Empirical analysis of retirement pension and IFRS adoption effects on accounting information: glance at IT industry.

PubMed

Kim, JeongYeon

2014-01-01

This study reviews new pension accounting with K-IFRS and provides empirical changes in liability for retirement allowances with adoption of K-IFRS. It will help to understand the effect of pension accounting on individual firm's financial report and the importance of public announcement of actuarial assumptions. Firms that adopted K-IFRS had various changes in retirement liability compared to the previous financial report not based on K-IFRS. Their actuarial assumptions for pension accounting should be announced, but only few of them were published. Data analysis shows that the small differences of the actuarial assumption may result in a big change of retirement related liability. Firms within IT industry also have similar behaviors, which means that additional financial regulations for pension accounting are recommended.

Early retirement among Danish female cleaners and shop assistants according to work environment characteristics and upper extremity complaints: an 11-year follow-up study.

PubMed

Jensen, Lone Donbæk; Bonde, Jens Peter Ellekilde; Christensen, Michael Victor; Maribo, Thomas

2016-05-04

Studies have shown a negative social gradient in the incidence of early retirement. To prevent undesired early retirement, there is a need for knowledge of specific predictors in addition to social factors with a limited potential for change. The main purpose of this study was to examine musculoskeletal complaints and working conditions as predictors of early retirement among Danish female cleaners. Using Cox regression with an adjustment for extraneous factors, we compared the risk of disability pension and retirement before the nominal retirement age (65 years) in an 11-year cohort study with registry-based follow-up of 1430 female cleaners and 579 shop assistants. In subsequent analyses of female cleaners, disability pension and voluntary early retirement were modeled according to work characteristics and upper extremity complaints. The adjusted hazard rate (HR) for disability pension among cleaners compared to the control group was 2.27 (95% CI 1.58 to 3.28) and, for voluntary early retirement, 1.01 (95% CI 0.85 to 1.20). In the subset of cleaners, the predictors of disability pension were persistent shoulder pain HR: 1.98 (95% CI 1.47 to 2.67), elbow pain HR: 1.41 (95% CI 1.02 to 1.94) and symptoms of nerve entrapment of the hand HR: 1.58 (95% CI 1.14 to 2.20). Predictors of voluntary early retirement were persistent shoulder pain HR: 1.40 (95% CI 1.16 to 1.67) and floor mopping for more than 10 h per week HR: 1.20 (95% CI 1.03 to 1.40). Cleaners have a twofold higher risk of disability pension compared to the control group. Risk factors for disability pension among cleaners were persistent shoulder and elbow pain together with symptoms of nerve entrapment of the hand. The findings of specific health related predictors of early retirement could be used in secondary prevention with targeted temporary reduced workload.

Smoking and subsequent risk of early retirement due to permanent disability.

PubMed

Husemoen, Lise Lotte N; Osler, Merete; Godtfredsen, Nina S; Prescott, Eva

2004-03-01

Smoking is the most important single preventable cause of a variety of common diseases, and a considerable share of premature death is attributable to smoking. Although the effects of smoking on morbidity and mortality are widely recognized, little is known about the impact of smoking on early retirement due to chronic disease. The objective of the study is to determine the effects of smoking behaviour on early retirement due to permanent disability in a large sample of the general population. Follow-up study based on data from three longitudinal population studies conducted in the Copenhagen area. The final study population comprised 9,053 persons, 5,623 men and 3,430 women. Endpoint was grant of disability pension in the period 1980-1985. Baseline information was obtained from a self-administered questionnaire. Information about disability pensions was obtained from Statistics Denmark. Data analysis was performed by univariate and multiple logistic regression analyses. Smoking was found to be strongly associated with the risk of being granted a disability pension after adjustment for various confounders. The risk increased with daily consumption reaching a maximum odds ratio of 5.66 (1.88-17.00) and 5.61 (2.11-14.92) in heavily smoking men and women, respectively, who were below age 60. Smokers are at considerably higher risk of early retirement due to chronic disease. In addition to the burden of disease, this leads to social and economic problems for the individual and has a significant economic impact on society.

Predictors of early retirement after cancer rehabilitation-a longitudinal study.

