, D. A. (2001), Choice, Chance, and Wealth Dispersion at Retirement, NBER Working Paper # 7521 (Feb., 2000) Aging Issues in the United States and Japan, ed. S. Ogura, T. T. a. D. W., University of Chicago Press, (2001), pp. 25-64 Verma, S. (2003), Retirement Coverage of Women and Minorities: Analysis from SIPP 1998 Data, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. DD92 (Oct., 2003) Verma, S. and Lichtenstein, J. H. (2000), The declining personal saving rate: Is there cause for Alarm?, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. IB42 (March, 2000) Verma, S. and Lichtenstein, J. H. (2003), Retirement plan coverage of baby boomers and retired workers: Analysis of the 1998 SIPP Date, AARP Public Policy Institute (research.aarp.org/econ/listchron.html) Publ. 2003-10 (July, 2003) Vistnes, J. (1994), An Empirical Analysis of Married Women's Retirement Decisions, National Tax Journal (47: 1), pp. 135 - 155
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Walsh, M. W. (2001), Reversing Decades-Long Trend, Americans Retiring Later in Life, New York Times on the Web, Business (Feb. 26, 2001) Wang, J. (2001), The Retirement Decision of Working Married Couples: A test of some competing hypotheses, State University of New York at Stony Brook #0-493-65428-3 (2001) k 24 Weaver, D. A. (1994), The work and retirement decisions of older women: A literature review, Social Security Bulletin (57; 1; 1994) pp. 3 -
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Weckerle, J. R. and Shultz, K. S. (1999), Influences on the Bridge Employment Decision Among Older USA Workers, Journal of Occupational and Organizational Psychology (72; 1999) pp. 317-329 h Welsh, J. D. (2002), Employee interest in enhanced benefits offers marketing opportunity to financial consultants, Journal of Financial Service Professionals (56, 4), pp. 50 i Williams, F. (2003), DC Plans have more Options than Ever, Pensions & Investments, (31: 20) (Sept. 29, 2003), pp. 8
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Williams, F. (2003), More Employers Allow Unlimited Company Stock, Pensions & Investments (31: 22) (Oct. 27, 2003), pp. 1 - 3 Page 48
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BIBLIOGRAPHY Williams, F. (2003), Participants heading back into equities, Pensions & Investments, (31: 16) (Aug. 4, 2003), pp. 2 - 3
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Williams, M. L., Malos, S. B., and Palmer, D. K. (2002), Benefit System and Benefit Level Satisfaction: An Expanded Model of Antecedents and Consequences, Journal of Management (2002, 28, 2) pg. 195 - 215 k Williams, M. L. and Dreher, G. F. (1992), Compensation System Attributes and Applicant Pool Characteristics, Academy of Management Journal (1992,35) pg. 571-595 Williams, M.L. & MacDermid, S. M. (1994), Linkages between Employee Benefits and Attitudinal and Behavioral Outcomes: A Research Review and Agenda, Human Resource Management Review (1994, 4, 2) pg. 131-160 k Williams,M. (1995), Antecedents of Employee Benefit Level Satisfaction: A Test of a Model, Journal of Management (1995,21)
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Williamson, J. B. and McNamara, T. K. (2002), The Effect of unplanned changes in marital and disability status: Interrupted Trajectories and labor force participation, Center for Retirement Research, Working Paper # 2002-05 (Sept., 2002) Williamson, J. B. and McNamara, T. K. (2001), Why some workers remain in the labor force beyond the typical age of retirement, Center for Retirement Research, Working Paper # 2001-09 (Nov., 2001) Wilmoth, J. and Koso, G. (2002), Does Marital History Matter? Marital Status and Wealth Outcomes Among Preretirement Adults, Journal of Marriage and the Family (64; 2002) pp. 254-268 Wilson, N. and Peel, M. J. (1991), The Impact on Absenteeism and Quits of Profit- Sharing and Other Forms of Employee Participation , Industrial and Labor Relations Review (1991, 44, 3) pg. 454 - 468 Woodbury, R. G. (1999), Early retirement in the United States, Stat Bull, Metropolitan Insurance Co. (80; 3; Jul -1999, Sept. 30) pp. 2 - 7
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Woodbury, S. A. and Huang, W. (1991), The Tax Treatment of Fringe Benefits, W. E. Upjohn Institute, Kalamazoo, MI
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Worshawsky, M. J. and Ameriks, J. (2000), How Prepared are Americans for Retirement? In Forecasting Retirement Needs and Retirement Wealth, eds: Mitchell, O. S., Hammond, P. B., and Rappaport, A. M., pp. 33 - 67 Wray, L.A. (1996), The Role of Ethnicity in the Disability and Work Experience of Preretirement-age Americans, The Gerontologist (36; 1996) pp. 287-98 Wray, L.A. (2000), Does Mental Health Affect Transitions out of the Labor Force in Older Workers?, American Sociological Association: Association-Paper (2000)
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Wu, S. (2003), The effects of health events on the economic status of married couples, The Journal of Human Resources (38, 1), pp. 219 230 Page 49
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BIBLIOGRAPHY Yakoboski, P. (1997), Large Plan Lump-Sums: Rollovers and Cashouts, Employee Benefit Research Institute Issue Brief # 188 (1997, August) Yakoboski, P. and VanDerhei, J. (1996), Contribution Rates and Plan Features: An Analysis of Large 401(k) Plan Data, Employee Benefit Research Institute Issue Brief # 174 (1996, June) Yakoboski, P. and VanDerhei, J. (1996), Contribution rates and plan features: An analysis of large 401(k) plan data, EBRI issue brief no. 174 Yakoboski, P. J. (2002), Understanding the Motivations of Long-term Care Insurance Owners: The Importance of Retirement Planning, Benefits Quarterly, (18: 2) (2002, 2nd Quarter), pp. 16 - 21
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Yehudah, Y. B. (2002), Nigerian academic faculty: Issues in compensation and retirement benefits, Compensation and Benefits Review (34, 6), pp. 55 - 65 (Nov/Dec, 2002) Youden, D. (1999), Automatic 401(k) Enrollment: Retirement cure-all or Bitter Pill?, Compensation and Benefits Review (31: 2) (Mar/Apr, 1999), pp. 54 - 60
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Zipple, J. (2000), Wealth Illusion: Theory and Effects on Wealth Accumulation of Defined Contribution Pension Participants, Boston College, Senion Honors Thesis (2000) k Zissimopoulos, J. M., Panis, C., and Hurd, M. (2002), Workers Who Take Early Social Security Retirement Benefits, Social Security Adminis. (PM-1281-SSA) Jan., 2002 Zuckerman, S., Haley, J., and Fragale, M. (2001), Could Subsidizing COBRA Health Insurance Coverage Help Most Low-Income Unemployed?, Health Policy Online, No. 2 (www.urban.org/Uploaded PDF/410351_HPOnline_2.pdf), The Urban Institute, Washington, D. C.
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Summary of Findings
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) Turnover intentions will be - positively related/influenced by a) gender (female) b) perceived work alternatives - negatively related/influenced by c) job satisfaction d) organizational commitment e) satisfaction with health f) number of dependents g) pay level h) age i) being married
Theoretical Support Organizational Withdrawal Theory compared to existing research from economics and gerontology regarding influences on retirement. Organizational Withrawal Theory says that turnover and retirement can be combined into a broader construct known as job withdrawal and that they are influenced by the same set of factors (see Hanisch and Hulin, 1990). Labor economics (see Feldman, 1994) says there are conceptual differences and thus differences in influencing variables.
Type of Analyses Correlation analysis plus Hierarchical Multiple Regression Analysis.
Data Details Date, Source, Etc. Employees at three Midwestern organizations, a university, a manufacturin g facility, and a softwaredevelopment firm, were surveyed in the mid 1990s. Total sample size was 375, with a response rate of 42%. The average age was 41.
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k Adams, G. A. and Beehr, T. A. (1998)
Turnover and Retirement: A Comparison of their Similarities and Differences
Personnel Psychology (1998, 51) pg. 643665
This research found that there are differences between predictors of turnover and retirement intentions. Variables assumed to influence both intentions (satisfaction with health, gender, number of dependents, job satisfaction, and organizational commitment) did not result in significant relationships with regard to demographic characteristics, but did with regard to employee attitudes (satisfaction and commitment were strongly related to turnover but not to retirement, as predicted).
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k Adams, G. A. and Beehr, T. A. (1998) (continued)
Turnover and Retirement: A Comparison of their Similarities and Differences (continued)
Of the unique variables expected to influence only retirement intentions (retirement financial perception, perceptions of retirement, pay level (positive), age (positive), and being married (positive)) only perceptions of retirement and age had the predicted effects. Results support that turnover intentions and retirement intentions are distinguishable forms of withdrawal. Evidence is from: a) characteristics of two different measures, b) confirmatory factor analysis, and c) analysis of predictors.
2) Retirement intentions will be -positively related/influenced by a) gender (female) b) retirement financial perception c) perceptions of retirement d) pay level e) age f) being married - negatively related/influenced by g) job satisfaction h) organizational commitment i) satisfaction with health j) number of dependents
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Journal National Bureau of Economic Research, NBER, Working Paper # 9779
Summary of Findings This article investigates the full retirement vs the phased retirement decision as a function of pension incentives, employee performance, demographics, and organizational characteristics. Hypothesis 1 a) but not 1 b), ia supported. This is based on two separate tests. First, when the full, phased, and total retirement rates of the University of North Carolina (UNC) faculty are compared to the North Carolina Community College System faculty (an indirect control group), it was found that the permanent increase in total UNC retirement rates must be due to phased retirement choices due to a lack of other reasonable explanations. This implies that the phased retiremet plan has causal effects. Second, the phased retirement plan was found to be chosen by those who would otherwise choose to work full time. This was shown in prior research (Ghent, Allen, & Clark, 2001) where it was found that those choosing full retirement in 1997 - 99 could be pooled with the 1995 - 97
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) Faculty members who select phased retirement are doing this instead of: a) continuing to work full-time b) retiring completely (full retirement) 2) The probability of choosing phased retirement is influenced by: a) Pension plan characteristics + i) Defined Benefit, not defined contribution plan - ii) Rate of pension accrual - iii) Pension backloading (a.k.a. peak value) (defined benefit plans only) + iv) Pension wealth b) Productivity/performance ratings - i) Average raise + ii) Rank as Associate, not Full Professor + iii) Rank as Assistant, not Associate c) Teaching load (greater reduction in responsibilities when retire)
Theoretical Support Maximize utility level by balancing labor hours plus resulting income and leisure over the life cycle. The life cycle theory of labor supply predicts that workers cut back hours as rewards from continued work decline and the time horizon for retirement shortens.
Type of Analyses Compariso n of historical retirement rates. Multinomial logit model, where possible options are a) work full time, b) enter phased retirement, or c) complete retirement. Predicted impact of variables is assessed by comparison of retirement
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k Allen, S. G., Phasing into Clark, R. L., Retirement and Ghent, L. S. (2003)
Data Details Date, Source, Etc. Test of the effect of an exogenous, unique event on retirement rates, anmely the installation of a phased retirement option in the UNC retirement system in Sept. 1, 1997. Eligibility for phased retirement is tenure state, age 50 with > 20 years of service, age 60 with > 5 years of service, relinquishmen
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Summary of Findings retirees, but the total retired group for 1997 - 99, including those choosing phased retirement, couldn't be pooled with the 1995 - 97 retires because they were significantly different from those choosing full retirement. Hypotheses 2) ai), aii), bi), ci), cii), ciii), and d) are all supported as predicted. The likelihood of phased retirement is 3.8% for those covered by a defined benefit plan as compared to 1.6% for those covered by a defined contribution plan. Those with a future peak value in a defined benefit plan of $100,000 have a likelihood of only 1% of choosing phased retirement, while those whose peak value point has passed have a 5.8% probability. The hypothesis 2) aii) was also supported, but in the positive, not negative, direction, and seemed to reflect defined contribution plan accruals, not defined benefit ones. Those with lower average raises are more likely to select phased retirement as are those who teach at other than a Reserach I level school; thus productivity is improved by providing phased retirement. Hypotheses 2) fi) and
Dependent Variable(s) & Hypotheses or discussion of Inductive Research + i) Doctoral, not Research I, school + ii) Masters, not Research I, school + iii) Bachelors, not Research I, school + d) age, as dummy, progressive indicator + e) female gender f) Race or Ethnicity + i) Black + ii) Asian + iii) Other, non-white g) Control variables - i) Salary - ii) Years of Service 3) The probability of choosing full/complete retirement is influenced by: a) Pension plan characteristics + i) Defined Benefit, not defined contribution plan - ii) Rate of pension accrual - iii) Pension backloading (a.k.a. peak value) (defined benefit plans only) + iv) Pension wealth
Theoretical Support
Type of Analyses
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k Allen, S. G., Phasing into Clark, R. L., Retirement and Ghent, L. S. (2003) (continued)
Data Details Date, Source, Etc. of tenure, and negotiation of a contract for part-time employment for 1 - 5 years at a pro-rata current salary rate (phased period). Administratio n census data for 1994 2000 for only those eligible for phased retirement was used for analysis
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Summary of Findings but in the negative, not positive, direction. Hypotheses 2) aiv), bii), biii), e), fiii), gi), and gii) are not supported for phased retirement. Hypotheses 3 ai), bi), bii), biii), ci), cii), ciii), d) and e) are all supported in the predicted directions. For full retirement, coverage by a defined benefit plan implies a 8.7% probability of retirement vs a 6.8% probability if covered by a defined contribution plan. Those with lower average raises are again more likely to select full retirement (10.3% vs 5.9% for those with a 0% vs 8% average raise), as are those who are not full professors and those who teach at other than a Research I level school. Hypotheses 3) fi) and fii) are again supported, but in the negative, not predicted positive, direction. Hypotheses 3) gi) and gii) are supported, but in the positive direction. Hypotheses 3) aii), aiii), aiv), and fiii) are not supported. Notice the difference in support for phased retirement but not for full retirement by the pension incentives measuring pension accrual and peak value/backloading.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research b) Productivity/performance ratings - i) Average raise + ii) Rank as Associate, not Full Professor + iii) Rank as Assistant, not Associate c) Teaching load (greater reduction in responsibilities when retire) + i) Doctoral, not Research I, school + ii) Masters, not Research I, school + iii) Bachelors, not Research I, school + d) age, as dummy, progressive indicator + e) female gender f) Race or Ethnicity + i) Black + ii) Asian + iii) Other, non-white g) Control variables - i) Salary - ii) Years of Service
Theoretical Support
Type of Analyses
Data Details Date, Source, Etc.
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k Allen, S. G., Phasing into Clark, R. L., Retirement and Ghent, L. S. (2003) (continued)
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Journal Benefits Quarterly (16, 4), 2000, 4th Quarter
Summary of Findings This research updates the investigation of whether households are saving enough to cover living expenses during retirement and assesses the level of shortfall/excess in saving and retirement consumption. All hypotheses 1) a) through j) are supported except for 1) b), fi), fii), g) and h). Having a personal loan and/or having a home mortgage increased the likelihood of funding retirement living expenses, while having pension plan coverage decreased it. The support for hypothesis 1) a) is explained by the high correlation of those currently > 50 with i) a drop in median assets since 1992 and ii) imputation of a retirement age (they may intend to never retire). Hypothesis 2) is supported. It was found that, for all households that failed, the median shortfall was 17% of future consumption, and that, for all households with heads aged 51 - 61, the shortfall was 12%. Moore & Mitchell (2000), using the 1992 HRS data, estimated that the median household would need to save an additional 16% of future income to smooth consumption throughout
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) A household's likelihood of funding living expenses over the expected years of retirement (after no longer working full time) is influenced by: - a) current age of respondent > 50 - b) children present in household + c) current financial assets + d) educational level of head of household + e) total household income f) + i) owning a home - ii) having a home mortgage + g) having a pension plan - h) having current personal loans + i) planned retirement age of head of hourshold +/- j) control for health status via longevity 2) Households that are estimated to not be able to fund living expenses over the expected years of retirement (fail plan) will have an expected shortfall similar to that found in other economic-based research.
Theoretical Support Investigation of actuarially-based retirement planning software as an approximation to and simplification of economic models of behavior. Estimates of savings adequacy are similar, in aggregate, under both approaches.
Type of Analyses Comparison of retirement plan success or failure rates, means and medians compared across subgroups. Analyzed output was generated by simulation based on use of a financial planning package and individual data from the 1995 SCF.
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k Ameriks, J. Using (2000) Retirement Planning Software to assess Americans' preparednes s for Retirement: An Update
Data Details Date, Source, Etc. 1995 Survey of Consumer Finances, including only 'middle American' households that might use planning software. 'Middle American' household is defined as respondent or spouse currently working full time, age 25 70, net earnings $0 $50,000 per year, non financial assets < $1 million.
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Article Title
Journal Benefits Quarterly (17, 4), 2001, 4th Quarter
Summary of Findings This research compares 1995 to 1998 results of the assessment of the level of shortfall/excess in saving for retirement consumption. Hypotheses 1) c), e), fi) and g) are obviously supported. Households with personal loans and/or a home mortgage in 1998 slightly improved their likelihood of success. Households with children also substantially improved their likelihood of success. Households with respondents > age 50 basically maintained the likelihood of success/failure (38.3% of those reaching retirement age (planned or imputed) failed to fund living expenses over retirement - 38.1% failed in 1995). Households where the head had a graduate/professional degree did substantially improve their likelihood of success; however, if the head of the household had only a college degree or less, the family only maintained their likelihood of success. Hypothesis 2) is supported. This updated research found that the median shortfall of future consumption for all households that failed was 16%. The median shortfall based on 1995 data was 17% of future
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) A household's likelihood of funding living expenses over the expected years of retirement (after no longer working full time) is influenced by: - a) current age of respondent > 50 - b) children present in household + c) current financial assets + d) educational level of head of household + e) total household income f) + i) owning a home - ii) having a home mortgage + g) having a pension plan - h) having current personal loans +/- i) control for health status via longevity 2) Households that are estimated to not be able to fund living expenses over the expected years of retirement (fail plan) will have an expected shortfall similar to that found in prior research.
Theoretical Support Investigation of actuarially-based retirement planning software as an approximation to and simplification of economic models of behavior. Marketbased explanation of improvements in (increases in) families' net worth, levels of stock values, levels of investment in stock.
Type of Analyses Comparison of retirement plan success or failure rates, means and medians compared across subgroups. Analyzed output was generated by simulation based on use of a financial planning package and individual data from the 1998 SCF.
def
h j k Ameriks, J. Assessing (2001) Retirement Preparednes s with Planning Software: 1998 Update
Data Details Date, Source, Etc. 1998 Survey of Consumer Finances, including only 'middle American' households that might use planning software. 'Middle American' household is defined as respondent or spouse currently working full time, age 25 70, net earnings $0 $50,000 per year, non financial assets < $1 million.
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Article Title Trends in Male Labor Force Participation and Retirement: Some Evidence on the role of Pensions and Social Security in the 1970s and 1980s
Journal Journal of Labor Economics (1999), (17, 4), pps. 757 783
Summary of Findings This research estimates the effect of changes in incentives, private pension and Social Security rules, on retirement trends as if participants had always been covered under the new rules. Changes in pension plans, both those chosen by employers and legally mandated, from 1969 to 1989, increased the value of benefit accruals prior to age 65 and increased the yearly accrual in benefits after age 65. The same argument also applies with regard to changes in Social Security. Consequently, model simulations show that such changes should increase retirement probabilities prior to age 65, but decrease them following 65. Simulation results found that, looking at only pension plan changes, the probability of retirement at age 60 increased by 1.3%, at age 62 increased by 3.7%, and for ages > 65 decreased by 1.4%. Simulation results also found that, looking at only Social Security changes, the probability of retirement at age 60 increased by 2.1%, at age 62 increased by 2.4%, and for ages > 65 decreased by 5.6%.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) Probability of retirement (from full-time work) of workers > age 65 is influenced by: - a) changes in pension plans that increase current accruals - b) changes in social security that increase current accruals + c) age + d) disutility of work + e) relative disutility of partial retirement work + f) poor health 2) Probability of retirement (from full-time work) of workers < age 65 is influenced by: + a) changes in pension plans that increase current accruals + b) changes in social security that increase current accruals + c) age + d) disutility of work + e) relative disutility of partial retirement work + f) poor health
