A stock-bonus plan with a provision to permit diversification can come close to replicating the classic default risks in defined-benefit pension plans. The diversification formula is a function of a worker's service in the company and the particular features of the defined benefit (DB) plan that...

Quit rates in the federal government are abnormally low. Some economists and the federal government itself have taken this to mean that federal wages are too high. This paper provides an alternative explanation. It shows that the timing of compensation across a career as well as its level affect...

Pension economics has emerged as a separate literature over the past decade. Some of the early pension work was devoted to financial issues, including implications of pensions for savings rates and portfolio allocation. Most new developments, however, have stemmed from research surrounding labor...