PubMed

Mehnert, A; Barth, J; Gaspar, M; Leibbrand, B; Kegel, C-D; Bootsveld, W; Friedrich, M; Hartung, T J; Berger, D; Koch, U

2017-09-01

This longitudinal study was designed to assess patients' desire for early retirement and investigate which cancer-related and psychosocial characteristics are associated with early retirement. We assessed 750 cancer patients at the beginning (t 0 ) and end (t 1 ) of, and 12 months after (t 2 ) inpatient cancer rehabilitation. At t 0 , 22% had a desire to retire early. These patients reported significantly longer sick leave periods, less favourable workplace environments, lower work ability, higher psychological distress and lower quality of life than other patients. At t 2 , 12.5% of patients received temporary or permanent early retirement pensions. Of all patients with a desire for early retirement at t 0 , 43% had returned to work at t 2 . This subgroup had a significantly lower physical quality of life than other patients returning to work. The most influential predictors of early retirement were being on sick leave (OR = 6.50, 95% CI = 1.97-21.47) and a desire for early retirement (OR = 5.61, 95% CI = 2.73-11.52). Inverse predictors of early retirement were cancer remission (OR = 0.23, 95% CI = 0.10-0.53), perceived productivity (OR = 0.38, 95% CI = 0.18-0.83), work satisfaction (OR = 0.36, 95% CI = 0.17-0.77) and mental quality of life (OR = 0.94, 95% CI = 0.91-0.98). This underlines the need for cancer-specific multi-professional rehabilitation and occupational therapy programmes. © 2016 John Wiley & Sons Ltd.

Precarious Employment, Bad Jobs, Labor Unions, and Early Retirement

PubMed Central

Warren, John R.; Sweeney, Megan M.; Hauser, Robert M.; Ho, Jeong-Hwa

2011-01-01

Objectives. We examined the extent to which involuntary job loss, exposure to “bad jobs,” and labor union membership across the life course are associated with the risk of early retirement. Methods. Using data from the Wisconsin Longitudinal Study, a large (N = 8,609) sample of men and women who graduated from high school in 1957, we estimated discrete-time event history models for the transition to first retirement through age 65. We estimated models separately for men and women. Results. We found that experience of involuntary job loss and exposure to bad jobs are associated with a lower risk of retiring before age 65, whereas labor union membership is associated with a higher likelihood of early retirement. These relationships are stronger for men than for women and are mediated to some extent by pre-retirement differences in pension eligibility, wealth, job characteristics, and health. Discussion. Results provide some support for hypotheses derived from theories of cumulative stratification, suggesting that earlier employment experiences should influence retirement outcomes indirectly through later-life characteristics. However, midlife employment experiences remain associated with earlier retirement, net of more temporally proximate correlates, highlighting the need for further theorization and empirical evaluation of the mechanisms through which increasingly common employment experiences influence the age at which older Americans retire. PMID:21310772

An overview of work, retirement, and pensions in Japan.

PubMed

Bass, S A

1996-01-01

Work to retirement in Japan is a sequential transition for the most part, and Japan permits mandatory retirement by firms at age 60. But many older people work beyond the age of 60, many more than in other industrialized countries. A number of hypotheses are examined, having to do with pensions, health, opportunity, interest in working, cultural attitudes (including the concept of ikigai), and public policy initiatives (such as employment policy and the Silver Human Resource Centers). Japan's cultural attitudes and existing policies appear to have set Japan on a unique course in considering the aging of its population. To what extent should other nations emulate Japan?

Retirement Options to Offer College Faculty.

ERIC Educational Resources Information Center

Felicetti, Daniel A.

1982-01-01

Retirement options available to institutions are outlined, including early retirement incentives, phased retirement, facilitating consulting opportunities, travel and outplacement services, maintaining community involvement, annuities, and pensions. Suggestions are made for increasing cost-effectiveness and fitting the options to local…

Retirement Trends and Public Policy: The Carrot and the Stick.

ERIC Educational Resources Information Center

Quinn, Joseph F.; Burkhauser, Richard V.

Recent trends toward earlier retirement have exacerbated the financial problems facing the Social Security system and many other public and private pension plans. The massive commitment of public and private funds to Social Security and pension funds is partly responsible for the trend to early retirement. This, in fact, was one of the early goals…

The Impact of Receipt of an Employee Pension on the Psychological Well-Being of Retired Persons.

ERIC Educational Resources Information Center

Thompson, Gayle B.

