Millions of defined benefit pensioners must select a pension insurance method. We present a framework for making this decision within the context of US military veterans' Survivor Benefit Plan (SBP). Federal government subsidies generate a positive expected net payout for SBP. While insurance...

In 1936, the US government enacted the later-known Bonus Act, which triggered cash transfers to about 3 million veterans who had served in World War I. This paper studies the long-run benefits of veterans’ bonus receipt on their children’s old-age longevity. We employ data from Social...