Theoretical Support Economic theory based on maximization of lifetime utility function.
Type of Analyses Maximum likelihood estimation of model parametes (effect sizes) with probabilitie s generated by simulations run using effect sizes, individual data, and randomly assigned values of disutilities of full-time and partial work.
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k Anderson, P. M., Gustman, A. L., and Steinmeier, T. L. (1999)
Data Details Date, Source, Etc. Retirement History Study for pension plans as of 1969. The Survey of Consumer Finances for individual data (men age 30 - 55 in 1969) & pension plans as of 1983 & 1989. Results tested and found to be robust, likely overstating predicted increases in probabilities, using data in the National Longitudinal Study of Mature
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Article Title The Retirement Behavior of Married Couples: Evidence from the Spouses' Allowance
Journal The Journal of Human Resources (2002), (37, 1), pps. 1 - 34
Summary of Findings This research investigates the effect of a major change to the Canadian retirement system (introduction of the Spouse's Allowance (SPA) in Oct., 1975 as an increase to GIS and OAS general government retirement benefits) on the retirement behavior of married individuals. Hypotheses 1) a) and b) are supported when SPA-eligible group is compared to control group A, B, and C. Results are significant and effect size is fairly large (reduction of 6-7%). Hypothesis 2) a) is supported when SPAeligible group is compared to control groups D, E, and F. However, result in comparison to control group F finds much smaller, though still significant effect; this is likely due to control for/elimination of CPP effects only when group F is the comparison group.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) The labor-market participation rate of Canadian men is influenced by: - a) Eligibility of couple for SPA program (own age > 65, wife age 60 - 64), + b) Interaction of higher education level (university degree as proxy for higher income) with a) After controlling for: c) Individual demographic variables d) Observed differences between SPA eligible and control couples (age, education, urban residence, & children at home) e) Effect of CPP changes (end of phasein period in 1/76 and elimination of earnings test for 65 - 69 year olds in 76 80 data) 2) The labor-market participation rate of Canadian women is influenced by: - a) Eligibility of couple for SPA program (own age 60 64, husband > 65), + b) Interaction of higher education level (university degree as proxy for higher income) with a)
Theoretical Support Neoclassical model of comparative advantage and household division of labor OR Family utility analysis considering family income, family leisure time, budget constraint, and 'family' preferences (husband's preference, wife's preference).
Type of Analyses Graphic comparison of study & control groups. Weighted leastsquares regression analysis, with SCF sample weights and White's correction of standard errors for heterosked asticity. Used group matching, since
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k Baker, M. (2002)
Data Details Date, Source, Etc. Survey of Consumer Finances conducted in 1972, '74, '76, '78, '80; excluded data for Quebec. Focused analysis on couples, with males aged 65-75 and females aged 60-64, to meet requirements for SPA program. Compared eligible couples to
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Article Title
Journal
Summary of Findings Hypothesis 2) b) is not supported, with either own or husband's attainment of a university degree, likely due to small sample size and/or interference of CPP reforms on SPA effects. With regard to all summary notes, important acronyms/definitions include: CPP/QPP = Canada/Quebec Pension Plan, employer plus employee contributions, based on wages; GIS = guaranteed income supplement, eligibility > 65, government general funds, flat amount, subject to family earnings-test; OAS = old age security, eligibility > 65, government general funds, flat amount; and SPA = spouse's allowance, eligibility is own age > 65, wife/husband age 60-64, subject to family earnings test.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research After controlling for: c) Individual demographic variables d) Observed differences between SPA eligible and control couples (age, education, urban residence, & children at home) e) Effect of CPP changes (end of phasein period in 1/76 and elimination of earnings test for 65 - 69 year olds in 76 80 data)
Theoretical Support
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k Baker, M. The (2002) Retirement (continued) Behavior of Married Couples: Evidence from the Spouses' Allowance
Data Details Date, Source, Etc. random control assignment groups, with was not separate possible. controls for Control males and groups females. were A) Multiple Male 65-75, matched female 65- control 75; B) M 65- groups 75, F 50needed to 59; C) M 65- remove effect 75, single; of other CPP D) F 60-64, reforms and M 65-75; E) labor market F 50-59, M shocks/chang 65-75; F) F es in 50-59, M 65- conditions. 75. Type of Analyses
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Author Baker, M. and Benjamin, D. (1999)
Article Title Early Retirement Provisions and the Labor Force Behavior of Older Men: Evidence from Canada
Journal Journal of Labor Economics (1999, 17, 4) pg. 724 756
Summary of Findings Effect of early retirement provisions in QPP/CPP on labor supply behavior was investigated. Hypothesis 1a) was supported. Change in policy increased QPP receipt from 8 to 30% in 2 years and CPP receipt from 13 to 25% in 2 years. Hypothesis 1b) was not supported. Early retirement provisions did not decrease employment rates in the adopting area more than in the control area. Investigation of the labor market to better understand hypothesis 1b) found that (i) those who took advantage of the new early retirement provisions would have basically retired or been unemployed anyway, (ii) there was almost no substitution effect on (no decrease in) the receipt of unemployment income, and (iii) there was a significant decrease in the proportion of individuals working 0 hours.
hi
Data Details Date, Source, Etc. 1) Introduction of early retirement Economic utiltiyUsed non- The 1982-83 provisions to Canada's two public pension maximizing theory. adopting and 1985-90 plans, QPP in 1984 and CPP in 1987,: Inductive analysis provinces Survey of a) will positively affect pension receipt to investigate as control Consumer (% retired) effects on labor group. Finances data b) will negatively affect employment rate supply. Longitudina bases. l graphs and histograms displaying basic and differenceindifferences results. Regression analysis. Dependent Variable(s) & Hypotheses or discussion of Inductive Research Theoretical Support Type of Analyses
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k Barber, A. E., Dunham, R. B., and Formisano, R. A. (1992)
The impact of flexible benefits on employee satisfaction: A field study
Personnel This research investigated employee Psychology attitudes, understanding and (1992, 45) satisfaction, before and after introduction of a flexible benefits plan. All hypotheses were supported. The control variables were not found to significantly change between the pre- and post-tests and were not found to be significantly different between test subjects and other employees. Issue of generalizability: - no control group - only one organization - could not absolutely eliminate other influences
1) Predict increase in satisfaction with benefits 2) Predict increase in job satisfaction 3) Predict increase in employees' understanding of benefit plan Prediction of changes in DVs following implementation of a flexible benefit plan that included health ins, life ins, retirement, vacation, long-term disability, and prepaid spending acct. Information on demographics, selfidentification for matching, and noncompensation satisfaction was also obtained for control purposes.
Determinants of benefit satisfaction based on the role of needs discrepancies versus communication.
Increases Data from pre- to collected from post1985 - 1987 intervention at a tested with professional one-tailed, management pairedfirm. The sample t posttest tests. Quasi- survey (1987) experiment was al design. completed by 57% of the original set of employees.
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Article Title How Important are Employee Benefits to Public Sector Employees
Journal Public Personnel Management (1994, 23, 3) pg. 397 406
Summary of Findings This research investigated employee knowledge about and influence of employer-provided benefits. All hypotheses except 4 were supported by the survey. The estimate of per hour cost of benefits overstated the actual value substantially, contrary to predictions of human resource researchers. The benefits perceived as most important were those that provide direct economic security; retirement benefits were considered the most important. Many members of this employee group may have self-selected into a public organization because of good benefits package.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) Employees can accurately identify benefits which are provided. 2) Employees will perceive most benefits provided as important. 3) Employees will accurately estimate the per hour cost of benefits provided. 4) Employees will accurately estimate the annual cost of benefits provided. 5) Benefits package is important in influencing employee behaviors such as: - attraction - motivation - retention - satisfaction of needs
Theoretical Support Atheoretical, applied research investigating the influences on employee behavior. Research in Human Resource Management.
abc
k Bergmann, T. J., Bergmann, M. A., and Grahn, J. L. (1994)
Data Details Date, Source, Etc. Survey Data was given to collected from public a employee questionnaire group. distributed in Determined 1990 to all frequency employees of distribution a midwestern or means city. The plus response rate standard was 47%. deviations of responses. Public employee group is compared to two private employee groups. Type of Analyses Summary conclusions of review of prior empirical research. Review of empirical research through 1995 done on employee benefits (nonwage compensation ) in Human Resources
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Broderick, Non-Wage R. and CompenGerhart, B. sation (1997)
Human Resource Management Handbook (1997, Part 3) pg. 145 173
This summary article discussed the current state of benefits research regarding employee understanding, attitudes, and behaviors. All hypothesized influences on and levels of dependent variables have been supported by empirical research. For example, see Hannon, et al, 1990; Barber, et al, 1992; Hennessey, et al, 1992; Gustman, et al, 1994; Rabin,1994; Williams, 1995)
1) Employee understanding & valuation of benefits: a) poor amoung current employees and job applicants b) can be significantly increased by communicating benefit information c) interaction between understanding and employee out-of-pocket costs d) can be improved by flexible benefits plans with increase in communication e) underestimation of benefit value 2) Employee satisfaction with benefits: a) interaction between communication/ understanding & employee out-of-pocket costs (less satisfied if both high) b) might be improved by flex benefit plans with increase in communication c) influenced by employee characteristics (Williams & MacDermid, '94, Miceli & Lane, '91)
Human Resource research on benefits, satisfaction, attraction,and retention. Discrepancy model and Equity theory.
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Author Broderick, R. and Gerhart, B. (1997) (continued)
Article Title Non-Wage Compensation (continued)
Journal
Summary of Findings
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 3) Effect of benefits on employee attraction and retention: a) might be improved by flexible benefit plans with increase in communication b) retirement and medical benefits have significant effect on retention, especially as length of service increases 4) Effect of benefits on employee performance: a) some indirect support for positive influence of benefits on performance b) minimal empirical research supports influence of benefits
Theoretical Support Agency theory.
Type of Analyses
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a c
i j
Bryant, D. and Sullivan, J. (1995)
The 401(k) plan and the Retirement Planning Revolution
Compensation & Benefits Review (1995, June/ July) pg. 58 - 65
This report describes how employees use or don't use 401(k) plans. Participation in companies with only 50 100 employees is 68% versus 75% for all firms. All hypotheses, except 2) d) regarding frequent job change, are supported by various investment, actuarial, and research firms' studies. These hypotheses are supported in spite of employer and government behavior. Specifically, DOL requires provision of at least 3 diversified investment alternatives (about 50% of plans offer 5 or more options) and sufficient information about the risk and return characteristics of each alternative (73% of 401(k) participants currently receive educational material from their employers). Also, about 75% of 401(k) plans offer employer matches of some type to encourage savings.
1) Participation in 401(k) plans a) is influenced by company size 2) Employees make poor use of 401(k) plans by: a) failing to save for retirement b) lack of investment strategy c) not understanding investment concepts d) changing jobs frequently e) using loan features f) not rolling over plan distributions
Atheoretical summary of various firms' studies
Frequency 1994 and distributions 1995 studies conducted by Access Research, Inc., EBRI and Mathew Greenwald & Associates, Hewitt Associates, Towers Perrin, William M. Mercer, Inc., and Department of Labor.
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Journal Journal of Management Studies (1993, 30, 4) pg. 633657
Summary of Findings This research developed and tested a model of the influence of ESOPs on employee attitudes and behaviors. Most hypothesized influences were supported. However, financial value of the ESOP did not influence job satisfaction or have a direct effect on organizational commitment. Also, job satisfaction and organizational commitment did not have an effect on actual turnover. Restricted range of turnover variable may have caused problem with actual turnover model.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) ESOP satisfaction will be 2) Job satisfaction will be - positively influenced by: a) Financial value of the ESOP b) Perceived influence in decision-making from ownership 3) Organizational commitment will be - positively influenced by a) Financial value of the ESOP b) Perceived ownership influence c) ESOP satisfaction d) Job satisfaction
Theoretical Support Three theoretical perspectives regarding why there should be higher performance at employee-owned firms. Intrinsic satisfaction model says owner-ship alone increases employee commitment and satisfaction. Little research suppports this. Instrumental satisfaction model says employee control and influence mediate the ownership/attitude relationship. Mixed results in research based on this model to date. Extrinsic satisfaction model says employees' perceptions of the benefits of ownership affect organizational commitment and satisfaction. Limited research has found support for this model.
Type of Analyses The structural equations representin g the theoretical relationship s among variables were tested in a series of hierarchical regression analyses.
bc
j k Buchko, A. The effects A. of employee (1993) ownership on employee attitudes: An integrated causal model and path analysis.
Data Details Date, Source, Etc. Data collected in 1987 from employees of a media and communications firm located in a large midwest city. The response rate from the mailed surveys was 58%.
bc
j k Buchko, A. A. (1993) (continued)
The effects of employee ownership on employee attitudes: An integrated causal model and path analysis. (continued)
Results of the path analysis suggests that instrumental model is most appropriate way to analyze ESOPs - greater effects of perceived influence in decision-making from ownership than from financial value of ownership. Features of the ESOP itself might mediate the relationship between financial value and attitudes toward ownership and behaviors. ESOP satisfaction was found to have high total effect on turnover and on organizational commitment.
4) Turnover intention will be - negatively influenced by a) ESOP satisfaction b) Job satisfaction c) Organizational commitment 5) Turnover will be - positively influenced by a) Turnover intention - negatively influenced by b) ESOP satisfaction c) Job satisfaction d) Organizational commitmen All dependent variables will also be influenced by demographic variables.
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Article Title Who takes early Social Security Benefits? The Economic and Health Characteristics of Early Beneficiaries .
Journal The Gerontologist (1996, 36, 6) pg. 789 - 799
Summary of Findings This research investigates the characteristics of those who chose to receive Social Security benefits beginning at age 62. Hypotheses 1a), 1d), 1f), and 1g) all seem to be supported. Notable, however, is that hypotheses 1b) and 1h) reflected basically no difference between those who began and those who did not begin receipt of SS benefits. Further segregation by poor health status and by receipt of employer pension revealed that these two factors, especially poor health, appear to have strong relationships with unemployment, lower household income and net assets, and poverty status. Also, the data for women seemed to reflect the same influences as the data for men, except that receipt of an employer pension did not influence a woman's decision.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) Men who choose to begin receipt of Social Security benefits at age 62 are influenced positively by: a) current employment b) poor health c) household income d) household net assets e) eligibility for employer pension f) receipt of employer pension g) household member receives employer pension h) poverty 2) Women who choose to begin receipt of Social Security benefits at age 62 are influenced positively by: a) same factors as noted above for men b) but, more strongly by household factors, such as net assets and receipt by member of employer pension
Theoretical Support No direct theoretical argument. Push and pull factors are implied. This study is an inductive investigation of the potential impact of raising the earliest age of eligibility for Social Security retirement (currently 62) on those in poverty and/or in poor health.
Type of Analyses Frequency distributions and medians with visual comparison of results across subgroups. No t- tests of differences. The method of analyses is problematic in this study. A regression analysis would have provided more information and less uncertainty
e gh
k Burkhauser , R.V., Couch, K. A., and Phillips, J. W. (1996)
Data Details Date, Source, Etc. Used Wave 1 (1992) and early release version of Wave 2 (1994) of the Health and Retirement Survey
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Article Title Making the most of 401(k) plans: Who's choosing what and why?
Journal Forcasting Retirement Needs and Retirement Wealth, eds. Mitchell, O. S., Hammond, P. B., and Rappaport, A. M., (2000), pps. ? ?
Summary of Findings This article examines who participates in 401(k) plans, how much they contribute, and how participants (both those with and those without a company stock investment option) manage their assets. Hypotheses 1c), e), and f) are fully supported and 1a) and b) are mostly supported. The participation rates are most sensitive to age increases at lower earnings and lower tenure rates; for men hired at age 30, the participation rates increase with age and tenure until the early 40s, level off, and then begin to decrease in the late 40s. Also, 1d) was strongly supported, but in the positive direction. In the logit regression, participation for women was 2 - 7% higher than for men. For high earnings categories, women's participation rate was ~12% higher than men's. Hypotheses 2a), b), c), and e) were fully supported. Contributions rise from ~5% to 8% from age 30 to age 60 (with tenure rising from 0 to 30) and rise for all earnings categories, except the highest two (> $75,000). Hypotheses 2f) was supported in the positive direction; according to the
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) The likelihood that an employee will participate in a 401(k) pension plan is influenced by: + a) age and age squared + b) tenure and tenure squared + c) earnings and earnings squared - d) gender is female + e) Employer rate of match - f) defined benefit plan replacement rate at age 65 2) The percentage of earnings a worker contributes to a 401(k) plan, given that s/he does participate, is influenced by: + a) age and age squared + b) tenure and tenure squared - c) earnings and earnings squared, for earnings > tax code dollar limit - d) gender is female - e) Employer rate of match - f) defined benefit plan replacement rate at age 65
Theoretical Support
Type of Analyses
i j k Clark, R. L., Goodfellow, G. P., Schiefer, S. J., and Warwick, P. (2000)
The three Frequency variables age, distributions tenure, and by age and earnings are earnings, hypothesized to and have non-linear comparativ effects based on e plots of prior research and regression frequency distribu- results. tions. The gender Logit effects are hypothe- regression sized based on for prior research. hypothesis The target saving (1), ordinary hypothesis predicts leastthat employer squares matching regression contributions and for (2), and defined benefit Tobit plans will reduce regression worker contribution for (3). rates.
Data Details Date, Source, Etc. Workers in 87 private 401(k) plans as of 1995, excluding those < 20 and those > 64, parttimers, < 1 year service, earnings < $10,000 (to approximate full-time employee base). Of the 87 employersponsored 401(k) plans, the smallest had < 25 participants, the largest had ~15,000 participants, 58 did not offer
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Article Title Making the most of 401(k) plans: Who's choosing what and why?
Journal