This analysis of the relationship between receipt of an employee pension and happiness among retired men and women suggests that the relationship is the result of the effect of pension receipt on total income, as well as other variables which impact on or are related in a noncasual way to pension receipt. It appears that there is nothing intrinsic…

The Displacement Effect of Public Pensions on the Accumulation of Financial Assets

PubMed Central

HURD, MICHAEL; MICHAUD, PIERRE-CARL; ROHWEDDER, SUSANN

2013-01-01

The generosity of public pensions may depress private savings and provide incentives to retire early. While there is plenty of evidence supporting the latter effect, there remains considerable controversy whether public pensions crowd out private savings. This paper uses international micro-datasets collected over recent years to investigate whether public pensions displace private savings. The identification strategy relies not only on cross-country differences in generosity but also on differences in the progressivity or non-linearity of pension formulas across countries. We estimate that an extra dollar of pension wealth depresses accumulated financial assets around the time of retirement by 22 cents. An extra ten thousand dollars in public pension wealth reduces the average retirement age by roughly one month which implies an elasticity of retirement years with respect to pension wealth of −0.15. PMID:23606775

Mental Retirement*

PubMed Central

Rohwedder, Susann; Willis, Robert J.

2010-01-01

Some studies suggest that people can maintain their cognitive abilities through “mental exercise.” This has not been unequivocally proven. Retirement is associated with a large change in a person’s daily routine and environment. In this paper, we propose two mechanisms how retirement may lead to cognitive decline. For many people retirement leads to a less stimulating daily environment. In addition, the prospect of retirement reduces the incentive to engage in mentally stimulating activities on the job. We investigate the effect of retirement on cognition empirically using cross-nationally comparable surveys of older persons in the United States, England, and 11 European countries in 2004. We find that early retirement has a significant negative impact on the cognitive ability of people in their early 60s that is both quantitatively important and causal. Identification is achieved using national pension policies as instruments for endogenous retirement. PMID:20975927

Work and Family Characteristics as Predictors of Early Retirement in Married Men and Women

PubMed Central

Kubicek, Bettina; Korunka, Christian; Hoonakker, Peter; Raymo, James M.

2010-01-01

This study presents an integrative model of early retirement using data from the Wisconsin Longitudinal Study. The model extends prior work by incorporating work-family conflict to capture the interaction between the work and family domains and by assuming proximal and distal predictors of early retirement. More precisely, the model suggests that family and job demands and resources predict family-to-work and work-to-family conflict, respectively. All of these factors are presumed to have only indirect effects on retirement timing via the intervening effect of quality of life measures, that is, marital satisfaction, job satisfaction and health. The authors assume that these three factors constitute predictors of early retirement in addition to socioeconomic status and the availability of a pension plan and health insurance. The model was tested with structural equation modeling techniques, and the results were supportive. Therefore, the proposed model offers a general framework for the integration of previous research findings. PMID:21430790

Charting a New Course to Retirement: How Charter Schools Handle Teacher Pensions

ERIC Educational Resources Information Center

Olberg, Amanda; Podgursky, Michael J.

2011-01-01

In the wake of the economic downturn that began in 2008, public schools face serious and seemingly long-term fiscal challenges. Rising pension costs are a particular concern for school districts, whose dollars help prop up state retirement plans that often have substantial unfunded liabilities. Yet public school districts have no alternatives;…

Financial circumstances of the elderly in Denmark--now and in the coming years. Pension systems and other economic possibilities.

PubMed

Simonsen, S E

1992-06-01

The situation concerning pensions in Denmark has been changing in recent years. There is a trend for the population itself has to pay into private pension to ensure a satisfactory financial situation after retirement. There are three categories of pensions and supplementary grants influencing the financial situation of the elderly: social-political grants, labour market political grants, and private arrangements. The national retirement pension is paid to everyone in accordance with certain rules. One condition is residence in Denmark for 40 years after reaching the age of 15. The pension age is 67 years. It is possible to receive early retirement pay or to obtain partial pension from the age of 60. This means that the age for retirement from the labour market on average is 62 years. Supplements to the national pension can be given as a net sum. Such a payment, however, makes it more difficult for the elderly person to overview his or her financial circumstances in retirement. The partial pension is a new form of pension which was introduced in 1986. About 2% of the 60-66 year-olds have taken advantage of this possibility, most of them independent trade men. In contrast, 105,000 wage earners are receiving early retirement pay, which is based on unemployment insurance. Certain considerations apply when the social pension is paid in a gross amount. This amount will not be free of tax. A number of special grants for the elderly will be included in the gross amount of the social pension. A system of that sort will make the financial circumstances of the retired person more clear.(ABSTRACT TRUNCATED AT 250 WORDS)

