's Trust corporate pension plan study. A model is developed that shows how pension values which vary with the age of retirement …-best optimum. This requires that pension values decline with the age of retirement beyond a certain point. Evidence from the 1975 … important is that the ratio of early retirement pension value to normal retirement pension value has increased …

females because the trend toward early retirement among males will offset demographic changes. The size of the labor force …. Fourth, declining ages of retirement among males can be reversed by changes in social security policy. A decline in real … benefits and increase in the age of entitlement are likely to have the largest effects on raising the retirement age …

pensions themselves. In the context of an optimal lifetime compensation plan, pensions depend on efficient dates of retirement …. To the extent that changes in social security affect the efficient date of retirement, both the pension and the wage …

of the study are: (1) Severance pay, which takes the form of higher pension values for early retirement, is widespread …