Summary of Findings hypothesis of saving preferences, workers with high saving preferences want both Defined Benefit and Defined contribution savings plans. Hypothesis 2d) was not supported. On average, women contributed the same % of earnings as men; women's contribution rate was more sensitive to earnings, increasing with increasing annual earnings while men contributed slightly less. All components of hypothesis 3 are supported, except for 3d). 3a), b) and c) all had the hypothesized effects, but the effects were not large. Higher earnings did result in lower investment in fixed assets, with the greatest reduction occurring for those in plans with the option of investment in company stock. 3e) had a very large effect; those with company stock available invested 10 to 26% less in fixed assets, depending on earnings, age, and tenure characteristics. 3e) i) resulted in a reduction in fixed asset investment of 12%, while 3e) ii) resulted in a reduction of 25%. Hypothesis 3d) appeared to be supported by the initial tobit analysis; however, when the data was separated based on availability of a company stock option, it was found that women held basically the same amount in fixed assets as men in plans without the company stock option and generally more than men in plans with a company stock option. Hypotheses 4c) and d) are fully supported, as expected by the definiton of these variables. Hypothesis 4b) is supported, but only for women; men's investment decision with regard to company stock is influenced negligibly by earnings. Hypothesis 4a) is also supported; women with earnings > $30,000 invest more in other equities than in company stock. Women also invest less than men in company stock at all earnings levels, and invesat less than men in other equities, unless earnings > $90,000.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 3) The percentage of a participant's contributions invested in fixed assets (as compared to company stock and other equities) is influenced by: + a) age and age squared + b) tenure and tenure squared - c) earnings and earnings squared + d) gender is female e) availability of company stock investment - i) Employer makes match in company stock - ii) Plan requires employee to invest in company stock to receive match 4) The percent of a participant's contributions invested in company stock (versus other equities) is influenced by: - a) gender is female + b) earnings + c) Employer makes match in company stock + d) plan requires employee to invest in company stock to receive match
Theoretical Support
Type of Analyses
i j k Clark, R. L., Goodfellow, G. P., Schiefer, S. J., and Warwick, P. (2000) (continued)
Data Details Date, Source, Etc. investment in company stock, 16 offered stock as an option, 9 had matching contributions in only company stock, and 4 required employees to invest in company stock in order to be eligible for the employer match.
i j k Clark, R. L., Goodfellow, G. P., Schiefer, S. J., and Warwick, P. (2000) (continued)
Making the most of 401(k) plans: Who's choosing what and why?
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Article Title Retirement Incentives and Couples' Retirement Decisions
Journal Center for Retirement Research at Boston College, CRR, Working Paper 2003-04
Summary of Findings This research explored how husband's and wive's retirement behavior was influenced by their own financial incentives and those of their spouses. Most hypotheses were supported, with three important exceptions; hypotheses 1b)(1), 2b)(1), and 2c) were not supported. Both men and women responded to forward-looking incentive measures (incentive options (2) and (3) were significant and negative), but not to the yearly accrual. An increase in own retirement incentive of $1,000 using incentive definition (2) resulted in a reduction in the probability of retirement of .04% to .06%. Hypotheses 1a) and 2a) were supported; an increase in a couple's retirement wealth of $10,000 resulted in an increase in the probability of retirement of .05% to .07%. Hypothesis 1c) was supported and strongly negative. Thus, husbands strongly value complimentarity of leisure and their enjoyment of retirement seems to depend strongly on wive's retirement. However, this is not true for wives; hypothesis 2c) was not supported. Evidence was presented that supports the suggestion that wives nonresponse to their husbands' retirement incentives is due to, on average, a low complementarity of leisure.
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k Coile, C. (2003)
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k Coile, C. Retirement (2003) Incentives (continued) and Couples' Retirement Decisions
Data Details Date, Source, Etc. 1) A husband's decision to retire in year t Economic analysis Probit Health and is influenced by: using a reduced- Regression Retirement +a) couple's retirement wealth form model to Analysis of Survey data - b) own retirement incentive (see Note) assess each husband's for the first 5 - c) Wife's retirement incentive (see Note) person's and wive's waves. Panel d) age probability of decisions data study + i) own age + ii) Wife's age retirement at each separately. using couple+ iii) Interaction of i) and ii) year t. The year e) Own race, education, and employment spillover effect, the observations characteristics effect of the for the years f) future income stream spouse's incentive 1980 - 99 in - i) own earnings - ii) Wife's earnings on the person's which both - iii) own Social Security AIME probability of members of - iv) Wife's Social Security AIME retirement, was the couple - v) interaction of i) and ii) hypothesized to be are between - vi) interaction of iii) and iv) either positive or 50 - 69 and 2) A wife's decision to retire in year t is negative, based on are influenced by: an income versus employed. +a) couple's retirement wealth a complementarity- b) own retirement incentive (see Note) of-leisure effect, respectively. The - c) Husband's retirement incentive (see complementarity-ofNote) leisure effect was d) age assumed to + i) own age + ii) Husband's age dominate for both + iii) Interaction of i) and ii) husbands and e) Own race, education, and employment wives. characteristics f) future income stream - i) own earnings - ii) Husband's earnings - iii) own Social Security AIME - iv) Husband's Social Security AIME - v) interaction of i) and ii) - vi) interaction of iii) and iv) Note: Retirement Incentive, considering increases in Social Security plus employer benefits, is assessed using three different measures: (1) Yearly increase or accrual (2) Stock and Wise's Option Value, Dependent Variable(s) & Hypotheses or discussion of Inductive Research Theoretical Support Type of Analyses
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k Coile, C. Retirement (2003) Incentives (continued) and Couples' Retirement Decisions
measuring the utility gain from working to the optimal future retirement date (3) Peak Value, which is equal to the present discounted value (pdv) of retirement wealth at its maximum value minus pdv today. Page 67
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Summary of Findings
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) The hours worked by a respondent are influenced by: - a) gender = male b) Own health variables - i) acute health event - ii) onset of new chronic illness - iii) accidental injury and/or fall - iv) difficulty with 17 activities of daily living (ADL) + v) self-reported probability of living to 75 - vi) decrease in v) - vii) increase in iv), difficulty with ADL - viii) past acute event - ix) past chronic illness - x) interaction of vii) and i) - xi) interaction of vii) with ii) - xii) interaction of vii) with iii) - xiii) interaction of vi) with i) - xiv) interaction of vi) and ii) - xv) interaction of vi) with iii) c) Spouse's health variables + i) acute health event + ii) onset of new chronic illness + iii) accidental injury and/or fall + iv) difficulty with 17 activities of daily living (ADL) + v) self-reported probability of living to 75 - vi) decrease in v) - vii) increase in iv), difficulty with ADL - viii) interaction of vii) and i) - ix) interaction of vii) with ii) - x) interaction of vii) with iii) - xi) interaction of vi) with i) - xii) interaction of vi) with ii) - xiii) interaction of vi) with iii)
Theoretical Support Supported by prior economic research that investigated a) effect of health on retirement, b) couples' retirement decisions, and c) effect of health insurance availability on retirement. The research on couples' retirement decisions found that men were more responsive than women to spouses' retirement thus it incentives; is predicted that men and women will have different responses to spouses' health variables and health shocks. Also, it is predicted that responses to spouses' health variables will be driven by the 'income or added worker effect,' which means that there will be an
Type of Analyses Regression analysis, OLS for dependent variable 1 and probit for dependent variable 2. Standard errors are corrected for repeated observation s on the same individuals.
Data Details Date, Source, Etc. Health and Retirement Study, for married couples only, who are part of the Wave 1 survey (1992) and are observed for >2 consecutive surveys from 1994 through 2000. Data consists of all couple-year observations for waves 2 5 (1994 2000) in which the respondent is between age 50 and 69 and was working at the previous wave.
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k Coile, C. (2003)
Health shocks and couples' labor supply decisions
This study examines the average labor supply response of spouses to their own and their partners' negative health shocks, e.g. heart attacks, strokes, or new diagnoses of chronic illnesses, and examines different responses by men and women and different responses depending on the importance of the drop in lifetime income, caregiving needs, the need to provide health insurance, and the 'income or added worker effect.' The average reduction in hours worked over a 2-year period is 353 for men and 275 for women, a significant difference. Own health shocks and spouse's health shocks have different effects on men's and women's hours worked; the effects are usually much stronger and larger for men than for women. Most of the 'own health variables' are not found to significantly effect the hours worked for either men or women. Hypotheses 1b) i, ii, iv, vii, and x are the exceptions; if the participant suffered an acute health event and had increased difficulty with > 4 ADLs, the hours worked for men dropped by 1,030 and for women by 654. Most of the spouse's health variables are found either to not significantly effect or to have a very small effect on the hours worked for both men and women. An interesting result is that if the spouse suffers an acute event, the participant works more hours (108 for men, 51 for women); but if the spouse also suffers increased difficulty with > 4 ADLs, the participant works fewer total hours (60 fewer for men, 121 fewer for women). Many of the 'possible moderators of spouse's health variables' are found to have some effect on hours worked, particularly for men. In the male subsample, hypotheses 1d) i, ii, iii, iv, v, vi, xi, xii, xiii, xvii, xx, xxi, xxviii, xxix, xxx, xxxiv,
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k Coile, C. (2003) (cont.)
Health shocks and couples' labor supply decisions
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Summary of Findings and xxxv are supported. In the female subsample, only hypotheses 1d) i, iv, v, vi, xi, xii, xx, xxi, xxviii, and xxxi are supported. Husband's response to a wife's acute health event is to increase hours worked by 179 on average if adult children live within 10 miles (hypothesis 1d) xiii), however, the wife has no positive response to adult children's presense. Husbands also respond to disability income for wives who have experienced acute events, decreasing hours by 813 if the wife receives disability benefits and increasing hours by 651 if the wife has only applied. Wives do not respond to husband's disability income in significant or expected ways. Several specific moderating variables are found to have no or very small insignificant effects, whether the subsample is of women or men, whether the hypothesized effect is for the respondent or the spouse, and especially if the variables are interacted with acute events. These moderating variables with basically no influence include: retiree health coverage, present value of earnings, liquid assets, net worth, social
Dependent Variable(s) & Hypotheses or discussion of Inductive Research d) Possible moderators of spouse's health variables + i) Firm-provided health ins. for active employees - ii) Firm pays full cost of retiree health ins. - iii) interaction of ii) & b i), own acute event + iv) Firmprovided health ins. for actives from spouse's employer - v) Spouse's employer pays full cost of retiree health ins. - vi) interaction of v) with c i), spouse's acute event - vii) Retiree health coverage - viii) interaction of vii) with b i) - ix) Spouse has retiree health coverage - x) interaction of ix) with c i) - xi) Adult children living within 10 miles + xii) interaction of xi) with b i) + xiii) interaction of xi) with c i)
Theoretical Support increase in labor supply when the spouse experiences an acute event and if this effect is crowded out by sources of replacement income.
Type of Analyses
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Summary of Findings benefit eligibility, pension benefit eligibility. The likelihoood of complete retirement in a 2year period is 17% for men and 18% for women, even though women, on average, are 2 years younger than men; this difference is not significant. However, the effect of own health shocks and spouse's health shocks on the probability of retirement are quite different for men and women; the effects are usuually much larger and thus more likely to be significant for men. Most of the own health variables are found to significantly effect the likelihood of complete retirement. Hypotheses 2 b) i, ii, iv, v, vii, viii, ix, and x are all found to have large significant effects in the predicted direction for men; for women, the same results are found except that 2 b) v and viii do not have the predicted significant effects. If the participant suffered an acute health event (heart attack has largest influence on men, stroke on women) and had increased difficulty with > 4 ADLs, the probability of retirement for men increased by 47% and
Dependent Variable(s) & Hypotheses or discussion of Inductive Research + xiv) Present value of own earnings to expected retirement age interacted w/ b i), own acute event - xv) Liquid assets interacted with b i) - xvi) Net Worth interacted with b i) + xvii) Present value of spouse's earnings to expected retirement age interacted with c i), spouse's acute event - xviii) Liquid assets interacted with c i) - xix) Net Worth interacted with c i) - xx) Self eligible for Soc Sec Benefits - xxi) Self eligible for pension benefits - xxii) Spouse eligible for Soc Sec Benefits - xxiii) Spouse eligible for pension benefits - xxiv) interaction of xx) with b i) - xxv) interaction of xxi) with b i) - xxvi) interaction of xxii) with c i) xxvii) interaction of xxiii) with c i) - xxviii) Disability Income (public) applicant - xxix) Disability Income (DIpublic) recipient
Theoretical Support
Type of Analyses
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Summary of Findings for women by 30%. The 'spouse's health variables' have small negligible effects on the probability of the participant retiring, whether the participant is male or female. For instance, if the spouse suffers an acute event, the participant is less likely to retire (2.4% for men, 3.3% for women), but is more likely to retire if the acute event also involves an increase in difficulty with > 4 ADLs (11% increase for women only, men show a 1.5% decrease in probability). Some of the 'possible moderators of spouse's health variables' are found to have an effect on the probability of retirement, particularly of men. Specifically, in the male subsample, hypotheses 2 d) i, ii, iii, iv, v, vi, xi, xii, xiii, xvii, xx, and xxi are found to have the predicted effects. In the female subsample only hypotheses 2 d) i, ii, iv, vi, xi, xii, xiii, xx, and xxi are supported. The husband's response to wife's acute health event is to decrease the probability of retirement by 5% if adult children live within 10 miles, but the wife's response in a similar situation is to decrease the probability by about 1.6%.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research - xxx) interaction of xxviii) with b i) - xxxi) interaction of xxix) with b i) - xxxii) Spouse is DI-public applicant - xxxiii) Spouse is DI-public recipient - xxxiv) interaction of xxxii) with c i) - xxxv) interaction of xxxiii) with c i) e) Control variables - i) age + ii) education +/- iii) industry and occupation dummies - iv) net worth - v) liquid assets +/- vi) year dummies 2) The likelihood that a respondent exits from the labor force (completely retires, as self-reported or as based on 0 hours worked) in a 2-year period is influenced by: a) through e) => same set of variables as listed for hypothesis 1, with opposite signs of influence
Theoretical Support
Type of Analyses
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Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) The probability of a man retiring (see #) during year t (male retirement hazard rate) is influenced by: + a) Social Security wealth at year t - b) Social Security incentive measure at year t, where the incentive is i) yearly accural, ii) peak value, iii) option value + c) age in year t - d) earnings for year t, where earnings are i) own, ii) wife's, iii) own squared, iv) own cubed, v) own quadratic + e) average monthly lifetime earnings (AIME) for Social Security program, where AIME is i) own, ii) wife's , iii) AIME squared, iv) AIME cubed, v) AIME quadratic - f) being married - g) age difference with wife + h) year of data - i) interactions between e) v and f) v j) Control variables for i) education, ii) race, iii) status as veteran, iv) U.S. as home of
Theoretical Support Economic Theory using forward looking models to assess Social Security and pension incentives in the next as well as future years. This is based on Stock and Wise's 'Option Value Model' which assesses the date at which a participant's utility is maximized and compares the indirect utility from retirement on that optimal date to the indirect utility from retiring today.
Type of Analyses Probit regressions of retirement hazard on a large number of hypothesize d plus control variables. Results using the Coxproportional hazard model were very similar.
de ghi
k Coile, C. Social and Gruber, Security and J. Retirement (2000)
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k Coile, C. Social and Gruber, Security and J. Retirement (2000) (cont.)
Center for This research examines the impact of Retirement Social Security incentives, separable Research from private pension incentives and at Boston wage effects, on the probability of College, men retiring. Hypotheses 1b) i and 2b) I CRR, were not supported; individuals don't Working consider just a one-year increase in Paper 2000- Social Security wealth (or in Social 11, (Dec., Security plus pension wealth) when 2000) making retirement decisions. Hypotheses 1b) ii and iii (and 2b) ii and iii) are supported; individuals do recognize future path of Social Security incentives (and of Social Secuity plus pension incentives) and take them into account when deciding to retire. The estimated effect of a $1,000 increase in Peak Value is to reduce the probability of retirement by .047% when the peak value is based on Social Security incentives alone (1b) ii), and $1,000 increase in Peak Value reduces the probability of retirement by only .025% when the peak value is based on Social Security plus pensionis supported, and finds that a but 2a) incentives (2b) ii). Hypothesis $1,000 increase in Social Security wealth raises the probability of retirement by about .04%. The other hypotheses 1c) through 1k) and 2c) through 2k) are mostly supported, except for 1 and 2g), 1 and 2j) v, vii, viii, and ix. Also, 1 and 2h) are not supported, implying that retirement probabilities are no longer increasing with time.
Data Details Date, Source, Etc. The Health and Retirement Study for 1992, 1994, 1996, and 1998, using only male data for individuals in the age range of 55 - 69, and only data for individuals who were working at the beginning of a yearobservation. Yearobservations are created pre-92 for males in the HRS is 1992 based on their selfreported earnings history.
birth, v) region of residence, vi) experience in labor market, vii) tenure at firm, viii) industry, and ix) occupation k) other control variables + i) own poor health - ii) health insurance coverage preretirement only + iii) net wealth 2) The probability of a man retiring (see #) during year t (male retirement hazard rate) is influenced by: + a) Social Security wealth at year t - b) Social Security plus Pension incentive measure at year t, where the incentive is i) yearly accural, ii) peak value, iii) option value + c) age in year t - d) earnings for year t, where earnings are i) own, ii) wife's, iii) own squared,
Utility is considered maximized when gain from another year's work and income is outweighed by loss from decrease in retirement income. An analysis is also done based on another forward looking measure, the 'Peak Value,' which is the difference between Social Security wealth at its maximum expected value and Social
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Dependent Variable(s) & Hypotheses or discussion of Inductive Research iv) own cubed, v) own quadratic + e) average monthly lifetime earnings (AIME) for Social Security program, where AIME is i) own, ii) wife's , iii) AIME squared, iv) AIME cubed, v) AIME quadratic - f) being married - g) age difference with wife + h) year of data - i) interactions between e) v and f) v j) Control variables for i) education, ii) race, iii) status as veteran, iv) U.S. as home of birth, v) region of residence, vi) experience in labor market, vii) tenure at firm, viii) industry, and ix) occupation + k) interaction of dummy variable for defined benefit vs defined contribution pension coverage with b) # NOTE: Retirement is based on a) a year of positive earnings followed by a year of $0 earnings for 1980 - 1991, and b) selfreported retirement status for 1992 - 1997
Theoretical Support
Type of Analyses
de ghi
k Coile, C. Social and Gruber, Security and J. Retirement (2000) (cont.)
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Journal Journal of Financial Service Profession als (56, 6), Nov. 2002