38 CFR 8.4 - Deduction of insurance premiums from compensation, retirement pay, or pension.

Code of Federal Regulations, 2010 CFR

2010-07-01

...' Relief DEPARTMENT OF VETERANS AFFAIRS NATIONAL SERVICE LIFE INSURANCE Premiums § 8.4 Deduction of insurance premiums from compensation, retirement pay, or pension. The insured under a National Service life insurance policy which is not lapsed may authorize the monthly deduction of premiums from disability...

38 CFR 8.4 - Deduction of insurance premiums from compensation, retirement pay, or pension.

Code of Federal Regulations, 2011 CFR

2011-07-01

...' Relief DEPARTMENT OF VETERANS AFFAIRS NATIONAL SERVICE LIFE INSURANCE Premiums § 8.4 Deduction of insurance premiums from compensation, retirement pay, or pension. The insured under a National Service life insurance policy which is not lapsed may authorize the monthly deduction of premiums from disability...

Early Retirement Payoff

ERIC Educational Resources Information Center

Fitzpatrick, Maria D.; Lovenheim, Michael F.

2014-01-01

As public budgets have grown tighter over the past decade, states and school districts have sought ways to control the growth of spending. One increasingly common strategy employed to rein in costs is to offer experienced teachers with high salaries financial incentives to retire early. Although early retirement incentive (ERI) programs have been…

26 CFR 1.401-14 - Inclusion of medical benefits for retired employees in qualified pension or annuity plans.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 26 Internal Revenue 5 2014-04-01 2014-04-01 false Inclusion of medical benefits for retired employees in qualified pension or annuity plans. 1.401-14 Section 1.401-14 Internal Revenue INTERNAL REVENUE..., Profit-Sharing, Stock Bonus Plans, Etc. § 1.401-14 Inclusion of medical benefits for retired employees in...

26 CFR 1.401-14 - Inclusion of medical benefits for retired employees in qualified pension or annuity plans.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 26 Internal Revenue 5 2012-04-01 2011-04-01 true Inclusion of medical benefits for retired employees in qualified pension or annuity plans. 1.401-14 Section 1.401-14 Internal Revenue INTERNAL REVENUE..., Profit-Sharing, Stock Bonus Plans, Etc. § 1.401-14 Inclusion of medical benefits for retired employees in...

26 CFR 1.401-14 - Inclusion of medical benefits for retired employees in qualified pension or annuity plans.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 26 Internal Revenue 5 2013-04-01 2013-04-01 false Inclusion of medical benefits for retired employees in qualified pension or annuity plans. 1.401-14 Section 1.401-14 Internal Revenue INTERNAL REVENUE..., Profit-Sharing, Stock Bonus Plans, Etc. § 1.401-14 Inclusion of medical benefits for retired employees in...

26 CFR 1.401-14 - Inclusion of medical benefits for retired employees in qualified pension or annuity plans.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 26 Internal Revenue 5 2011-04-01 2011-04-01 false Inclusion of medical benefits for retired employees in qualified pension or annuity plans. 1.401-14 Section 1.401-14 Internal Revenue INTERNAL REVENUE..., Profit-Sharing, Stock Bonus Plans, Etc. § 1.401-14 Inclusion of medical benefits for retired employees in...

Comparing Military Retirement to the California Highway Patrol Pension Plan

DTIC Science & Technology

2014-06-01

retirement authority across all branches of service (USD(P&R), 2011). After World War II, the Navy faced the same overpopulation of the officer ranks...early retirement list were granted their request based upon seniority (USD(P&R), 2011). 2. 1900–1937 Overpopulation of the Navy’s senior officer ranks...remained an issue up until World War I. Consequently, the policy of early retirement, created by the act of March 3, 1899, remained in place until

Build Your Own Pension: Framing Pension Reform and Choice in Newspapers.

