To help workers navigate the transition from work to retirement more effectively, employers have been launching phased retirement programs, which allow older employees to work part-time and receive full retirement benefits. This paper examines the experience of the phased retirement system for...

Workers plan and save for retirement throughout their careers. Individuals must navigate complex financial instruments and understand public and employer-provided retirement plan characteristics. Beginning when a worker is first hired, most employers provide the option to contribute to...

During the 1970s, defined benefit pension plans increased their liabilities by giving benefit increases to persons no longer working even though almost none of the plans were required to do so by any legally enforceable contract. Our model of these adjustments has workers and firms agreeing to...

A well-known, if underappreciated, finding in the mobility literature is that turnover is much lower in jobs covered by pensions than in other jobs. This could result from capital losses for job changes created by most benefit formulas, the tendency of turnover-prone individuals to avoid jobs...

To help workers navigate the transition from work to retirement more effectively, employers have been launching phased retirement programs, which allow older employees to work part-time and receive full retirement benefits. This paper examines the experience of the phased retirement system for...

This paper examines the effect of unions on both the magnitude and distribution of pension benefits. An analysis of experience during 1973-79 under a sample of defined benefit plans shows that beneficiaries retire at an earlier age under collectively bargained plans than under other plans,...