Summary of Findings This article describes the relevance of other studies to the issue of 'job lock,' the reduction in workers' willingness to quit their jobs or to retire due to the risk of losing health coverage. Hypothesis statement 1) is supported by an extensive review of empirical research (Gruber and Madrian, 2002), but the hypothesized reasons for job lock are not well studied. Only hypotheses 1c) and 1g) are supported by existing data, but this support does not include assessment of these factors influence on job lock. Hypothesis 2) is supported based on the results of the Health Confidence Survey (EBRI, 2002). Specifically, 2a) i > 2a) ii, such that 54% of retirees stated they thought about access a lot as compared to only 48% of future retirees. Also, 2b) i > 2b) ii and 2c) i > 2c) ii. Of those already retired early, 65% have health coverage from a former employer or union and only 8% have coverage personally funded; howevr, of those planning to retire early in the future, 43% expect health coverage from a former employer or union and 37% expect to fund coverage using personal assets. Also, of the pre-early retirees who expect their employers to offer pre-Medicare retiree health insurance, 60% choose 2d) I (would not retire until Medicare eligible) and 31% choose 2d) ii.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) The decision to retire is influenced by the potential loss of employer-based health insurance resulting in 'job lock' because: a) Retirement is traditionally and still currently for a majority of workers a permanent move out of the labor market. b) Health insurance in retirement is linked to Medicare, with Medicare eligibility at age 65. c) Most workers retire at age 62 when eligible for Social Security early retirement benefits and many at age 59 1/2 when there is no penalty for early withdrawal. d) Many companies scaled back or ended retiree health insurance coverage following FASB 106 requirements in 1990. e) Health insurance coverage should include coverage of spouse and minor children, as employerprovided coverage usually does. f) Changes/declines in health insurance benefits and retirement income benefits don't have equal impacts on families; health can't be controlled/managed as financial expenditures can. g) A substantial proportion of the public is illiterate, lacks basic knowledge, about Medicare. 2) Access to health insurance benefits was more important to, but less costly for, current as compared to future retirees. a) Access to health insurance benefits is a very important consideration when determining the age to retire: i) for post-retirees ii) for pre-retirees b) Access to health insurance benefits is expected to be provided by a former employer or unoin: i) for post-retirees ii) for pre-retirees c) Access to health insurance benefits is expected to be covered by personal funds: i) for post-retirees ii) for pre-retirees
a cde g
Cutler, Neal "Job Lock" E. (2002) and Financial Planning: The impact of health insurance on the retirement decision
Data Details Date, Source, Etc. Atheoretical Basic The cited compilation, frequency studies summary of other distributions include NBER supporting studies. , percents, Working means Paper #8817 (Gruber and Madrian, 2002), Health Confidence Survey (EBRI, 2002), Financial Literacy 2000 Survey (1996), Medicare: Awareness, Confidence, Satisfaction, and Reform (Facts from EBRI, Oct., 2001), Theoretical Support Type of Analyses
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Cutler, Neal "Job Lock" E. (2002) and Financial (cont.) Planning: The impact of health insurance on the retirement decision
EBRI Notes 19 (Fronstin, EBRI, Aug., 1998
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Author
Article Title
Journal
Summary of Findings
Dependent Variable(s) & Hypotheses or discussion of Inductive Research d) If a former employer or union did not provide access, those currently planning early retirement would: i) not retire before eligible for Medicare ii) would retire before eligible for Medicare
Theoretical Support
Type of Analyses
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Cutler, Neal "Job Lock" E. (2002) and Financial (cont.) Planning: The impact of health insurance on the retirement decision
k Dulebohn, J. H., Murray, B., and Sun, M. (2000)
Selection among Employersponsored Pension Plans: The Role of Individual Differences
Personnel Psychology (2000, 53) pg. 405432
This research investigated the determinants of employees' choice among 3 different types of employersponsored pensions plans. Consistent determinants of Plan Choice across all tests are: - Defined benefit plan a) Guaranteed benefit (+) b) Survivor benefits (+) c) Portability preference (-) d) Risk preference (-) e) Current plan satisfaction (+) f) Years of service (+) g) Job Category (+) - Hybrid cash balance plan a) Desire for investment choice (-) b) Survivor benefits (-) c) Portability preference (+)
1) Employees' choice of defined benefit plan influenced: a) negatively by preference for portability b) negatively by desire for lump sum dist. c) positively by preference for guaranteed benefit d) negatively by desire for invest. choice e) positively by preference for postretirement survivor benefits 2) Employees' choice of hybrid cash balance plan influenced: a) positively by preference for portability b) positively by desire for lump sum dist. c) same as defined benefit plan for preference for guaranteed benefit and desire for invest. choice d) negatively by preference for postretirement survivor benefits
Functional attitude theory says attitides are understood by functions they serve. Instrumental function says positive attitudes develop for object when object meets individuals needs. Thus, personal characteristics ==>needs ==>attitudes ==>preferences for plan features ==>choice of type of pension plan.
regarding the actual impact of various influences. Logistic regression of plan choice on independen t variables and mediating plan feature variables. Ordinary leastsquares regression of mediating plan feature variables on independen t variables.
Survey data collected in mid 1990s from employees of a state sponsored retirement system. The response rate was 17%.
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Article Title Selection among Employersponsored Pension Plans: The Role of Individual Differences (continued)
Journal
Summary of Findings - Defined contribution plan a) Guaranteed benefit (-) b) Desire for lump sum distributions (+) c) Desire for investment choice (+) d) Risk preference (+) e) Years of service (-) All other hypothesized variables, including direct effects, mediated effects, and demographic variables, were not found to consistently influence plan choice. Fully mediated predictors of plan choice included, for DBs, desire for involvement; for hybrid cash balance plans, years of service, level of risk preference, and current plan satisfaction; for DCs, job category.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research
Theoretical Support Thus, preferences for plan features mediate relationship between personal characteristics and choice of plan.
Type of Analyses Multiple samples drawn from pool of respondent s to test hypotheses . Assessmen t of full or partial mediation of personal characterist ics.
k Dulebohn, J. H., Murray, B., and Sun, M. (2000) (continued)
k Dulebohn, J. H., Murray, B., and Sun, M. (2000) (continued)
Selection among Employersponsored Pension Plans: The Role of Individual Differences (continued)
3) Employees' choice of defined contribution plan influenced: a) same as hybrid cash balance plan for preference for portability and for postretirement survivor benefits and for desire for lump sum dist. b) negatively by preference for guaranteed benefit c) positively by desire for invest. choice 4) Plan feature preferences: - Portability, desire for investment choice, and lump sum distributions positively influenced by: a) High desire for involvement b) High self-efficacy c) High risk preference d) Low current plan satisfaction No one plan feature was a significant - Post-retirement survivor benefits and predictor of plan choice for all plan types. guaranteed benefit positively affected by The effect of the hybrid plan alternative the opposite level of the attitudes likely affected the influence of plan described above, i.e. low desire for features on plan choice between the DB involvement. and DC plans. - Demographic variables also influence Demographic variables played only a desire for pension plan features. small part in predicting plan choice, either directly or through the mediating plan features, but attitudes and dispositions were important predictors of plan features. Center for This research explored factors that Retirement affected individuals' retirement Research expectations, including health shocks, at Boston health insurance availabiltiy, and lack College, of full initial information, from 1992 to CRR, the date of actual retirement. The Working retirement expectation was significantly Paper 2001- influenced by 1a) i, ii, iii, 1b), 1c), and 08 1d). Individuals who retired earlier than they had expected (using conditional probit analysis on the group that had expected to keep working) were significantly influenced by 2c), 2d), 2e), 2g) i, iii, and 2h) ii. The actual decision to retire was significantly influenced by 2a), 2c), 2d), 2e), and 2g) i. 1) The expectation in 1992 to retire before 2000 is influenced by: + a) Economic status in 1992, including: i) household income, ii) net worth, iii) pension benefit, iv) Social Security benefit + b) Retiree health insurance - c) Employerprovided health insurance + d) Functional health decline + e) General health decline f) Demographic characteristics, including: i) age, ii) gender (female), iii) educational level, iv) marital status (married) g) Spouse's characteristics, including: i) age, ii) functional health decline, iii) general health decline
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k Dwyer, D. S. (Sept., 2001)
Planning for Retirement: The accuracy of expected retirement dates and the role of health shocks
Economic rational model that optimal retirement age is a utility maximizing problem reflecting current wealth, present value of future lifetime income, leisure preference, and personal characteristics, including health and marital status. Life-cycle retirement model developed
Nested probit model with dependent variable having two possibilities (retire or not retire) conditional on the expectation of retirement in Wave 1.
Health Retirement Survey, waves 1 through 4.
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Author
Article Title Planning for Retirement: The accuracy of expected retirement dates and the role of health shocks
Journal
Summary of Findings
Theoretical Support
Type of Analyses
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k Dwyer, D. S. (Sept., 2001) (cont.)
2) The decision to retire is influenced by: by Fields and + a) Expectation in 1992 to retire before Mitchell. 2000 + b) Economic status in 1992, including: i) household income, ii) net worth, iii) pension benefit, iv) Social Security benefit + c) Retiree health insurance - d) Employerprovided health insurance + e) Functional health decline + f) General health decline g) Demographic characteristics, including: i) age, ii) gender (female), iii) educational level, iv) marital status (married) h) Spouse's characteristics, including: i) age, ii) functional health decline, iii) general health decline Employee Benefit Plan Review (1999, November) pg. 30 - 32 This report summarizes what is known about the influence of communication and education on retirement saving. Hypotheses 1a) through 1f) are supported by research by EBRI, ASEC, and Mathew Greenwald & Assoc. (1999 Retirement ConfidenceSurvey). Hypothesis 1g) is also supported by prior research, but hypotheses1h) through 1k) are not supported by research. Research has found that most important variable in predicting whether people are able to maintain standard of living during retirement is whether they currently spend less than income. 1) Influences on individual savings for retirement include: - positive influences: a) save out of "fear" b) can't count on social security c) started earning enough money d) see others struggle in retirement e) retirement savings plan at work f) running out of time to prepare - negative influences: g) large amount of financial information h) lack of financial education in schools i) unwilling to take responsibility for retirement j) financial services not well communicated k) preoccupation with the short term Atheoretical summary of a meeting of the National Endowment for Financial Education Compilation of prior research results 1999 Retirement Confidence Survey, by EBRI, ASEC, and Mathew Greenwald & Associates
d f
Employee Benefit Plan Review Focus Section (1999)
Communication, Education Keys to Retirement Planning
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e g
e g
Data Details Date, Source, Etc. Feldman, The Decision Academy This article reviews research on early 1) Decision to retire early is influenced: Image Theory, that Summary This is a D.C. of Manage- retirement decisions, including bridge - positively by: considers conclusions review of to Retire (1994) ment alignment of future of review of research Early: A employment at the current or another a) years of continuous service b) marital status c) poor health status decisions with prior articles Review and Review employer. d) certainty about retirement plans current "selfempirical published Conceptual- (1994, 19, Most hypothesized influences on the 2) pg. 285 - early retirement decision and the bridge e) age-related performance decrement image." Careers research. through 1991 ization 311 f) type of industry where employed (large literature on in the fields of employment decisions have been retirement, gerontology supported by prior research, but not as mfg firms in decline or unionized) g) member of primary labor market specifically and human a full set of influences based on h) financial rewards from employment retirement as resource theoretical propositions. i) early retirement counseling continuity and management. Hypotheses 1j), 2c), and 3f) are j) flexibility in managing older workers retirement as supported by theory and anecdotal where currently employed crisis. evidence. Feldman, The Decision Hypotheses 1b) 1g) 1i), 1m), 2e), 2d), - negatively by: D.C. and 3b) are supported by a theoretical k) positive attitudes toward work to Retire (1994) argument only. l) discrimination due to gender or race Early: A (continued) Review and In general, the greatest impact on m) uncertainty about macroeconomic decision to exit a career-long position trends, including Social Security, Conceptualcomes from individual- and economic growth, recession, inflation, and ization environmental-level variables. elderly gov't programs (continued) However, the greatest impact on 2) Decision to accept bridge employment: decisions about bridge employment - is positively influenced by: comes from opportunity structures and a) positive attitudes toward work organizational factors. b) discrimination due to gender or race c) flexibility in managing older workers d) uncertainty about macroeconomic trends, - is negatively influenced by: e) marital status f) poor health status g) age-related performance decrements Author Article Title Journal Summary of Findings Dependent Variable(s) & Hypotheses or discussion of Inductive Research Theoretical Support Type of Analyses Feldman, D.C. (1994) (continued) The Decision to Retire Early: A Review and Conceptualization (continued) h) type of industry where employed i) financial rewards from employment 3) Decision to accept bridge employment in a different industry and/or occupation: - is influenced positively by: a) age-related performance decrements b) discrimination against older workers where currently employed c) type of industry where employed (large mfg firms in decline or unionized) - is influenced negatively by: d) positive attitudes toward work e) discrimination due to gender or race f) flexibility in managing older workers where currently employed Page 78
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Author
Article Title The impact of technological change on older workers: Evidence from data on computer use
Journal Industrial and Labor Relations Review (56, 3), April, 2003, pp. 511 529
Summary of Findings This research investigates the effect of the spread of work-related computer use on older workers, specifically on their decision to delay retirement and their lower use of computers as compared to 30 - 49 year-old workers. All hypotheses in 1 are supported except a subset of the job characteristics 1f); hourly earnings, occupation, and industry are not found to significaltly affect the decision, likely because their influence is picked up the other variables. All hypotheses in 2 are supported, except 2b). This is possibly due to the fact that the HRS industry codes are more aggregated than the CPS, which set the average levels.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) An individual's decision to delay retirement (continue working through 1996) is influenced by: - a) age cohort + b) education + c) demographic variables, including race, gende (female), and marital status + d) health status (estimated by recent hospitalizations) - e) Net worth (assessed by liquid assets) + f) Job characteristics, including current employer-provided health insurance, retiree health insurance, current or future eligiblity for employer-provided pension, hourly earnings, current or future eligiblity for Social Security benefits, occupation, and industry + g) Uses a computer, over and above effect of all the above control variables 2) An individual's use of computers at work is influenced by: + a) occupational computer use + b) industry computer use - c) changes (increases) in use of computers in occupation or industry + d) interaction of a) and b) + e) gender (female) - f) age cohort + g) level of education
Theoretical Support Human capital argument, where skill level that required training and thus decision cost is simultaneously made with retirement decision. The argument is that satisfying new skill requirements for older workers requires a great investment due to a) less education, b) lower working time horizon, and c) fewer computer skills before training.
Type of Analyses Ordinary Least Squares and Hierarchical Regression with instrumenta l variables used to determine average occupation al and industry use (average defined as use by workers age 23 - 49 in the same occupation and industry, per CPS, 1993.
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k Friedberg, L. (2003)
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k Friedberg, L. (2003) (cont.)
The impact of technological change on older workers: Evidence from data on computer use In Search of Late Career: A review of Contemporar y Social Science Research Applicable to the Understandin gof Late Career Human Resource Management Review (1999, 9, 3) pg. 309 349 This is a review of research done on employees' late career choices. All hypothesized influences on continued employment at later ages have been supported by empirical research. For example, see Ruhm, 1990; Mor-Barek, et al, 1992; Roman and Johnson, 1996; Hansson, et al, 1997 for specific study details. Human resources research demonstrates what is possible given favorable organizational conditions.
Data Details Date, Source, Etc. Current Population Survey, 1984 1997, for information about computer use, intensity of use, changes in computer use, and training in computer skills. Health and Retirement Study respondents in 1992 (age 50 - 62) for tests of hypotheses.
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Greller, M. M. (1999)
1) Influences on continued employment at later ages: a) Desire to disengage gradually b) employment in secondary market c) non-family network of relationships d) supportive co-workers or supervisor, especially in physically demanding job e) number of opportunities/alternatives f) sense of work identity g) interaction of personality with "push and pull" factors h) quality, not quantity, of work i) level of management responsibilities j) good employee-job fit
- Neo-institutional Economics (1a) - Labor Market Segmentation (1b) - Interpersonal Relationships (1c) - Push and Pull Factors (1d, 1e,1f, 1g, 1h) - Human Resource Performance (1i, 1j)
Summary conclusions of review of empirical research.
This is a review of research articles published through 1998 in the fields of gerontology, economics, social sciences, and human resource management.
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Author Greller, M. M. (1999) (continued)
Article Title In Search of Late Career: A review of Contemporar y Social Science Research Applicable to the Understandin gof Late Career (continued)
Journal
Summary of Findings Most hypothesized influences on the decision to retire have been supported by empirical research. Change in relative value for leisure versus work has not been researched. Also,other neoclassical economic arguments are contradicted by use of bridge employment, increase in quality of work with age, and short payback periods for retraining of all workers. Examples of supporting research include Leonesio, 1996; Gowan, 1998; Roman & Johnson, 1996; Brown, et al, 1996; Mutran, et al, 1997; Sterns & Miklos, 1995.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 2) Influences on the decision to retire: a) inability to find an appropriate job b) decrease in productive capacity c) inability to retrain d) increase in relative value of leisure e) provision of Social Security benefits f) provision of private pension plans g) poor health h) design of private pension plans i) negatives with late career job change including decline in compensation, employment in secondary market, and few employment benefits j) comparison of own age and tenure to members of proximate reference group k) physically demanding jobs l) low worker confidence m) interaction of early retirement window with worker's poor financial situation n) lack of opportunities/alternatives o) lack of work identity p) interaction of personality with "push and pull" factors q) a conscious retirement date r) pre-retirement planning s) discouraging job climate t) few prospects for advancement
Theoretical Support - Neo-classical Economic Perspective (2a thru 2g) - Neo-institutional Economics including Implicit Contract Theory (2h, 2i) Organizational Demography (2j) - Push and Pull Factors (2k, 2l)
Type of Analyses
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Greller, M. M. (1999) (continued)
In Search of Late Career: A review of Contemporar y Social Science Research Applicable to the Understandin gof Late Career (continued)
The potential with favorable organizational conditions found in Human Resources research exists to a small extent only in actual organizations. A result of this is that Economic Theories that are based on assumptions that contradict facts still produce reasonable conclusions.
- Push and Pull Factors (2m, 2n) - Push Factors include unpleasantness or concerns about work. (2o,2p) - Pull Factors include things one wants to do. (2q, 2r) - Organizational Influences (2s, 2t)
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Article Title Personal Accounts and Family retirement
Journal National Bureau of Economic Research, NBER, Working Paper 10305, (Feb., 2004)
Summary of Findings This research investigated the effect of joint marital decisions on retirement and time preference rates in the utility maximization model of retirement. All variables influence the utility value of retirement as hypothesized except 1b) iv (wife's poor health significantly reduces husband's utility), 1e) (wife's retirement significantly increases husband's utility even if husband indicated it was not very important to have more time with spouse), and 1d) (husband's retirement does not increase wife's utiltiy). With regard to married, two-career couples' retirement decisions: a) The sharp peak in retirement at age 62 is muted and somewhat spread to surrounding ages, for both husbands and wives, and b) on average, wives retire about 2 years earlier than husbands.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) Joint husband/wife utility value of retirement is influenced by: + a) Preference for retirement over work for i) husband, ii) wife + b) Poor health status i) Husband's own ii) Wife's own iii) Husband's effect on wife iv) Wife's effect on husband + c) Age for i) husband, ii) wife + d) Retirement of spouse when very important to have more time with spouse for i) husband, ii) wife e) Retirement of spouse when not very important to have more time with spouse for i) husband, ii) wife - f) Level of family consumption after reduction for earnings, assets, Social Security, and pension benefits