PubMed

Hagelund, Anniken; Grødem, Anne Skevik

2017-01-01

Recent pension reforms in Norway mean that old-age pensions to a greater extent are a function of adaptations made and decisions made throughout the lifetime. How much you work, who you work for, when you retire, and how you invest will influence your standard of living as an old-age pensioner. This article investigates one important source of information about retirement and pension, namely service journalism in main national newspapers. How is the issue of pension framed in these articles? And what kind of advice is presented by which kind of actors? Findings indicate that service journalism is dominated by pension industry sources, and old-age pension is framed as a function of individual investment choices rather than as citizens' rights.

Does Raising the Early Retirement Age Increase Employment of Older Workers?

PubMed

Staubli, Stefan; Zweimüller, Josef

2013-12-01

Two pension reforms in Austria increased the early retirement age (ERA) from 60 to 62 for men and from 55 to 58.25 for women. We find that raising the ERA increased employment by 9.75 percentage points among affected men and by 11 percentage points among affected women. The reforms had large spillover effects on the unemployment insurance program but negligible effects on disability insurance claims. Specifically, unemployment increased by 12.5 percentage points among men and by 11.8 percentage points among women. The employment response was largest among high-wage and healthy workers, while low-wage and less healthy workers either continued to retire early via disability benefits or bridged the gap to the ERA via unemployment benefits. Taking spillover effects and additional tax revenues into account, we find that for a typical birth-year cohort a one year increase in the ERA resulted in a reduction of net government expenditures of 107 million euros for men and of 122 million euros for women.

Which Teachers Choose a Defined Contribution Pension Plan? Evidence from the Florida Retirement System

ERIC Educational Resources Information Center

Chingos, Matthew M.; West, Martin R.

2015-01-01

Since 2002, public school teachers in Florida have been permitted to choose between a defined benefit (DB) and a defined contribution (DC) retirement plan. We exploit this unique policy environment to study new teachers' revealed preferences over pension plan structures. Roughly 30 percent of teachers hired between 2003 and 2008 selected the DC…

Survival After Early and Normal Retirement

ERIC Educational Resources Information Center

Haynes, Suzanne G.; And Others

1978-01-01

Describes an epidemiological study of the patterns and correlates of survival after early (age 62 to 64) and normal retirement (age 65). Death rates were significantly elevated during the first, fourth, and fifth years after early retirement. Pre-retirement health status was the only significant predictor of survival after early retirement.…

Comparative Analysis of TIAA/CREF and North Dakota Public Employee Retirement System Pension Fund. North Dakota Economic Studies Number 55.

ERIC Educational Resources Information Center

Lee, Jeong W.

Quantitative financial measures were applied to evaluate the performance of the North Dakota Public Employee Retirement System (NDPERS) pension fund portfolios and the Teachers Insurance and Annuity Association (TIAA)/College Retirement Equities Fund (CREF) portfolios, thus providing a relative performance assessment. Ten years of data were…

The Influence of the Early Retirement Process on Satisfaction with Early Retirement and Psychological Well-Being

ERIC Educational Resources Information Center

Potocnik, Kristina; Tordera, Nuria; Peiro, Jose Maria

2010-01-01

The present study explores the influence of the early retirement process on adjustment to early retirement, taking into account the roles of individual characteristics and social context in this process. We proposed a systematic model integrating perceived ability to continue working, organizational pressures toward early retirement and group…

Trends in Labor Force Participation: How Much is Due to Changes in Pensions?

PubMed Central

Rohwedder, Susann

2011-01-01

In the United States, beginning in the late 1980s there was a substantial increase in the labor force participation of men and women in their 60s. Over the same time period the type of pension plans offered by employers shifted strongly from defined benefit plans to defined contribution plans. Defined benefit plans typically have optimal retirement ages embedded in their structure which induce early retirement, whereas defined contribution plans do not favor any particular retirement age. Based on panel data, this paper quantifies the increase in participation due to the change in pension structure. The main result is that the pension changes account for a considerable part of the increase, but other factors also made a contribution. PMID:21857886

Physical workload and thoughts of retirement.

