Cover
Title Page
Copyright
Dedication
Contents
List of Tables and Figures
Preface
List of Abbreviations
Chapter 1. Introduction
The HRS: A Tool for Studying Pensions and Retirement Policies
An Introduction to Pensions
Further Discussion of the Pension Information in the HRS
Trends in Pension Plan Type
Trends in Pension Plan Characteristics
The Effects of a Changing Pension Environment
Complexities of Pensions Lead to Imperfect Understanding
Outline of the Book
Explanations for Pensions from the 1970s, 1980s, and 1990s
Reconciling Recent Changes in Pensions with the Theory of Implicit Contracts
Recent Trends Raise Questions about Other Explanations for Pensions
Implications of Imperfect Understanding of Pensions for Life Cycle Models
The Structure of the HRS
Employment in the HRS over Time, by Cohort and Sex
Attrition in the HRS by Initial Labor Market and Pension Status
Retirement Trends and Trends in Pensions
Conclusions
Chapter 4. Pension Data in the Health and Retirement Study
List of Pension Sequences in the Survey
Information Obtained from Employer- Provided Pension Plan Descriptions
Appendix 4.1: Tracing Pensions in the Panel
Appendix 4.2: Further Details on Matching Employer Pension Plan Descriptions with Respondents
Appendix 4.3: Identifying Plans When Respondents Report Having Both Plan Types
Appendix 4.5: Other Sources of Pension Information in the Labor Section of the HRS
Appendix 4.6: Pension Data in the Assets and Income Section
Chapter 5. Pension Plan Participation in the Health and Retirement Study
Pension Participation on Current Jobs
Turnover from Pension Jobs
History of Pension Participation over a Lifetime of Work
Participants with Current Pensions
Participants with Dormant Pensions
Respondents with Plans in Pay Status
Weighing the Importance of Pension Participation over the Lifetime
Coverage through a Spouse
Pension Plan Type by Cohort, Demographic Group, and Job Characteristics
Changes in Plan Type
Tenure on the Job and in Pension Plans by Plan Type
Pension Changes Experienced by Th ose Holding the Same Job
Transitions to Cash Balance Plans Are Infrequently Reported inHRS Data
Implications of Pension Changes for Workers’ Decisions
Chapter 7. Imperfect Knowledge of Pension Plan Type
Reasons for Differences between Firm and Respondent Reports
Consistency between Employer and Respondent Reports
Difference in the Panel in Respondent and Firm Reports among Those Reporting No Change in Th eir Pensions
Comparison with Watson Wyatt Payroll Data
Plan Type in the Full Respondent Panel
Reliability of Respondent Reports before Retirement and at Retirement
Evidence of Imperfect Information from Interview Tapes and Pension Module
Effects of Asking Questions Pertaining to the Wrong Plan Type
Summary and Conclusions
Chapter 8. Pension Retirement Ages
Respondents’ Expected Early Retirement Age
Comparing Respondent and Employer Reports of Early and Normal Retirement Age
Age at which Pension- Covered Workers Expect to Start Receiving Benefits
Respondents’ Retirement Plans
Expected versus Actual Age of Benefi t Receipt
Comparing Estimates of Early and Normal Retirement Age and Expected and Actual Ages of Benefi t Receipt
Conclusions
Appendix 8.1: Sensitivity of Early and Normal Retirement Dates to Date of Hire
Appendix 8.2: Detailed Descriptions of Covered Samples Underlying Tables in Chapter 8
Chapter 9. Pension Values
Different Measures of Pension Value
Respondent Reports of Annual Expected Benefi ts from Th eir Most Important DB Plan on Th eir Current Job
Effects of Increasing Labor Force Participation of Women on Trends in DB Pension Values
Respondent Reports of DC Account Balances from All Plans on Th eir Current Jobs
Effects of Increasing Labor Force Participation of Women on Trends in DC Pension Values
The Present Value of Defi ned Benefi t Plans— Current Plan ,Respondent Data
Prorated Value of DB Pension Wealth, Respondent Data
Pension Values Disaggregated by Demographic and Labor Market Characteristics, Respondent Reports
Pension Values of DB Plans from Employer- Provided Pension Plan Descriptions
Comparing Benefits at Early, Normal, and Expected Retirement Ages
Comparing Self- Reports with Employer Reports for DB Plans
Results with Imputed Values
Total Value of Pensions from Current, Last, and Previous Jobs
Conclusions
Appendix 9.1: Detailed Descriptions of Covered Samples Underlying Tables in Chapter 9
Appendix 9.2: Findings with Imputations
Chapter 10. Retirement Incentives from Defi ned Benefi t Pensions
Pension Wealth Values by Age and Cohort
Benefit Accrual Profiles
Cohort Differences in Rates of Benefit Accrual
Differences in Benefit Accruals between Men and Women
Changes in Benefit Accrual Experienced by Individuals over Time
Conclusions
Chapter 11. Disposition of Pensions upon Leaving a Job and Pension Incomes in Retirement
Disposition of Pensions from Last or Previous Jobs
Disposition of Pensions from Jobs Held in Previous Waves
Effects of Bracketing
Pension Incomes in Retirement
Conclusions
Appendix 11.1: Year- by- Year Mea sures of the Disposition of Pensions during the Course of the Survey
Chapter 12. The Changing Role of Pensions in Total Wealth
Baseline Results
Trends in Pensions and Other Components of Retirement Wealth
Trends in Wealth by House hold Demographic Structure
Wealth Differences between House holds with and without Pensions
Pensions, Social Security, and the Distribution of Retirement Wealth
Conclusions
Appendix 12.1: Diff erences in the Composition of Wealth between House holds with and without Pensions
The HRS Paints an Extraordinarily Rich Picture of Pensions
A Word to Pension Data Users
Appendix: Constructed Files
Notes
References
Index