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k Gustman, A. L. and Steinmeier, T. L. (2004)
Data Details Date, Source, Etc. Economic theory - Simulated Health and joint rates are Retirement husband's/wife/s generated Study data utility maximization with from 1992 limited by the stochastic 2000 (Panel family budget dynamic Analysis). constraint. programmi Used only ng using data for backward couples inductive marriied since generalized age 35, method of where both simulation had career moments, jobs with where pension parameter information values provided by (effect the last sizes) are employer. Theoretical Support Type of Analyses generated that minimize the deviation between observed and simulated retirement rates at each age.
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k Gustman, A. L. and Steinmeier, T. L. (2004) (cont.)
Personal Accounts and Family retirement
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Article Title Retirement outcomes in the Health and Retirement Study
Journal National Bureau of Economic Research, NBER, Working Paper 7588, (March, 2000)
Summary of Findings This research investigates the dependent variable of retirement, its multiple stages, its alternate definitions, its frow from one stage to another, its change over time, and its difference by gender, race, and ethnicity. Each of the hypotheses in 1) is supported except 1f) in wave 4 (1998). In wave 4, the probability of receipt of Social Security benefits exceeds the probability of self-reported as retired, likely due to advancing age of respondents and elimination of wage limits for those collecting Social Security benefits prior to age 65. In general, the hypotheses in 2) wre not supported; only 17.4% on average transitioned to a stage of lesser work. 71% remained, on average, in the same stage (25% remained in F, .8% in P, and 3.7% in R over all 4 waves). 6.1% increased work participation, on average (14% of the respondents reversed course over the time of the 4 waves, with 6% of the sample going back to full-time work). Also, of those who transitioned to R by the end of wave 4 (35%), 13% came directly from stage F. Hypotheses 3 are generally supported, except that retirement rates in the Health and Retirement Study are less than those in RHS from age 65 on.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) The stage of completely retired (R - see # Note), as compared to those selfreported as retired, will be influenced by: + a) Job-related objective measures + b) Hours worked + c) Previous long-tenure job + d) Pattern of earnings - e) Receipt of Social Security benefits - f) Distinction between partially (P) and completely retired (R) g) Interaction of f) with each variable a) through e) + h) non-white race/ethnicity + i) gender = female j) interaction of h) and i) with each variable a) through e)
Theoretical Support None Analysis and comparison of basic data.
de
Data Details Date, Source, Etc. Basic Health and statistics, Retirement averages, Study 1992 frequencies 1998, for , those born in probabilitie 1931 - 41. s Type of Analyses
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Retirement outcomes in the Health and Retirement Study
2) The stage of retirement (F, P, R - see #) will change from one wave (time of survey administration) to the next, such that: a) Participants will transition to stages of lesser work b) Those moving to stage R will transition through stage P 3) The probability of being partially (P) or completely retired (R) is influenced by: + a) age + b) gender = female + c) historical time of data # NOTE: Stage options are: F = Not Retired, P = Partially Retired, R = Completely Retired (includes not relevant)
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Author
Article Title Retirement in a family context: Husbands and Wives
Journal National Bureau of Economic Research, NBER, Working Paper 4629 (Jan., 1994), AND Journal of Labor Economics (2000)
Summary of Findings This research investigates the tendency of spouses to retire together and the reasons for such coordination. All hypotheses were supported and effects were found to be significant, except for 1b) and 1g). The husband's retirement status influenced the wife's retirement decision only when the wife's decision preference was analyzed independently; thus the variable for 1b) is likely picking up the joint retirement decision. The wife's retirement status does influence the husband's retirement decision and the joint retirement decision, but to a lesser extent when the correlation of preferences (1j) is considered. The preferences for leisure have very significant effects on variation in retirement ages. Specifically, both the wife's and husband's leisure preferences have about 5 times the effect on the retirement decision as their ages. Also, the joint determination, 1j), has about 33 50% of the age effect.
Data Details Date, Source, Etc. 1) The retirement decision of spouses, Economic theory Maximum National investigated as the preference for leisure Expansion of a likelihood Longitudinal over consumption, is influenced by: structural estimation Study of + a) age of wife retirement model of model Mature + b) retirement of husband based on a lifetime parameters Women + c) health of wife that limits amount or consumption utility (effect (NLS) such kind of work function to sizes) that: a) + d) wife's preference for leisure incorporate joint based on women were + e) family annual compensation, retirement actual data age 52-66 in including wages plus pension accruals decisions of for working 1989, b) used plus Social Security accruals husbands and couples, data from + f) age of husband wives. including 1968 - 89, c) + g) retirement of wife retirement included only + h) health of husband that limits amount ages or an couples w/ full or kind of work imputed time work + i) husband's preference for leisure range of history, and d) j) joint determination (correlation of retirement included only preferences d) and i)) by spouses ages. those married to same spouse over entire period. Longitudinal data was used like panel data with a fixed effects variable. Dependent Variable(s) & Hypotheses or discussion of Inductive Research Theoretical Support Type of Analyses
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Article Title
Journal Forcasting Retirement Needs and Retirement Wealth, eds. Mitchell, O. S., Hammond, P. B., and Rappaport, A. M., (2000), pps. 309 326
Summary of Findings This article describes the creation of pension entitlement values and reports the resulting pension estimates, wealth and accrual, by type of employer-sponsored pension plan, by current age, and be assumed quit/retirement age. Hypothesis 1a) is supported for the HRS respondents at all ages 50-61 and for ages 47-62 for the hypothetical participant covered by the average defined benefit (DB) as compared to the average defined contribution (DC) plan. Hypothesis 1b) is not supported for the actual respondents covered by either the DB or DC plans; this hypothesis is somewhat supported by the hypothetical participant covered by the average plan, but only by the average DC plan. The accrual rates under DB plans are extremely sensitive to plan characteristics (1c), showing dramatic increases due to vesting and early retirement eligibility and sharp decreases following normal retirement eligibility; the accrual rates under DC plans are sensitive only to
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) The rate of pension accrual is influenced by: + a) Type of plan coverage (defined benefit) + b) Current age of respondent, which is the assumed quit or retirement age c) other plan definitions + i) vesting + ii) early retirement definition +/- iii) normal retirement definition 2) The level of pension wealth is influenced by: + a) Type of plan coverage (defined benefit) + b) Assumed quit or retirement age of respondent c) other plan definitions + i) vesting + ii) early retirement definition
Gustman, Evaluating A. L., pension Mitchell, O. entitlements S., Samwick, A. A., and Steinmeier, T. L. (2000)
Data Details Date, Source, Etc. Atheoretical Means, Health and investigation of medians, Retirement pension wealth percentiles, Study, data and individual plot graphs onlly for 1992 characteristics that respondents, influence this age 51-61, wealth. assessed as single individuals only. Also, based on HRS data for the average respondent, a hypothetical 40-year old was studied. Theoretical Support Type of Analyses
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Author
Article Title
Journal
Summary of Findings
Theoretical Support
Type of Analyses
Gustman, Evaluating A. L., pension Mitchell, O. entitlements S., Samwick, A. A., and Steinmeier, T. L. (2000) (cont.)
vesting eligibility. This accrual sensitivity +/- iii) normal retirement definition to plan characteristics largely explains why the rates, especially of DB plans, are not more sensitive to current/assumed quit ages. Hypothesis 2a) appears to be supported based on HRS respondent summary data. However, it is speculated that this is due to the shorter time during which DC plans have existed, and thus, respondents have contributed; unfortunately, this assumption is not assessed by comparison of DB and DC projected wealth for the hypothetical 40year old. Hypothesis 2b) is basically supported for retirement/quit ages up to age 65; after age 65, the pension wealth from a typical DB plan decreases slightly for each year retirement is delayed. Hypothesis 2c) is supported for those covered by DB plans (as investigated via the hypothetical participant); wealth increases due to vesting, dramatically increases due to early retirement eligibility, and decreases slightly after normal retirement eligibility. Hypothesis 2b) and 2c) for DC coverage are not assessed.
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Article Title What people don't know about their pensions and social security: An analysis using linkd data from the Health and Retirement Study
Journal National Bureau of Economic Research, NBER, Working Paper 7368, (Sept., 1999) or Public Policies and Private Pensions, editor Gale, W. G., Brookings Institution, Washingto n, D. C.
Summary of Findings This study investigates the accuracy of employee knowledge about employer-provided benefits and Social Security earnings histories. All hypotheses were supported. Only 56%, 54%, and 35% of participants correctly reported that they were covered by a DB, DC, and both plans, respectively. Firmprovided information shows that early retirement eligibility is an average of 2 years earlier than assumed by employee self-reports; basically the same results are found for employees who are within 3 years of the early retirement eligibility date as for those who are further away. Wide discrepancies at the individual level suggest that respondents, even those close to expected retirement, have imperfect information about pensions and Social Security. This leads to serious questions about the use of models that assume fully informed retirement decision makers.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) Employees have imperfect knowledge about their retirement benefits, such that a significant percentage will incorrectly state: a) that they are covered by a defined benefit (DB) not a defined contribution (DC) type plan b) their prior Social Security covered earnings c) dates of early and normal retirement eligibility under their DB plan d) current account balance for DC plan e) early retirement benefit reduction rate for DB plan f) availability of voluntary contribution for DC plan
Theoretical Support Economic, full information for rational decision making
Data Details Date, Source, Etc. Basic Health and statistics: Retirement means, Study percentiles, participants in correlations 1992. , differences. Probit analysis for demographi c influences (proximity to benefit eligibility). Type of Analyses
def
hi
Employer provided pension data in the NLS Mature Women's Survey and in the Health and Retirement Study
National Bureau of Economic Research, NBER, Working Paper 7174, (June, 1999) or Research in Labor Economics (19: 2000), pp. 215 257
This research investigates the current 1) The level of pension wealth (wealth is either the present value of benefit accrued state of employer-provided pension plans, including the value of individual to date or annual accrual) as a percent of accumulated earnings is influenced by: pensions, the coverage rate of individuals, and differences based on + a) gender (female) + b) type of pension plan (defined benefit) gender. All hypotheses in 1) are + c) age cohort reflected by the survey in supported, expect 1c) and 1d); wealth which respondent participated (HRS) using either definition is basically the + d) interaction of b) and c) same over age cohorts. The value of + e) eligibility for early retirement defined benefit (DB) pensions, as a 2) The incentives (plan characteristics) percent of accumulated earnings, has changed very little from one age cohort to that have changed from one cohort (NLS the next; the value of defined contribution MW) to the next (HRS) include: - a) early retirement date (DC) pensions, as a percent of + b) normal retirement date accumulated earnings, has slightly decreased. In support of 1b), DC plans + c) defined benefit plan accrual rate + d) defined contribution plan contribution provide lower replacement rates, rate especially for females age 60 (8 - 9% less) as compared to males at age 60 (4 5% less). All hypotheses in 2) are supported, except 2d). The early retirement date has decreased by 0.8 years; the normal retirement date has increased by 0.4 Page 86
None - analysis of employer-provided pension plans only. Legal mandates and institutionalized provisions.
Basic statistics, including averages, frequency distributions and percentiles.
National Longitudinal Survey of Mature Women (1992 plus 1989 data), with respondent a woman born 1923 - 37, and Health and Retirement Study (1992), with respondent an individual born 1931 41. Calculations and comparisons generated by
Topics Addressed
Author
Article Title Employer provided pension data in the NLS Mature Women's Survey and in the Health and Retirement Study
Journal
Summary of Findings years. All hypotheses in 3) are basically supported. The percent of respondents covered by an employer-sponsored pension plan: a) increased from the NLSMW to the HRS (57.7% to 71.1%), b) increased for married households from the NLS-MW to the HRS (69.0% to 79.7%), c) was higher for married as compared to single households in both cohorts, d) increased for single women from the NLS-MW to the HRS (37.6% to 46.3%), e) was higher for single men than for single women (56.5% vs 46.3% in the HRS), and f) was highest for the 75th - 90th earnings percentiles.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 3) The likelihood of employer-provided pension plan coverage is influenced by: - a) gender + b) marital status + c) age cohort reflected by the survey + d) earnings
Theoretical Support
Type of Analyses
def
hi
Data Details Date, Source, Etc. provided pension plan descriptions matched to respondents in these surveys.
Gustman, A. L. & Steinmeier, T. L. (1994)
Employerprovided health insurance and retirement behavior
Industrial and Labor Relations Review (1994, 48, 1)
This research found that the effect of employer-provided health benefits on retirement age is small. Results of simulation using RHS found that response of retirement model to retiree health benefits is small. Results of simulation using projected data from the SCF found that response of retirement model to retiree health benefits: - increases percent continuing full-time work at age 61 by ~ 1% (assumed health coverage available at 62 for majority of workers) - decreases percent continuing full-time work at age 62 by ~ 1% (linearly drops to ~0% by age 70) - if health insurance valued at cost of individual plan, percent continuing fulltime work decreases by ~ 3% between 62 - 64
1) Change from work to retirement: - effect of employer-provided retiree health benefits - effect at both employer-group rate of health insurance and individual rate - incremental effect after consideration of all other economic constraints, including all other financial considerations, health, and leisure 2) Investigated on two different cohorts - data from 1969 - 79 Retirement History Study (RHS) - data projected from the 1983 - 86 Survey of Consumer Finances
Economic analysis using structural retirement model with coefficients based on RHS data. Retirement simulations are then done using the RHS estimated coefficients and opportunity set in the retirement model.
Maximize utility function for the retirement model, subject to the opportunity set, and derive maximum likelihood estimates for the models' coefficients.
Data projected from the 1983 Survey of Consumer Finances, with updates from the 1986 SCF followup.
Page 87
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Author
Article Title Retirement research using the Health and Retirement Survey
Journal NBER Working Paper Series No. 4813 (Aug, 1994) Later in Journal of Human Resources (1995, 30)
Summary of Findings This report discusses issues in the economics of retirement that can be addressed by the HRS. Sample of statistical results (answers are for Men/Women): 1) Retirement defined as "full" (very few hours worked per year): percent retired is 21%/40% 2) Self-reported fully retired: percent retired is 15%/28% 3) Chances of working at age 62 is 50%/40% and at 65 is 30%/20%. 4) Many employees want to work more hours - 18%/21% of part-time workers 5) ~ 92% of workers expect to receive SS benefits, but 60% expect future benefit reductions
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) Multiple operationalizations of the dependent variable (DV) retirement: a) Current job status - few versus many hours worked or Full versus Partial Retirement b) Self-reported as retired c) Chances of working at future ages 2) Elements of Opportunity Set (Influences on Retirement): a) Labor market earnings b) Job opportunities - hours constraints c) Social security benefits - what respondents expect to receive d) Employer-provided pensions e) Employer-provided health benefits both pre- and post-retirement
hi
k Gustman, A. L., Mitchell, O. & Steinmeier, T. L. (1995)
hi
k Gustman, A. L., Mitchell, O. & Steinmeier, T. L. (1995) (continued)
Retirement research using the Health and Retirement Survey (continued)
6) ~ 67% of HRS respondents who are f) Non-wage aspects of the job, including covered by a pension plan (~66% of all re- attitudes, future prospects spondents) are covered by a defined g) Wealth measures benefit plan, either alone or with a DC h) Ethnic and gender influences plan 7) i) Other spousal factors, including health Results of the probit analysis finds that and disability status, earnings, pension, employment in the manufacturing sector SS, and employment opportunities or by a large firm, coverage by a union, college education, higher wages, and white ethnicity all positively influence the likelihood of pension coverage 8) ~ 69% of workers expect to receive post-retirement employer-provided health benefits 9) 80 - 90% reject idea that employers or fellow-workers exert pressure to retire
Data Details Date, Source, Etc. Inductive Summary Wave 1 of the Research statistics of HRS data, describing initial variables representing stage of measured those age 51 longitudinal HRS in Wave 1 to 61 in 1992 study. of HRS Questions not Probit answered by prior analysis of research: variables - trend toward influencing earlier retirement employees' among men, which coverage levelled off during by pension late 80s plan - affect of family contexts on decisions - impact & measurement of health of non - impact Theoretical Support Type of Analyses wage and pecuniary attributes of job - peoples' expectations about future oportunities and constraints in retirement
Page 88
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Author Gustman, A. L., Mitchell, O. S., and Steinmeier, T. L. (1994)
Article Title The Role of Pensions in the Labor Market: A Survey of the Literature
Journal Industrial and Labor Relations Review (1994, 47, 3) pg. 417 438
Summary of Findings This literature review summarizes how employer-provided pensions influence employee turnover, retirement, motivation, performance, and demand for coverage. None of hypotheses 1a) through e) is supported, unequivocally, by existing research. Currently studied models of pension demand don't accurately: i) separate worker and firm-side factors nor ii) recognize all elements of the institutional setting. Also, evidence shows that workers can't accurately describe even the basic elements of their employer-provided pensions; therefore, there is no basis for support of hypothesis 1 c). Hypotheses 2a) and b) are not supported, but 2c) and d) are strongly supported. Specifically, pension coverage significantly reduces turnover, even after controlling for current pay, union membership, and tenure. Also, models based on detailed pension plan accrual information do a fairly good job of matching actual retirement-hazard rates.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) Employees' demand for pension coverage is influenced by: + a) marginal income tax rates + b) compensation level + c) need for income insurance to protect against multiple life-cycle risks + d) economies of scale that reduce administrative and investment cost + e) unionization 2) Employer-provided pensions influence employee: + a) motivation + b) performance - c) turnover + d) retirement
Theoretical Support Economic research based on labor supply/demand and the use of employer-provided pensions to influence this interaction.
Type of Analyses This is a critical summary review of existing economic research, both theoretical and empirical, on the effect of and influences on employerprovided pension plans.
a cd f
Data Details Date, Source, Etc. This is a review of research articles published through 1992 in the field of economics.
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Harris, M. M. (1993)
Reactions to Employee Benefits: Development and Refinement of a Measure
Proceedings of the 1993 Industrial Relations Research Association Meetings (1993; IRRA) pg 91- 98
The purpose of this paper is to examine one measure of employee reactions to benefits. Some support of construct validity of REBS instrument. - self and coworker ratings were significantly positively related for 6 of 9 dimensions tested - all REBS scales were positively and highly correlated with Heneman & Schwab benefit satisfaction measure - all REBS scales were positively and moderately correlated with Heneman & Schwab pay level satisfaction
1) Develop a multidimensional instrument called Reactions to Employee Benefits Survey (REBS)" - value - cost to employees - information provided to employees - assess to help with questions - speed & efficiency of reimbursements - amount of paperwork - choice among benefits - an overall satisfaction scale - degree to which benefits program perceived to meet employee needs - knowledge of benefits program 2) Employee attitudes and behaviors positively related to REBS dimensions a) job satisfaction b) organizational commitment c) organizational citizenship