PubMed

Perkiö-Mäkelä, Merja; Hirvonen, Maria

2012-01-01

The aim of this paper is to present Finnish employees' opinions on continuing work until retirement pension and after the age of 63, and to find out if physical workload is related to these opinions. Altogether 39% of men and 40% of women had never had thoughts of early retirement, and 59% claimed (both men and women) that they would consider working beyond the age of 63. Own health (20%); financial gain such as salary and better pension (19%); meaningful, interesting and challenging work (15%); flexible working hours or part-time work (13%); lighter work load (13%); good work community (8%); and good work environment (6%) were stated as factors affecting the decision to continue working after the age of 63. Employees whose work involved low physical workload had less thoughts of early retirement and had considered continuing work after the age of 63 more often than those whose work involved high physical loads. Own health in particular was stated as a reason to consider continuing work by employees whose work was physically demanding.

Can they carry on working? Later retirement, health, and social inequality in an aging population.

PubMed

Bellaby, Paul

2006-01-01

In debates on pensions and retirement age, little attention has been paid to the relation between increased effective retirement age and the health of the older population. This article focuses on Britain at a crucial point in the past, when the reconstruction that followed recession in the late 1970s and early 1980s used previously accumulated pension and redundancy funds to pay off workers and make labor markets "flexible." Using secondary data analysis of surveys of the same nationally representative sample in 1984 and 1991, the author argues that, while early retirement and retirement at age 60 (women) and 65 (men) took many able-bodied people out of the labor force, every increase in retirement age would have faced diminishing returns. Moreover, unemployment and exit from the labor market were accompanied in most cases by a perceived decline in well-being. The findings suggest that retirement should be tapered, not abrupt. Finally, there was pronounced inequality in the aging process that would have led to a situation in which a uniform policy on later retirement deepened the disadvantage of those least able to fend for themselves. Accordingly, the present U.K. government should positively discriminate in favor of the disadvantaged at retirement by reinforcing the state pension.

Does Raising the Early Retirement Age Increase Employment of Older Workers?*

PubMed Central

Staubli, Stefan; Zweimüller, Josef

2013-01-01

Two pension reforms in Austria increased the early retirement age (ERA) from 60 to 62 for men and from 55 to 58.25 for women. We find that raising the ERA increased employment by 9.75 percentage points among affected men and by 11 percentage points among affected women. The reforms had large spillover effects on the unemployment insurance program but negligible effects on disability insurance claims. Specifically, unemployment increased by 12.5 percentage points among men and by 11.8 percentage points among women. The employment response was largest among high-wage and healthy workers, while low-wage and less healthy workers either continued to retire early via disability benefits or bridged the gap to the ERA via unemployment benefits. Taking spillover effects and additional tax revenues into account, we find that for a typical birth-year cohort a one year increase in the ERA resulted in a reduction of net government expenditures of 107 million euros for men and of 122 million euros for women. PMID:24319299

Are nurses prepared for retirement?

PubMed

Blakeley, Judith; Ribeiro, Violeta

2008-09-01

This study explored various factors and income sources that registered nurses believe are important in retirement planning. In many countries worldwide, many registered nurses are approaching retirement age. This raises concerns related to the level of preparedness of retiring nurses. A mail-out questionnaire was sent to 200 randomly selected nurses aged 45 and older. SPSS descriptors were used to outline the data. Multiple t-tests were conducted to test for significant differences between selected responses by staff nurses and a group of nurse managers, educators and researchers. Of 124 respondents, 71% planned to retire by age 60. Only 24% had done a large amount of planning. The top four planning strategies identified were related to keeping healthy and active, both physically and mentally; a major financial planning strategy ranked fifth. Work pensions, a government pension and a personal savings plan were ranked as the top three retirement income sources. No significant differences were found between the staff nurse and manager groups on any of the items. IMPLICATIONS FOR NURSING MANAGERS/CONCLUSIONS: The results of this study suggest that managers' preparation for retirement is no different from that of staff nurses. All nurses may need to focus more on financial preparation, and begin the process early in their careers if they are to have a comfortable and healthy retirement. Nurse managers are in a position to advocate with senior management for early and comprehensive pre-retirement education for all nurses and to promote educational sessions among their staff. Managers may find the content of this paper helpful as they work with nurses to help them better prepare for retirement. This exploratory study adds to the limited amount of research available on the topic.

Early and late retirement exits.

