Oregon's Public Employees Retirement System (PERS) is a rich setting in which to study the effect of pension design on … employer costs and employee retirement-timing decisions. PERS pays retirees the maximum benefit calculated using three formulas … employer's perspective, we show that this "maximum benefit" calculation is costly. Average ex post retirement benefits are 54 …

Retirement Around the World. This project, which compares the experiences of a dozen developed countries, was launched in the mid … project document that social security program provisions can create powerful incentives for retirement that are strongly … affect retirement, whether there is a link between older employment and youth unemployment, and whether older individuals are …

This study examines empirically whether social security influences the retirement decisions of individuals. The …'s income and substitution effects are included in a model for examining retirement decisions. This model is based on the model … from the Social Security Administration and are particularly well suited for this study. Retirement models are estimated …

Employers have been launching phased retirement programs to help workers navigate the transition from work to … retirement more effectively. This paper examines the experience of the phased retirement system for tenured faculty in the … University of North Carolina system. After phased retirement was introduced, there was a sizable increase in the overall …

Does retirement behavior react predictably to economic incentives? Evidence on this question would be useful to policy … makers responsible for work and retirement programs affecting the elderly. This paper reviews the lessons and limitations of … recent economics literature on pensions, earnings, and retirement. Section I develops the life cycle context for analyzing …

pension formulas, I estimate the combined effect of Social Security and pension benefits on the probability of retirement in a … cross-section of the population near retirement age. The accrual rate of retirement wealth is shown to be a significant … determinant of the probability of retirement. Simulations of extensions in pension coverage comparable to those that occurred in …

This paper examines how phased retirement plans in higher education create value for both the institution and … individual faculty, based upon evidence from the Survey of Changes in Faculty Retirement Policies and an in-depth case study of … having the ability to make a smoother transition to retirement. The policy is clearly of great value to the 25 to 35 percent …

Most state and local retirement plans strive for full funding, at least by actuarial standards. Funding measured at …

What is the socially optimal level of liquidity in a retirement savings system? Liquid retirement savings are desirable … because liquidity enables agents to flexibly respond to pre-retirement events that raise the marginal utility of consumption …. On the other hand, pre-retirement liquidity is undesirable when it leads to under-saving arising from, for example …