Review of prior benefit literature that identified 7 basic facets of a benefits program.
Significanc e of correlations between variables. Assessed by selfreport and report of a coworker.
Two hundred working students attending a large metropolitan midwestern university and matching nonstudent coworkers were given surveys to complete in 1990. The response was almost 50%.
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Author Harris, M. M. (1993) (continued)
Article Title Reactions to Employee Benefits: Development and Refinement of a Measure (continued) Impact of Benefit Awareness on Employee and Organization al Outcomes: A Longitudinal Field Examination
Journal
Summary of Findings
Theoretical Support
Type of Analyses
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Attitudes positively correlated with REBS d) turnover intentions dimensions. - org. commitment correlated with 9 scales - average 0.31 - org. citizenship with 3 scales - turnover intent with 2 scales - job satisfaction correlated only with assess to help Benefits Quarterly (1992, 2nd Quarter) pg. 90 - 96 No explicit theoretical support. Affect of voluntary benefit programs on employee behavior and organizational outcomes is unknown. Some argue that benefits have direct effects on employee work behaviors; there is no empirical evidence to support this. Others argue that maintenance of benefits are a competitive necessity or a social responsibility. Employee This study investigates the 1) 401(k) participant before-tax EconomicBenefit contribution rates increase with: supported lifecontribution behavior of 401(k) Research participants. a) age of plan participant (.06% per year cycle pattern of Institute up to mid-40s and .07% thereafter) savings and prior All hypotheses were supported by Issue Brief analyses of 1999 EBRI/ICI database on b) salary of plan participant, for non-highly research. # 238 compensated employees IRC rules 1.7 million 401(k) plan participants. (2001, governing 401(k) Both participant characteristics and plan c) tenure, up to about 18 years' tenure October) design features had significant influences (thereafter, contribution rates decreased) plans and prior d) provision of plan loans (.6% more) research. on the before-tax contribution rates of e) match level of employer contributions 401(k) plan participants. - and decreases with: f) provision of an employer contribution (.4% less) g) the plan's effective match rate (minimal decrease) This study tests the effect of a low cost benefit awareness intervention on employee attitudes and behaviors. Benefit awareness increased significantly for the retirement plan, and benefit satisfaction increased significantly for both the retirement plan and retirement counseling. Employee understanding, via assessment of value of benefits relative to salary and cost of identical benefits package, both increased significantly. Individual outcomes did not increase due to the intervention. A majority of respondents indicated organizational outcomes increased greatly or somewhat. Page 90 1) Benefit awareness will be increased by: - 1/2 yr. intervention program consisting of a) distributing memoranda on benefit offerings, b) holding meetings to answer benefit questions, c) distributing detailed brochures about benefit programs. 2) Employee understanding, 3) Benefit satisfaction, 4) Individual outcomes, including job satisfaction and intent to turnover,and 5) Organizational outcomes, including productivity perceptions, quality perceptions, efficiency perceptions, and flexibility perceptions, - will all be increased by a 6-month intervention program Longitudina l surveys of pre- and postintervention awareness, knowledge, and satisfaction. T-tests calculated to assess significance of change in responses. Employees of a state gov't agency were surveyed twice in late 1980s. The response rate for both surveys was 55.6%.
abc
Hennessey, H. W., Jr., Perrewe, P.L., and Hochwarter , W. A. (1992)
hi
k Holden, S. and VanDerhei, J. (2001)
Contribution Behavior of 401(k) Plan Participants
Frequency distributions supported by ordinary least squares regression. Frequency distributions supported by probit regression analysis.
This data source is the 1999 EBRI/ICI ParticipantDirected Retirement Plan Data Collection Project.
Topics Addressed
Author
Article Title Contribution Behavior of 401(k) Plan Participants (continued)
Journal
Summary of Findings
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 2) Likelihood of reaching the IRC 402(g) limit increases with: a) age of plan participant b) salary of plan participant c) loan provisions offered by plan - and decreases with: d) employer contribution to 401(k) plan
Theoretical Support
Type of Analyses
hi
k Holden, S. and VanDerhei, J. (2001) (continued)
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k Johnson, R. W., Davidoff, A. J., and Perese, K. (2003)
Health Insurance Costs and Early Retirement Decisions
Industrial and Labor Relations Review (56; 4), July, 2003, pp. 716 729
The research estimates the health premium cost of retirement. This premium cost is used to estimate the effect on early retirement probabilities of employee loss of employerprovided health coverage and possible changes in federal programs. All hypotheses were supported, except 1h) and 1d). The effect of current annual wages is minimal, and slightly significant only for men. The effect of general health status is likely absorbed by the other 3 variables, e), f), and g). The effect of 1a) is large and significant, especially for women; a $1,000 increase in premium costs reduces the probability of early retirement by 0.17% for men and 0.24% for women. Gender effects, 1c), are analyzed by separating the data.
1) The likelihood of retiring, including partial (working < 20 hrs/week and not looking for other employment) and full retirement, from 1992 - 94 is influenced by: - a) health care premium cost (present value (PV) of the increase in future health care cost due to retiring immediately) + b) respondent wealth (PV of future Social Security benefits plus PV of future employer-provided pension benefits plus financial wealth plus personal) + c) gender (female) + d) general health status is poor + e) decline in health status + f) functional limitations + g) increase in functionsl limitations + h) annual current wage i) control variables including: i) age, ii) marital status, iii) race, iv) education
Rational economic theory that workers weigh benefits of increased leisure time against costs of leaving labor market. Used instrumental variable approach to produce predicted value of health care premium cost, since calculations from assumptions likely contained errors. Analyzed using both actual and predicted values for 1a).
Probit model of retirement likelihood for 1992 94.
Health and Retirement Study for 1992 & 1994, including only those employed full time (> 35 hrs/week) in 1992 who were a) reinterviewed in 1994, b) not eligible for Medicare or Medicaid, and c) ages 51 61 in 1`992
Page 91
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Author
Article Title
Journal Center for Retirement Research at Boston College, CRR Working Paper # 2002-08 (Dec., 2002)
Summary of Findings This study examines how Medicare, and a proposed change in Medicare eligibility, influences labor supply at older ages, by measuring the effect of insurance cost through inclusion of the net present value of premium costs of retirement in a multivariate retirement model. Hypothesis 1a) was strongly supported. The PCR had a strong, negative influence on the likelihood of retirement and had a marginal effect of -0.003 for a $1,000 increase in PCR. Hypothesis 1b) ii was not really supported. The equations reflecting coordination vs noncoordination of a married couple's retirement decision showed very little difference in effect size (+/- .002 for most variables), no difference in signs or significance levels, and no difference in the fit (log likelihood). All other hypotheses 1b) i through 1k) were supported except for 1f) 1i), and 1k). The availability of defined contribution plan coverage did not affect the likelihood of and hispanics did not show any significant difference in the likelihood of retirement when compared to whites. The level of education also did not influence the likelihood of retirement, possibly because this effect was absorbed by the present value of future earnings.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) The likelihood that a respondent in the age range 55 - 64 will retire (begin working < 20 hrs/week) in a 2-year window is influenced by: - a) Premium Cost associated with Retirement, PCR (Net present value of a stream of monthly increases in premium expenses that a worker will pay is s/he retires before Medicare eligibility) b) marital effects + i) married +/- ii) effect of coordination of retirement decision on PCR + c) Index of physical impairments (health status) + d) retirement wealth + e) defined benefit pension coverage + f) defined contribution pension coverage - g) present value of future earnings + h) age + i) race (non-white)
Theoretical Support Economic theory, using a multivariate retirement model with PCR, premium cost of retirement, added to the model
Type of Analyses Probit regression analysis
de g i
k Johnson, R. Medicare, W. Retirement (2002) costs, and Labor Supply at older ages
Data Details Date, Source, Etc. The Health and Retirement Study, nonprozy respondents, between the ages of 55 64 at the time of the 1996 survey, who worked > 20 hours per week in 1996, were reinterviewed in 1998, and had no missing health data.
de g i
k Johnson, R. W. (2002) (cont.)
Medicare, Retirement costs, and Labor Supply at older ages
+ j) gender (female) - k) education level
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Author
Article Title Retiring together or working alone: The impact of spousal employment and disability on retirement decisions
Journal Center for Retirement Research at Boston College, CRR Working Paper # 2001-01 (March, 2001)
Summary of Findings This study examines the retirement decisions of husbands and wives and the influence on the decision of the spouse's health, the spouse's employment status, and the interaction of health and unemployment, especially if the spouse isn't eligible for Social Security benefits. Most of the hypotheses 1a) through 1k) and 2a) through 2k) , including 1a) i through 1a) vi and 2a) i through 2a) vi, are supported in the hypothesized direction and are significant. 1i) is not supported, likely due to missing attitude variables for unemployed husbands and wives. 1b) is not significant. 1h) and 2h) are not supported; 1f) and 2f) are also not supported. 1a) iii is significant in the negative direction for blacks. 2a) ii is supported only for age groups 61-64 and > 65. Hypotheses 1e) and 2e) are supported. Hypothesis 2g) is supported only for the group who did not complete high school as compared to the group who did (higher education has no significant effect for wives). Also, 2j) is not supported.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) The likelihood that the husband will retire in the next 2 years is influenced by: + a) Non-working status of wife, where this variable is jointly determined with the likelihood of husband's retirement, and is influenced by the wife's: - i) education, + ii) age group, ++ ii') age > 61, + iii) race (non-white), + iv) number of functional limitations, + v) retirement attitude, + vi) financial wealth + b) Poor health of wife c) interaction of a and b, with + effect if husband provides personal care to wife, effect if income effect dominates + d) own poor health + e) age group (++ effect if age group > 61) + f) race (non-white) - g) education + h) financial wealth + i) retirement attitude + j) employer-provided DB coverage - k) employer-provided DC coverage 2) The likelihood that the wife will retire in the next 2 years is influenced by: + a) Non-working status of husband, where this variable is jointly determined with the likelihood of wife's retirement, and is influenced by the husband's: - i) education, + ii) age group, ++ ii') age > 61, + iii) race (non-white), + iv) number of functional limitations, + v) retirement attitude, + vi) financial wealth + b) Poor health of husband c) interaction of a and b, with + effect if wife provides personal care to husband, effect if income effect dominates + d) ... + j) (same set of variables as above, except for wife instead of husband, with same hypothesized directions of effect)
Theoretical Support Standard labor supply model based on economic assumption that individuals (families) make labor supply decisions that maximize utility, subject to budget constraints, where income (consumption) and time for leisure are the offsetting commodities.
Type of Analyses Joint maximum likelihood estimation of retirement decision and spousal work status, assuming error terms are from a bivariate normal distribution. Also, frequency distributions for subsets of data, with tests of differences in frequencies . Calculation of marginal effects and significance tests of difference in likelihoods.
cde ghi
k Johnson, R. W. and Favreault, M. M. (2001)
Data Details Date, Source, Etc. Health and Retirement Study, men and women who were married and working fulltime per the baseline interview in 1992. Potential for retirement (neither employed nor looking for work in following survey) by 1994, 1996, and 1998 leads to 3 waves of retirement data (1992 94, 1994 - 96, 1996 - 98). All waves combined for analysis.
cde ghi
k Johnson, R. W. and Favreault, M. M. (2001) (cont.)
Retiring together or working alone: The impact of spousal employment and disability on retirement decisions
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Author
Article Title The Effect of Access to PostRetirement Health Insurance on the Decision to Retire Early
Journal Industrial and Labor Relations Review (1994, 48, 1) pg. 103 123
Summary of Findings This research investigates the effect of the availability of post-retirement health insurance on early retirement. All hypotheses were supported except for 1d), 1f), 1g), and 1j). It is likely that the effect of 1d), pension eligibility, is captured by the age variables, which are entered first in the regression analysis. Real monthly wage, 1g), is also likely captured by years of education, which preceed wage in the regression analysis; this result is also consistent with other research. The effect of employer-provided retiree health coverage on the probability of retiring is very high in this study (about 8% higher if will receive coverage). May be biased upward due to not measuring pension wealth.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) The probability of retiring (departure from workforce for at least 6 months) for men is influenced - positively by: a) employer-provided retiree health coverage b) access to continued insurance coverage with spouse's employer or other source c) poor health status d) pension eligibility e) age f) marital status g) monthly wage - negatively by: h) years of education i) wife still working j) race is non-white
Theoretical Support Static economic model of retirement (utility for retirement versus leisure)
e g
k Karoly, L. A., and Rogowski, J. A. (1994)
Data Details Date, Source, Etc. Probit The data regression source is the analysis of 1984, 1986, probability and 1988 full of panel retirement. microdata Also used research files regression of the Survey estimate to of Income determine and Program probability Participation. that employee has access to retiree health benefits (similar to instrumenta l variable procedure) Type of Analyses Hierarchical Regression Analysis. Results for full sample and bridge employmen t with current employer vs with other employer. Surveys were sent to faculty who accepted the early retirement incentive offered at the Univ. of California in 1994. A response rate of 42% was received.
ab de gh
k Kim, S. and Feldman, D. C. (2000)
Working in Retirement: The antecedents of bridge employment and its consequence s for quality of life in retirement
Academy of Management Journal (2000, 43, 6) pg. 1195 1210
This research uses continuity theory of aging to study bridge employment. All hypotheses regarding bridge employment were supported, for total sample, inside, and outside the university, except 1) d), e), and j). Results opposite those predicted for hypotheses 1) c) were found; declining early retirement incentive was inversely significantly related to bridge employment. Possible explanation is that previous decliners hold onto jobs until they can permanently retire.
1) Participate in Bridge Employment - positively related to a) good health b) organizational tenure c) declined previous early retirement incentive d) retirement counseling e) unmarried f) working spouse g) dependent children - inversely/negatively related to h) age i) salary j) pension benefits k) participation in volunteer work and leisure pursuits (implied) Also investigated consequences of bridge employment on retirement and life satisfaction.
1) Consideration of constraints and opportunities: individual, job factors, family 2) Atchley's Continuity Theory, which argues that older workers need to maintain daily routines
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Author
Article Title Healthy, Wealthy,or Wise: Predicting actual acceptances of early retirement incentives at three points in time
Journal Personnel Psychology (1998, 51) pg. 623 642
Summary of Findings This research examines the predictors of actual acceptance of 3 successive early retirement windows. All hypotheses regarding effects on acceptance of early retirement incentives were supported, except for 1) d), 1) k), and 1) h), which was supported only if the respondent had declined an incentive twice before. Addition of new set of predictors (predictors c), d), e), h), i), j), and k)), did significantly increase predictive ability of acceptance of early incentive. This research investigates the relationship between benefit satisfaction and four organizational consequences. Hypotheses were supported. Benefit satisfaction explained significant variance of and influenced in the predicted directions each dependent variable that represented an employee attitude.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) Accept early retirement incentives - positively related a) age b) amt. of pension benefits c) available bridge employment d) married e) spouse no longer working - inversely/negatively related f) health, not on sick leave g) amount of present wages h) previously declined an early retirement incentive i) expect future early retirement incentive programs j) current productivity k) minor children in household 1) Organizational commitment 2) Trust in Management - both positively influenced by benefit satisfaction 3) Intention to turnover 4) Job Stress - both negatively influenced by benefit satisfaction All attitudes also influenced by several demographic variables.
Theoretical Support No explicit theoretical support. Examines two sets of predictors of actual early retirement decisions using current set of objective (employerprovided) variables.
Type of Analyses Logistic regression analysis with hierarchical analysis.
ab de g
k Kim, S. and Feldman, D. C. (1998)
k Lane, M. C. The Effect of (1993) Employee Benefit Satisfaction on Organization al Consequenc es
Proceedings of the 1993 Industrial Relations Research Association Meetings (1993; IRRA) pg. 99-107
Definition of the continuance component of organizational commitment suggests that the more employees are satisfied with financial aspects of benefits plans, the more likely they will be committed to the organization.
Series of hierarchical multiple regression equations. Benefit satisfaction measured as one variable, with a 10 item scale, that was supported by factor analysis.
Data Details Date, Source, Etc. Survey results and payroll data were combined to study early retirement windows offered at the Univ. of California in 1990-91, 1992-93, and 1993-94. Surveys were distributed to 212 employees of a service organization with offices in five states in 1990. The response rate was only 11%.
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Author
Article Title The Determinants of Employee Fringe Benefit Satisfaction: A Replication and Revision
Journal Benefits Quarterly (1990; 2) pg. 89-95
Summary of Findings This research examines the impact of demographic and attitudinal variables on benefit satisfaction. Employee benefit satisfaction: - positively related to pay satisfaction - positively related to tenure - negatively related to level of education - no relationship to gender, marital status, age, and number of dependents. Significant increase in explanatory power of model with the inclusion of attitudinal variables in addition to demographic variables.
k Lust, J. A. (1990)
Data Details Date, Source, Etc. 1) Predict benefit satisfaction Review of prior Multiple A survey was - positively related to benefit literature regression distributed in a) pay satisfaction b) job satisfaction that identified used. 1989 to c) age d) education attitudinal and Benefit employees of - negatively related to demographic satisfaction 3 firms, a e) marital status influences on measured manufacturer, f) number of dependents benefits as one a service firm, - either positively or negatively related satisfaction. variable, and a gov't g) gender h) tenure with firm Explanatory power with a 4 agency, i) job level of benefit item scale, located in the satisfaction is that is a Midwest. The improved with subset of response rate inclusion of the was 81%. attitudinal Heneman & variables, in Schwab addition to pay demographic satisfaction characteristics. questionnai re. Dependent Variable(s) & Hypotheses or discussion of Inductive Research Theoretical Support Type of Analyses 1) Entitlement mentality is reduced by: a) ongoing communication from employer that leads to better knowledge b) use of flexible benefits program c) greater voice in choice of individual benefit coverages 2) Flexible benefits plan will lead to: a) satisfaction of needs of diverse workforce b) reduction in cost to employer c) reduction in entitlement mentality d) increase in communication and education of workforce e) increase in perceived value of benefits, including pension and 401(k) plans f) more benefit choices g) higher 401(k) plan participation Entitlement philosophy due to lack of understanding Case Study of one organizatio n, Pitney Bowes. Frequency distribution of employee value Case study based on executive description of research conducted at Pitney Bowes in 1991.
Mandelker, Case study: J. How Pitney (1996) Bowes Broadens Benefit Choices with Value-Added Services
Compensation & Benefits Review (1996, March/ April) pg. 60 - 66
This case study examines the use of a flexible benefits plan to increase perceived employee value and knowledge. Entitlement mentality was not directly assessed with a survey or with benefit satisfaction. Also, knowledge about benefits was not directly assessed, either before or after the flexible benefit plan was introduced. Conjectures regarding the level of ongoing communication, reduction in cost, increase in perceived value by the employees, higher 401(k) plan participation, and more benefit choices were all supported. However, can't tell whether flexible benefit plan or greater ongoing communication led to higher participation and increase in perceived value.