PubMed

Brougham, Ruby R; Walsh, David A

2009-01-01

The current study proposes that personal need fulfillment (relatedness, generativity, identity, growth, and finances) predicts early and late retirement intentions. The personal needs of 160 full-time older employees were measured by personal goals, job satisfactions, job characteristics, and intrinsic motivation. Results suggest that the personal needs fulfilled by job employment remain important in retirement. The expectation for personal need fulfillment for identity, growth, and relatedness shifts from work to retirement for those who intend to retire early. The results are discussed in terms of the need for greater study of the relationship between expectations of personal need fulfillment, worker self-concept, and retirement decisions.

Teacher Pension Incentives, Retirement Behavior, and Potential for Reform in Arkansas. Conference Paper 2009-10

ERIC Educational Resources Information Center

Costrell, Robert M.; McGee, Josh B.

2009-01-01

In this paper, we present an analysis of the Arkansas Teacher Retirement System (ATRS) pension plan and an empirical investigation of the behavioral response to that plan, as well as to a possible reform plan. We begin by describing the plan parameters and discussing the incentives these parameters create. We then estimate the effect of pension…

A Comparative Study on Retirement Process in Korea, Germany, and the United States: Identifying Determinants of Retirement Process.

PubMed

Cho, Joonmo; Lee, Ayoung; Woo, Kwangho

2016-10-01

This study classifies the retirement process and empirically identifies the individual and institutional characteristics determining the retirement process of the aged in South Korea, Germany, and the United States. Using data from the Cross-National Equivalent File, we use a multinomial logistic regression with individual factors, public pension, and an interaction term between an occupation and an education level. We found that in Germany, the elderly with a higher education level were more likely to continue work after retirement with a relatively well-developed social support system, while in Korea, the elderly, with a lower education level in almost all occupation sectors, tended to work off and on after retirement. In the United States, the public pension and the interaction terms have no statistically significant impact on work after retirement. In both Germany and Korea, receiving a higher pension decreased the probability of working after retirement, but the influence of a pension in Korea was much greater than that of Germany. In South Korea, the elderly workers, with lower education levels, tended to work off and on repeatedly because there is no proper security in both the labor market and pension system. © The Author(s) 2016.

'All those things together made me retire': qualitative study on early retirement among Dutch employees.

PubMed

Reeuwijk, Kerstin G; de Wind, Astrid; Westerman, Marjan J; Ybema, Jan Fekke; van der Beek, Allard J; Geuskens, Goedele A

2013-05-28

Due to the aging of the population and subsequent higher pressure on public finances, there is a need for employees in many European countries to extend their working lives. One way in which this can be achieved is by employees refraining from retiring early. Factors predicting early retirement have been identified in quantitative research, but little is known on why and how these factors influence early retirement. The present qualitative study investigated which non-health related factors influence early retirement, and why and how these factors influence early retirement. A qualitative study among 30 Dutch employees (60-64 years) who retired early, i.e. before the age of 65, was performed by means of face-to-face interviews. Participants were selected from the cohort Study on Transitions in Employment, Ability and Motivation (STREAM). For most employees, a combination of factors played a role in the transition from work to early retirement, and the specific factors involved differed between individuals. Participants reported various factors that pushed towards early retirement ('push factors'), including organizational changes at work, conflicts at work, high work pressure, high physical job demands, and insufficient use of their skills and knowledge by others in the organization. Employees who reported such push factors towards early retirement often felt unable to find another job. Factors attracting towards early retirement ('pull factors') included the wish to do other things outside of work, enjoy life, have more flexibility, spend more time with a spouse or grandchildren, and care for others. In addition, the financial opportunity to retire early played an important role. Factors influenced early retirement via changes in the motivation, ability and opportunity to continue working or retire early. To support the prolongation of working life, it seems important to improve the fit between the physical and psychosocial job characteristics on the one hand, and

Pension decisions in a changing economy: gender, structure, and choice.