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Article Title Explaining Retirement Savings Shortfalls
Summary of Findings This article investigates factors that influence the retirement savings shortfall, both the likelihood and size of shortfalls. Hypotheses 1a) and 2a) are essentially supported prior to the regression analyses. Single households have lower wealth at all wealth quintiles, and higher prescribed savings rates at all wealth quintiles and at all earnings quintiles except the fifth. Unfortunately, the regression analyses were run separately for married and single households and the constant and fit statistics for the equations were not given. Hypotheses 1b) and 1c) are somewhat supported. Specifically, 1b) v, iv, iii, and c) iv significantly influence the shortfall likelihood for married households, while 1b) i, vi, viii, and iv significantly influence the shortfall likelihood for single households. Most of the other hypothesized influences in these sets did not have the expected effects. However, 1b) ii had a significant positive influence for both married and single households, possibly due to the influence of earnings and saving needs (positive correlation).
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) The likelihood of having a saving shortfall at age 62 is influenced by: + a) being a single household b) socioeconomic factors, including: - i) education - ii) AIM eanings + iii) race non-white - iv) age + v) number of children + vi) ever divorced + vii) ever widowed + viii) female if single c) health factors, including + i) difficulty with activities of daily living - ii) ever smoked + iii) drinking, 1 or 2 drinks per day - iv) drinking, 3 or more drinks per day + v) depression symptions
Theoretical Support Economic approach investigating difference between actual and needed retirement wealth at age 62. Needed retirement wealth is determined by the replacement rate approach that simultaneously determines both the replacement rate and the savings rate, by iteratively solving both equations to smooth the comsumption between pre- and post-retirement.
Type of Analyses Multivariate statistical analysis: probit regressions to assess likelihood and multivariate , controlling for selectivity bias, to assess magnitude. Also, used ANOVAs to assess effect of factor groups' size on the needed saving rate.
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k Mitchell, O. S., Moore, J. F., and Phillips, J. W. (2000)
Data Details Date, Source, Etc. Health and Retirement Study for 1992, respondents age 51 - 61, with positive earned income for 1991, for whom the projected retirement age was determined as attainment of age 62 for the primary household respondent.
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Author
Journal
Summary of Findings Also, 1b) vii had a negative, significant, large influence (possibly due to income from deceased spouse's assets). 1c) ii had a positive significant effect (possibly due to increased consumption and health care costs), and for single households, 1c) i had s significant, large negative influence due to the negative effect of this variable on earnings and thus on savings needs. The set of hypotheses 1d) and 1g) had no explanatory power for either married or single households. The set of hypotheses 1e) and 1f) seemed to have little explanatory power, as only f) iv had the expected influence and f) ii had an unexpected positive influence (see 1c) ii explanation above). The set of hypotheses 2b) and 2d) are somewhat suported. Specifically, 2b) ii and 2d) i were significantly supported in the predicted direction for both married and single households. Hypothesized influence 2b) iv was significant, but positive for both single and married households; this is perhaps because those who are older have fewer years in which to accumulate assets. For married households only, 2b) i (those in
Dependent Variable(s) & Hypotheses or discussion of Inductive Research - vi) memory recall ability + vii) subjective probability of living to 75 d) preference proxies - i) long planning horizon - ii) most risk averse - iii) Contact Social Security for benefit calculation e) Spouse socioeconomic factors, include: - i) education - ii) AIM eanings + iii) race non-white - iv) age + v) number of children + vi) ever divorced + vii) ever widowed + viii) female if single f) Spouse health factors, including + i) difficulty with activities of daily living
Theoretical Support
Type of Analyses
ef g
k Mitchell, O. S., Moore, J. F., and Phillips, J. W. (2000) (cont.)
Page 98
Topics Addressed
Author
Journal
Summary of Findings graduate school) , and 2b) iii were supported; also, 2e) vi,iv, and i, were supported. None of the influences in hypotheses sets 2c), 2f), and 2g) were found to be influential for married households. For single households, however, hypothesis 2c) vi was strongly supported. Hypothesis 2c) ii was also strongly supported, but in the positive, not negative, direction; as with hypotheses 1c) ii, smoking seems to increase prescribed saving rate due possibly to expenses of smoking and/or increase in health care cost. In the ANOVA analysis, the influence of the hypotheses sets 2b), 2c), and 2d) on the prescribed savings rate is supported for both married and single households, and the influence of the sets 2e), 2f), and 2g) is supported for married households. The variance in prescribed savings rates is partially explained by each of these sets of influences, including health status and preferences separately for the respondent and spouse in a married household. The socioeconomic set of factors has the most influence for both married and single households.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research - ii) ever smoked + iii) drinking, 1 or 2 drinks per day - iv) drinking, 3 or more drinks per day + v) depression symptions - vi) memory recall ability + vii) subjective probability of living to 75 g) preference proxies - i) long planning horizon - ii) most risk averse - iii) Contact Social Security for benefit calculation 2) The size of the prescribed saving rate to cover the shortfall, conditional on having a shortfall, is influenced by: + a) having a single household b) - g) same set of variables with the same hypothesized directions of influence as stated in 1) above
Theoretical Support
Type of Analyses
ef g
k Mitchell, O. S., Moore, J. F., and Phillips, J. W. (2000) (cont.)
Page 99
Topics Addressed
Author
a c
k Mollica, K. A. and DeWitt, R. L. (2000)
Data Details Date, Source, Etc. When Others Academy This research studies the reactions, 1) Intention to quit of an employee not Organizational Moderated Study of a eligible for an Early Retirement Window is justice and equity hierarchical large public Retire Early: of Manage- with regard to intentions to quit, of influenced by: theory. Equity regression utility firm What About ment employees not eligible for an early Journal analysis. located in the Me? retirement window program. None of a) Perception of caretaking (adequacy of theory says (2000, 43, the hypotheses concerning perception of early retirement provisions) is: employees will northeastern 6) pg. 1068- caretaking as inadequate, hypotheses 1) + i) seen as inadequate react negatively to U. S. 1075 + ii) seen as overly generous an organization Eligibility for ai), bi), and biii), are supported; that either underEarly perceptions of inadequate caretaking are - iii) influenced by age - iv) influenced by tenure or overRetirement not associated with higher intentions to b) Social comparison interacts with compensates coWindow was quit than are perceptions of adequate workers, especially age 55 with 5 caretaking. Also, hypotheses 1) aiv) and perception of caretaking such that: if the comparison years of civ) are not supported. The hypotheses + i) age interacts with perception as inadequate other is very service. concerning perception of caretaking as + ii) age interacts with perception as similar (age and/or Random overly generous are supported, except tenure). Justice sampling of that 1) bii) is supported significantly in the overly generous theory says when nonnegative direction. The intentions to quit + iii) tenure interacts with perception as an organization bargaining increased more among younger workers inadequate + iv) tenure interacts with perception as takes care of those employees than among older workers when overly generous laid off, caretaking, occurred caretaking was perceived as overly employees are following generous. When both age and tenure less likely to see implementawere considered, it was found that those the lay off as tion of Early who were older but had lower tenure did unfair. However, Retirement not show higher intentions to quit based an early retirement Window; 21% on perceptions of caretaking as overly program is surveyed, generous, thus resulting in a significant different from a lay 64% negative effect for the coefficient for 1) off, responded. bii). Article Title Journal Summary of Findings Dependent Variable(s) & Hypotheses or discussion of Inductive Research Theoretical Support Type of Analyses When Others Retire Early: What About Me? Each set of hypotheses 1) a), b), and c) were found to significantly explain variance in intentions to quit. Hypotheses 2) was supported; those who were eligible for but declined the Early Retirement Window expressed significantly lower perceptions of caretaking generosity than did those who were ineligible. None of the hypotheses 3) a) nor 3) b), concerning influence of the perception of caretaking on organizational commitment of employees ineligible for the Early Retirement Window, were supported. c) Other influences - i) Adequacy and clarity of explanations provided by management - ii) Employees perception of need for Early Window + iii) likelihood of future layoffs +/- iv) male gender 2) Employees who were eligible, but declined, the Early Retirement Window will have different perceptions of caretaking level than those who were ineligible. 3) Organizational commitment of an employee not eligible for an Early Retirement Window is influenced by: a) Perception of caretaking (adequacy of early retirement provisions) is: - i) seen as inadequate - ii) seen as overly generous + iii) influenced by age + iv) influenced by tenure Page 100 since a) Early Window retirees have a choice/alternatives , b) Early Window retirees don't have a psychological contract violation since they are close to retirement eligibility, c) may be feelings of envy and jealosy from those not eligible for the Early Window, especially if demographically similar to Early Respondents were representativ e of larger nonbargaining unit employees. Data from selfreport surveys.
a c
k Mollica, K. A. and DeWitt, R. L. (2000) (cont.)
Topics Addressed
Author
Article Title When Others Retire Early: What About Me?
Journal
Summary of Findings
Dependent Variable(s) & Hypotheses or discussion of Inductive Research b) Social comparison interacts with perception of caretaking such that: - i) age interacts with perception as inadequate - ii) age interacts with perception as overly generous - iii) tenure interacts with perception as inadequate - iv) tenure interacts with perception as overly generous
Theoretical Support Window retirees, and d) those remaining confront a more uncertain employment future, decreased resources, and more work.
Type of Analyses
a c
k Mollica, K. A. and DeWitt, R. L. (2000) (cont.)
def
k Moore, J. F. and Mitchell, O. S. (2000)
Projecting Retirement Wealth and Saving Adequacy in the Health and Retirement Study
Forcasting Retirement Needs and Retirement Wealth, eds. Mitchell, O. S., Hammond, P. B., and Rappaport, A. M., (2000), pps. 68 94
def
k Moore, J. F. and Mitchell, O. S. (2000) (cont.)
Projecting Retirement Wealth and Saving Adequacy
This research investigates the level of 1) The level of household savings needed to preserve comsumption in retirement is retirement wealth for those near influenced by: retirement and the level of savings + a) replacement rate of pre-retirement needed to preserve consumption in retirement. Hypothesis 1a) is supported income by the theoretical assumption/process of - b) wealth: i) current, ii) projected earnings + c) income determining the prescribed level of - d) projected age of retirement (65 vs 62) household saving; holding all other variables 1b) through 1i) constant, if the - e) household status is single i) female replacement rate increases, the savings ii) male rate must also increase. Hypothesis 1d) + f) household status is married + g) age of respondent is supported; holding all else constant, - h) coverage by an employer-provided savings rates prescribed for the pension plan presumed retirement age of 65 were substantially less than those prescribed - i) home ownership for age 62. Hypotheses 1b) and 1c) are mostly supportd, finding monotonic decreases with increasing wealth and increases with 2) The level of retirement wealth for a increasing earnings, except for earnings household is influenced by: in the 5th - 8th deciles for the presumed + a) net financial wealth retirement age of 62. The remaining + b) net housing equity hypotheses 1e) through 1i) were + c) present value of employer-provided supported, except for 1e) i). When the pension coverage household status was single and the +/- d) present value of Social Security respondent was female with a presumed benefits retirement age of 62, the prescribed + e) initial wealth at time of survey savings rate was higher than that for a + f) earnings income married household. Only hypotheses + g) age of retirement 2a), 2e), and 2g) are fully supported. The best predictor of projected retirement wealth is initial wealth (.97 correlation). An Increase in net housing equity increases household wealth only up to the median wealth decile; thereafter, it increases absolute $ wealth Page 101
Replacement rate approach that simultaneously determines both the replacement rate and the savings rate, by iteratively solving both equations to smooth the comsumption between pre- and post-retirement.
Analysis of saving rate and replacemen t rate by wealth and earnings deciles; analysis of wealth compositio n by deciles; medianadjusted regression analysis of savings
Health and Retirement Study for 1992 respondents, age 51-61, with positive earned income for 1991, for whom the projected retirement age was determined as attainment of age 62 (alternatively age 65) for the primary household respondent (person with greatest financial knowledge).
Topics Addressed
Author
Article Title Projecting Retirement Wealth and Saving Adequacy
Journal
Summary of Findings slightly, but decreases as a % of total wealth. Hypothesis 2c) is mostly supported, but as with net housing wealth, pension wealth decreases as a % of total wealth in the top 2 wealth deciles; however, pension wealth has the largest influence on increasing wealth with age. Social Security wealth increases in absolute $ wealth, but decreases as a % of total wealth from the 1st through the 10th wealth deciles. Households change wealth deciles very little up or down 1 decile, if at all, due to future earnings.
Theoretical Support
Type of Analyses
def
k Moore, J. F. and Mitchell, O. S. (2000) (cont.)
cde g i
Mulvey, J. (2003)
Retirement Behavior and Retirement Plan Design: Strategies to Retain an Aging Workforce
Benefits Quarterly (4th Q, 2003)
This article shows how specific features of defined benefit (DB) plans, retiree health coverage, defined contribution (DC) plans, employerprovided disability plans, and early Social Security eligibility, affect workers' retirement behavior, specifically investigating the effect on workers in different wage groups and different productivity rankings. Hypotheses sets 1a) and 1b) are moderator hypotheses; the interaction of these sets with the other influencing variables, 1c) through 1i), is described next. Hypothses 1c) i, ii, iii, and iv are mostly supported. The interaction of 1c) i with 1a) iii and 1c) ii with 1a) iii is supported, but in the negative, not positive direction. Also, hypothesis 1c) v and vi are supported, but in the exact opposite directions from those hypothesized (-/0/+),
1) The probability of retiring after eligible for early retirement (leaving an employer in the study group), is influenced by: a) Wage groups (see interactions below), i) < $38,500, ii) $38,500 - $61,500, iii) $61.500 - $87,200, iv) > $87,200 b) Productivity ranking (see interactions below), i) low performers, ii) mid performers (middle 1/3 based on % change in salary of those in same age range at same company), iii) high performers c) Early retirement provisions in defined benefit plans ++ i) economic subsidy (reduction of < 2.5% per year for early commencement of benefit) + ii) increase in richness (10% increase in ratio of early to normal retirement benefit) -/+/+/- iii) interaction of i with a) -/+/+/- iv) interaction of ii with a) +/0/v) interaction of i with b)
Economic analysis that weighs cost of retirement (opportunity cost of lost wages) against benefit of retirement (preference for leisure, health status, family obligations). People will continue working if expected present value of employment is greater than expected present value of retirement.
Statistical model, likely a probit analysis. Results (likely odds analysis based on the probit analysis results) are shown as frequency distributions and basic statistics.
Personnel files from 55 large employers with DB plans (~ 2/3 had secondary DC plans and ~ 80% offered 401(k) loan provisions). Data for 1998 and 1999 for all employees of these employers who were > 54 and who were eligible for early retirement benefits was analyzed.
Page 102
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Author Mulvey, J. (2003) (cont.)
Article Title Retirement Behavior and Retirement Plan Design: Strategies to Retain an Aging Workforce
Journal
Summary of Findings possibly due to top performers being more likely to save for retirement than low performers. Hypotheses 1d) i, ii, iii, vi, v, vi, vii, and viii are supported in the hypothesized direction, except that in 1d) v, the interaction of ii with 1a) i is a positive interaction, in 1d) vi, the interaction of 1d) iii with 1a) ii is negative and the interaction of 1d) iii with 1a) iv is positive (the probability of delaying retirement is 6.8% for those whose wages are > $87, 200 as comapred to 13% for the entire group), in 1d) vii and viii, the interaction of 1d) i and ii, respectively, with 1b) ii is a positive influence. Hypothesis 1d) ix is supported, but in exactly the opposite directions; those who are the low performers have a 19.6% probability of delaying retirement, as compared to a 13% probability of delay for the entire group, while those who are high performersas predicted. Hypotheses 1f) supported have a 7% probability of i, ii, and iii are supported as predicted. The richer the disability benefits, the more likely low wage workers are to postpone retirement (probability of delay is 4% if wages < $38,500), but low performers are more likely to retire sooner (probability of retirement increases by 2.4% for each 10% increase in richness). Hypotheses 1g) i, iii, and v are not supported at all; the richness of the DC plan has no significant influence on retirement behavior. Hypotheses 1g) ii, iv, and vi are somewhat supported. The probability of retiring for the entire group drops by 4.8%, but the strongest effect is for workers in wage group 1a) iii (9.4% probability of delaying retirement) and for those who are top performers (11.3% probability of delaying retirement vs 4.8% for low performers). Hypothesis 1h) i and ii are fully supported,
Dependent Variable(s) & Hypotheses or discussion of Inductive Research +/0/- vi) interaction of i with b) d) retiree health insurance coverage ++ i) generous coverage (retiree contribution < 2.5% of total premiums) + ii) higher retiree contributions - iii) retiree contributions inversely defined by employee service -/+/+/- iv) interactoin of i with a) -/+/+/- v) interaction of ii with a) -/+/+/- vi) interaction of iii with a) +/0/vii) interaction of i with b) +/o/- viii) interaction of ii with b) +/0/ix) interaction of iii with b) e) Social Security benefits + i) Early Eligibility date +/+/-/- ii) interaction of i with a) +/0/- iii) interaction of i with b) f) Employer-provided disability benefits
Theoretical Support
Type of Analyses
cde g i
cde g i
Mulvey, J. (2003) (cont.)
Retirement Behavior and Retirement Plan Design: Strategies to Retain an Aging Workforce
- i) richness of disability policy (% of salary replaced by disability benefit) -/0/0/0 ii) interaction of i with a) +/0/0 iii) interaction of i with b) g) secondary DC plan provisions - i) richness of plan (employer matching contribution) - ii) availability of plan loans -/-/0/+ iii) interaction of i with a) -/-/0/+ iv) interaction of ii with a) -/0/+ v) interaction of i with b) -/0/+ vi) interaction of ii with b) h) early retirement windows + i) additional early retirement incentive for a limited time -/+/+/- ii) interaction of i with a) +/0/iii) interaction of i with b) i) mergers and acquisitions + i) event of a merger or acquisition
Page 103
Topics Addressed
Author Mulvey, J. (2003) (cont.)
Article Title Retirement Behavior and Retirement Plan Design: Strategies to Retain an Aging Workforce
Journal
Summary of Findings but 1h) ii is only partially supported; the effect of an early retirement window is largest for the low-income workers whose probability of retirement is increased by 11%. Hypotheses 1i) i, ii, and iii are supported as hypothesized.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research +/+/0/- ii) interaction of i with a) +/0/iii) interaction of i with b) j) control variables i) value of pension plan at earliest eligible age or attained age, if later ii) value of pension plan at normal retirement age iii) age iv) gender v) tenure vi) current salary vii) salary history for last 3 years
Theoretical Support
Type of Analyses
cde g i
cde
k Quinn, J. F. New Paths to Forcasting This article explores the trends in 1) The U.S. Labor Force participation Retirement' is a (2000) Retirement labor force participation rates and the rates by age: process, not a Retirement Needs and path employees with career jobs take a) decreased from 1964 - 1985 for all single step. Mostly Retirement as they move into retirement. ages > 55 and for both males and atheoretical, as it Wealth, females b) stopped the summarizes labor Hypotheses 1a) through 1d) are eds. downward trend in 1986 c) trends but does not supported by basic participation rates. Mitchell, O. Hypotheses 1e) i through vii were not levelled off for men ages 60 - 64 and analyze the S., reasons for them. tested nor was prior supporting research 65 - 69 Hammond, cited in this article. Hypotheses 2a) and d) increased (slightly only for age groups P. B., and 2b) were mostly supported by the HRS > 60) for women ages 55 - 59, 60 - 64, 65 Rappaport, data reviewed. However, 2a), employees 69, and > 70 A. M., e) were likely influenced by choose a retirement path that involves (2000), + i) mandatory retirement age outlawed bridge employment less often than the pps. 13 - direct, one-step path to full retirement, is in 1986 32 + ii) loosening Social Security earnings supported only if bridge activity is assessed by a lower bound (34% of men test over several years to > $30,000 for those age 65 by 2002 and 49% of women). Thus, it appears + iii) increasing Social Security delayed bridge job activity is becoming an retirement adjustment over several years important part of the labor force to 8% by 2010 withdrawal process for a Page 104
Participatio n rates and trend graphs. Bar charts, and weighted percentage s.
Health and Retirement Study (1992, 1994, 1996), looking back on respondents age 55 - 65 in 1996, who had work experience after age 49, appeared in all 3 HRS data waves, and for hypotheses 2), had a fulltime career
Topics Addressed
Author
Article Title
Journal
Summary of Findings slight majority of workers (at least for females). Hypothesis 2b) i was not supported. Although women appear to have higher rates of bridge employment, when the behavior of only women in career jobs was investigated, the exit behavior of men and women was found to be very similar. Also, in bridge employment, about 75% remained in their pre-retirement job category, not in a lower category (white vs blue collar and highly vs less-highly skilled).
Dependent Variable(s) & Hypotheses or discussion of Inductive Research + iv) increasing Social Security normal retirement age over several years to age 67 by 2026. + v) movement away from employersponsored defined benefit to defined contribution plans + vi) cyclical labor demand + vii) new attitude toward work in later life, due to industrial shift to service sector and/or increase in longevity 2) An employee's path from a career job (full-time employment for > 10 years) to full retirement includes: - a) bridge employment that involves: + i) part time employment - ii) full time, short duration, employment + iii) self employment b) path through bridge employment is influenced by: + i) gender = female + ii) self-employed career job preretirement + iii) moving to a lower job category (as compared to same or a higher category) + iv) working for lower wages (as compared to same or higher wages)
Theoretical Support
Type of Analyses
cde
k Quinn, J. F. New Paths to (2000) Retirement ( cont.)
Data Details Date, Source, Etc. job for > 10 years.
cde
k Quinn, J. F. New Paths to (2000) Retirement ( cont.)
Page 105
Topics Addressed
Author
Article Title Health Insurance and Retirement Behavior: Evidence from the Health and Retirement Survey - An Update
Journal Journal of Health Economics (19, 4) pp. 529 - 539 or RAND Health Reprint # RP - 940
Summary of Findings This research estimates the effect of changes in health insurance coverage and cost due to retirement on the probability of retirement of older male workers. All hypotheses are supported except 1c), 1d), 1e), 1f), and 1g). Hypotheses 1e) and 1g) are supported prior to the inclusion in the model of the effect of access to post-retirement health insurance. The cost-sharing variables, 1c), are not significant, either jointly or individually. The variables assessing the influence of poor health status, 1e), are jointly significant, but only one is individually significant and is so only when the variables addressing the influence of employer-provided retiree health benefits are not included; thus the interaction of these two, 1d) is not significant. Almost all sample participants either receive or expect to receive Social Security benefits in the future; thus this variable does not influence the retirement probability. This research investigates how health status is related to both the probability that a household holds a particular type of asset in its portfolio and the share of financial wealth held in each asset category (asset allocation). All variables under hypotheses 1) were found to influence a household's probability of holding specific groups of assets, in the expected directions, except 1a) with regard to holding bonds, 1j) with regard to holding bonds and 1f) with regard to holding bonds or risky assets. All variables under hypotheses 2) and 3) were found to influence the household's asset mix as predicted, except, for singleadult households, 2i) with regard to the allocation to bonds and 2f) with regard to the allocation to risky assets and,
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) The probability of early retirement from full-time employment between 1992 - 96, based on self-reporting, is influenced by: + a) access to post-retirement health insurance, provided have access to preretirement employer-provided health insurance + b) lack of pre-retirement employerprovided health insurance - c) increase in employee cost for postretirement insurance coverage + d) interaction of a) and poor health status + e) poor health status + f) Social Security coverage + g) employer-provided pension plan coverage + h) defined benefit employer-provided pension plan coverage, with or without companion defined contribution coverage i) control variables, including: age, race, marital status, education, and # of months between data waves.
Theoretical Support Basic economic theory regarding financial and health influences.
de g i
k Rogowski, J. and Karoly, L. (2001)
Data Details Date, Source, Etc. Probit Uses the regression longitudinal analysis Health and with Retirement hierarchical Survey data analysis for for 1992, the 1994, and additional 1996. Data is effect of restricted to retiree age-eligible health men working coverage full time (> 35 availability hours/week) and cost. in 1992. Those born in 1931 - 1941 are age 50 62 in 1992. Type of Analyses
f g
j k Rosen, H. S. and Wu, S. (2003)
Portfolio Choice and Health Status
NBER Working Paper Series, Working Paper # 9453
1) Probability that a household holds retirement assets (IRAs and Keoghs), bonds, or risky assets (stocks and mutual funds) is influenced by: o) single vs married status (separate equations for each to assess interactions with health, wealth, etc.) - a) unhealthy status of husband (including change to unhealthy status between waves) - b) unhealthy status of wife (see note w/ a) + c) Household net worth + d) Household income - e) square of c) and d) that reflects nonlinear impact - f) presence of any children in household + g) husband's age + h) wife's age - i) husband's or single person's race (black) - j) sex (female) for single households
Economic theory using a dynamic framework based on maximization of expected lifetime utility.
Estimated reducedform economic models, using probit and tobit, with unconstrain ed covarite, regressions for hypotheses 4 and 2 plus 3, respectively . Also, provided means and percents,
Health and Retirement Study, waves 1 - 4 (1992, 94, 96, 98). The premiary respondent is in the age cohort 51 - 61 in 1992. Data analyzed with randomeffects probits and tobits that included year effects.
Page 106
Topics Addressed
Author
Article Title Portfolio Choice and Health Status
Journal
Summary of Findings for married-couple households, 2a) with regard to bonds, 2g) with regard to risky assets, 2f) with regard to risky assets, 3f), and 3g). None of the possible mediating variables was found to substantively change the effect of unhealthy status on the probability of holding specific asset groups or on the actual asset allocation mix.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research + k) husband's educational level + l) wife's educational level m) controls for industry, occupation, and parent's education 2) The household's asset allocation in retirement assets, risky assets, and bonds is influenced by: (same set of variables in same hypothesized directions as for 1) above) 3) The household's asset allocation in safe assets is influenced by: o) single vs married status (separate equations for each to assess interactions with health, wealth, etc.) + a) unhealthy status of husband (including change to unhealthy/sick status between waves) + b) unhealthy status of wife (see note w/ a) - c) Household net worth - d) Household income + e) square of c) and d) that reflects nonlinear impact + f) presence of any children in household - g) husband's age - h) wife's age + i) husband's or single person's race (black) + j) sex (female) for single households only - k) husband's educational level - l) wife's educational level m) controls for industry, occupation, and parent's education 4) Variables that mediate the influence of health status on the probability of holding specific types of assets or on the household's asset allocation mix include: a) Risk aversion b) Planning horizon c) Bequest motives d) Coverage by health insurance
Theoretical Support
Type of Analyses by health status, of dependent variable.
f g
j k Rosen, H. S. and Wu, S. (2003) (cont.)
f g
j k Rosen, H. S. and Wu, S. (2003) (cont.)
Portfolio Choice and Health Status
Page 107
Topics Addressed
Author Sturnman, M. C., Hannon, J. M., and Milkovich, G. T. (1996)
Article Title Computerize d Decision Aids for Flexible Benefits Decisions: The Effects of an Expert System and Decision Support System on Employee Intentions and Satisfaction with Benefits
Journal Personnel Psychology (1996, 49) pg. 883 908
Summary of Findings This research examines the effects of expert systems and decision support systems on the quality of benefit choices and employee satisfaction. All hypotheses were supported. Conclusions include: - Decision aids, especially ESs, can influence employee decisions and attitudes. - Benefits decision quality is related to benefits satisfaction. - Providing employees with organized and relevant information yields higher satisfaction.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) Employee satisfaction with benefits: a) is positively related to decision quality (as determined by comparison to the selections of an Expert System that was tested rigorously by benefits experts) of an employee's benefit selections. b) is positively influenced by use of the Expert System. c) is negtively influenced by the frequency with which a person desires to change existing benefits. 2) Decision quality (see 1a) of employees' desired benefits will be higher for: a) those using either decision aid (ES is the expert system that makes recommendations and DSS is the decision support system that has decision assisting features such as benefit information and error checking) b) those using the ES as compared to those using the DSS
Theoretical Support Discrepancy theory, that assumes the difference between what one wants and receives explains satisfaction. Also Human Resources research on satisfaction regarding influence of communication and knowledge. Decision Aid research in Organizational Behavior.
Type of Analyses Experiment al design in a field setting. Correlation t-test. Ordinary leastsquares regression. ANOVA and ttests of comparativ e quality.
ab
Data Details Date, Source, Etc. This research was conducted in the mid 1990s as a quasiexperiment at a manufacturing and assembly facility of a Fortune 500 company located in the Northeast. Fifty percent of the employees volunteered to participate.
gh
k Talaga, J. A. and Beehr, T. A. (1995)
Are there gender differences in predicting retirement decisions?
Journal of Applied Psychology (1995, 80, 1) pg. 16 28
This study examined the interactions between retirement predictors and gender. Hypotheses supported: - 1) b) and i), but only for the the pension retirement measure - for women, odds of being retired increased as no. of dependents increased - 1) c) and j), but only for the self-assessment of retirement - for women, odds of being retired increased sub-stantially as spouse's health declined - 1) e) and h) - All results suggest that, for those socialized during previous era, gender roles affect retirement decisions. All other hypotheses, including supported hypotheses regressed on other operationalizations of DVs, were not supported.
1) Predict decision to retire: No explicit - first consider control variables theoretical basis a) age, marital status, education, age of for hypotheses. entry into workforce, work history, Based on influence perceived health, financial security, work of traditional attachment - gender roles on positive effect on a woman's decision predictions of b) presence of dependents retirement c) spouse in poor health decisons. d) spouse financially secure e) having a retired spouse - negative effect on a woman's decision f) lower occupational level - positive effect on a man's decision g) lower occupational level h) having a retired spouse
For Questiondependent naires were variable of mailed to a number of random hours sample of worked, current and ordinary retired least employees, squares aged 50 to multipler 70, of a firm egression. manufacturin For other g office operationali- furniture. The zations of research was the conducted in dependent the early variable, 1990s. The logistic response rate regression. was 76%.
Page 108
Topics Addressed
Author
Article Title Are there gender differences in predicting retirement decisions? (continued)
Journal
Summary of Findings
Dependent Variable(s) & Hypotheses or discussion of Inductive Research - negative effect on a man's decision i) presence of dependents j) spouse in poor health 2) Multiple operationalizations of the dependent variable (DV), retirement a) Number of hours worked per week b) Participants' own judgments c) Receipt of a retirement pension
Theoretical Support
Type of Analyses Tested control vs hypothesize d variables using hierarchical regression analysis.
gh
k Talaga, J. A. and Beehr, T. A. (1995) (continued)
ab
k Williams,M. Antecedents Journal of (1995) of Employee ManageBenefit Level ment Satisfaction: (1995,21) A Test of a Model
This research tests the variables the influence employee satisfaction and the Miceli and Lane Needs-Supplies Model. Variables in Miceli & Lane Model hypothesized to predict employee benefit satisfaction: - accounted for > 50% of variance in benefit level satisfaction - however, most of the individual variables were not found to significantly influence benefit satisfaction - only benefit comparison with referent others and benefit administration were found to be positively related - amounts contributed by employees was found to be negatively related
1) Employee benefit level (type & amount) satisfaction: - positively related to a) Discrepency Model b) comparison with referent others c) employer reports of benefits currently provided d) benefit desirability e) use of benefits f) benefit administrate - inversely/negatively related g) tenure and job classification h) amounts contributed by employees - related to personal factors 2) Benefit desirability positively related to: a) use of benefits b) employer reports of types & levels of current benefits c) personal factors d) benefit administration
ab
k Williams,M. Antecedents (1995) of Employee (continued) Benefit Level Satisfaction: A Test of a Model (continued)
Desirability of benefits was not found to be predicted by the hypothesized variables. Discrepancy Model was not supported.
3) Discrepancy Model: - benefit level satisfaction is higher if needed level is < or = supplied level
Discrepancy Model developed by Miceli & Lane, 1991,based on needs - supplies comparison by employees, with the needs component (perceived amount of benefits that should be received) supported by cultural tradition. This model was modified by the author to include a) amounts contributed for benefits by b) employer reports of the types and levels of benefits actually provided.
Ordinary Least Squares Regression used to test satisfaction and desirability of benefits
The employees of thirteen libraries located in the Midwest were surveyed twice in 1991. The response rate was 31% for the first survey and 25% for the second.
Page 109
Topics Addressed
Author Williams, M.L. & MacDermid , S. M. (1994)
Article Title Linkages between Employee Benefits and Attitudinal and Behavioral Outcomes: A Research Review and Agenda
Journal Human Resource Management Review (1994, 4, 2) pg. 131160
Summary of Findings This is a review article about the impact of benefit program features and levels on employee attitudes and behaviors. Applicant attraction: Limited research to date. Some support that level of benefits attracts applicants. Employee benefit satisfaction: Some support for multiple dimensions. Negatively influenced by cost. Positively influenced by more employee involvement. Organizational Commitment: Support of weak impact of job investment, but specific influence of retirement plans was not assessed. No direct influence of ESOP financial measures.
abc
h j
Data Details Date, Source, Etc. 1) Applicant attraction Review of Summary This is a 2) Employee benefit satisfaction empirical research conclusions review of 3) Organizational commitment to date. Idea of review of research 4) Employee performance that commitment is empirical articles 5) Employee turnover positively related to research. published - all influenced by retirement and savings investments in the through 1994 plans employing system; in the fields of retirement economics programs are and human common job resource investments. management. Link between benefit coverage and productivity is not predicted by expectancy theory,but is implied by labor economics. Dependent Variable(s) & Hypotheses or discussion of Inductive Research Theoretical Support Type of Analyses Link between retirement plans (especially defined benefit plans) and turnover is predicted in labor economics by implicit contract, deferred wage theory.
abc
h j
Williams, M.L. & MacDermid , S. M. (1994) (continued)
Linkages between Employee Benefits and Attitudinal and Behavioral Outcomes: A Research Review and Agenda (continued)
Employee Performance: No support for influence of pension plans. Conflicting research results for influence of stock ownership and ESOPs. Employee turnover: Little evidence of link in org. behavior and human resource research Labor economics research finds turnover is much lower in jobs covered by defined benefit plans. However, some important variables may have been omitted in this research. Also, some turnover is efficient.
Page 110
Topics Addressed
Author
Article Title How Prepared are Americans for Retirement?
Summary of Findings This research investigates whether households are saving enough to cover living expenses during retirement and assesses the level of shortfall/excess in saving and retirement consumption. All hypotheses 1a) through 1j) are supported except for 1b), 1f) i and ii, and 1h). Having a personal loan and/or having a home mortgage actually increased the likelihood of funding retirement living expenses. All hypotheses 2a) through 2h) are supported except for 2b), 2f) i, and 2h). Having children, a personal loan, and/or having a home mortgage increases the average number of years after retirement that are funded. The average number of years that are funded is 23.5.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) A household's likelihood of funding living expenses over the expected years of retirement (after no longer working full time) is influenced by: - a) current age of respondent > 50 - b) children present in household + c) current financial assets + d) educational level of head of household + e) total household income f) + i) owning a home - ii) having a home mortgage + g) having a pension plan - h) having current personal loans + i) planned retirement age of head of hourshold +/- j) control for health status via longevity 2) The number of years after retirement that a householdcan fund is influenced by: - a) current age of respondent > 50 - b) children present in household + c) current financial assets + d) educational level of head of household + e) total household income f) + i) owning a home - ii) having a home mortgage + g) having a pension plan - h) having current personal loans
Theoretical Support Investigation of actuarially-based retirement planning software as an approximation to and simplification of economic models of behavior. Actuarial approach implies that a goal is set by the user for desired income flow in retirement and appropriate saving rate needed to meet this goal is calculated by software.
Type of Analyses Comparison of retirement plan success or failure rates, means and medians compared across subgroups. Analyzed output was generated by simulation based on use of a financial planning package, Quicken Financial Planner, and individual data from the 1992 SCF.
de
k Worshawsk y, M. J. and Ameriks, J. (2000)
Data Details Date, Source, Etc. 1992 Survey of Consumer Finances, including only 'middle' American households, defined as respondent or spouse currently working full time, age 25 70, earnings $0 (net) $125,000, non-financial assets < $1 million, and implied a retirement age (year stop full time work).
de
k Worshawsk y, M. J. and Ameriks, J. (2000) (cont.)
How Prepared are Americans for Retirement?
Page 111
Topics Addressed
Author
Article Title Nigerian Academic Faculty: Issues in Compensatio n and Retirement Benefits
Journal Compensat ion and Benefits Review (34, 6), (Nov/Dec 2002)
Summary of Findings This article investigates if and, if yes, why senior academic staff in Nigerian universities resist retirement. Hypothesis 1) is supported. The average age of those surveyed was 69.34 years, and 87% of the respondents were > age 65. Hypotheses 2a) and 2b) are not supported; actual age does not affect the retirement decision. Hypothesis 2c) is supported; 79% of the respondents said they would retire in 6 years if this guarantee occurred and another 10% would retire in 9 - 10 years. Hypothesis 2d) is also supported. 50% of the respondents said that their major concern upon retirement would be lack of adequate housing due to forfeiture of free university housing. Another 43% said their major concern would be uncertainty of receipt of monthly pensions, and another 7% said their major concern would be that retirement benefits would be insufficient to meet economic needs.
Dependent Variable(s) & Hypotheses or discussion of Inductive Research 1) Senior academic staff at Nigerian universities do not retire as mandated at age 65 under the Nigerian Civil Service Compensaton Act. 2) The likelihood of senior academic staff retiring under the Nigerian Civil Service Compensation Act is influenced by: + a) mandatory retirement age of 65 + b) current chronological age + c) guarantee of receipt of gratuities (severance lump sums) and monthly pensions - d) forfeiture of free and furnished university housing
Theoretical Support Lack of provision of basic human needs by government
cd
k Yehudah, Y. B. (2002)
Data Details Date, Source, Etc. Simple Surveyed, via percentage a structured s and questionnaire frequencies of 5 items administered by personnel departments, 1,142 randomlyselected senior academic staff from 36 Nigerian universities in 2001. Type of Analyses
Page 112

Retirement Lit Review - Final

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RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

Ettorre, B. (1998), Ownership is Strength, Management Review (1998, 87,11)

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

Type of Analyses Correlation analysis plus Hierarchical Multiple Regression Analysis.

k Adams, G. A. and Beehr, T. A. (1998)

Turnover and Retirement: A Comparison of their Similarities and Differences

Personnel Psychology (1998, 51) pg. 643665

k Adams, G. A. and Beehr, T. A. (1998) (continued)

Turnover and Retirement: A Comparison of their Similarities and Differences (continued)

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

Journal National Bureau of Economic Research, NBER, Working Paper # 9779

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW

Data Details Date, Source, Etc.

RETIREMENT LITERATURE: AN INTERDISCIPLINARY REVIEW