PubMed

Hardy, M A; Shuey, K

2000-09-01

As responsibility for financial security in retirement becomes more individualized, understanding the distribution and determinants of savings behavior grows in importance. Employed men and women often gain access to their pension assets when they change jobs. In this study gender differences in pre-retirement access to and disposition of accumulated pension assets are examined. The authors used data from the Health and Retirement Study to model pension participation, disposition of pension assets, and use of cash settlements derived from a pension plan in a previous job. Logit models provided estimates of gender differences in access to pensions and the preservation of pension funds for retirement. Women were less likely to have participated in employer-sponsored pension plans; more likely to cash out accumulated pension assets when they changed jobs; and, when job changes occurred at relatively young ages, equally likely to spend the settlement. However, by their late 40s, women were more likely to save the settlement, a net gender difference that increased with age at which the settlement was received. The structure of employment compensation continues to place women at a disadvantage. Gender differences in earnings and fringe benefits not only affect current financial status, but also cast a shadow over future financial security. Although the gender gap in pension coverage has been reduced, women with pensions have access to lower benefits and less in accumulated assets. As these continuing deficits are addressed, enhancing women's tendency to save pension assets for retirement can help them build financial security.

How Will Teachers Fare in Rhode Island's New Hybrid Pension Plan? Public Pension Project Brief 4

ERIC Educational Resources Information Center

Johnson, Richard W.; Butrica, Barbara A.; Haaga, Owen; Southgate, Benjamin G.

2014-01-01

Hybrid retirement plans that combine defined benefit pensions with 401(k) type, defined contribution accounts can play important roles in the reform of public-sector pensions. Summarizing results from our longer report ["How Will Rhode Island's New Hybrid Pension Plan Affect Teachers? A Report of the Public Pension Project" (2014)], this…

The Effects of Defined Benefit Pension Incentives and Working Conditions on Teacher Retirement Decisions

ERIC Educational Resources Information Center

Furgeson, Joshua; Strauss, Robert P.; Vogt, William B.

2006-01-01

The retirement behavior of Pennsylvania public school teachers in 1997-98 and 1998-99, a period when state early retirement incentives were temporarily increased, is modeled using a choice framework that emphasizes both pecuniary and nonpecuniary factors of the retirement decision under a defined benefit retirement plan. We find each to have large…

Pathways through which health influences early retirement: a qualitative study.

PubMed

de Wind, Astrid; Geuskens, Goedele A; Reeuwijk, Kerstin G; Westerman, Marjan J; Ybema, Jan Fekke; Burdorf, Alex; Bongers, Paulien M; van der Beek, Allard J

2013-04-03

Due to the aging of the population, there is a societal need for workers to prolong their working lives. In the Netherlands, many employees still leave the workforce before the official retirement age of 65. Previous quantitative research showed that poor self-perceived health is a risk factor of (non-disability) early retirement. However, little is known on how poor health may lead to early retirement, and why poor health leads to early retirement in some employees, but not in others. Therefore, the present qualitative study aims to identify in which ways health influences early retirement. Face-to-face semi-structured interviews were conducted with 30 employees (60-64 years) who retired before the official retirement age of 65. Participants were selected from the Study on Transitions in Employment, Ability and Motivation. The interviews were transcribed verbatim, a summary was made including a timeline, and the interviews were open coded. In 15 of the 30 persons, health played a role in early retirement. Both poor and good health influenced early retirement. For poor health, four pathways were identified. First, employees felt unable to work at all due to health problems. Second, health problems resulted in a self-perceived (future) decline in the ability to work, and employees chose to retire early. Third, employees with health problems were afraid of a further decline in health, and chose to retire early. Fourth, employees with poor health retired early because they felt pushed out by their employer, although they themselves did not experience a reduced work ability. A good health influenced early retirement, since persons wanted to enjoy life while their health still allowed to do so. The financial opportunity to retire sometimes triggered the influence of poor health on early retirement, and often triggered the influence of good health. Employees and employers barely discussed opportunities to prolong working life. Poor and good health influence early

Employee well-being, early-retirement intentions, and company performance.

PubMed

von Bonsdorff, Monika E; Vanhala, Sinikka; Seitsamo, Jorma; Janhonen, Minna; Husman, Päivi

2010-12-01

To explore the relationship between employee well-being and early-retirement intentions, and the extent to which early-retirement intentions are associated with company performance. This study is based on cross-sectional survey data on the ageing employees of the Finnish metal industry and retail trade, collected in 2007 (company-level n = 129, employee-level n = 1281). It was analyzed using multinomial logistic and multiple regression analysis. Poor work ability, frequent emotional exhaustion, low organizational commitment, and job control were associated with the prevalence of early-retirement intentions among aging employees in both industries. Metal industry employees' early-retirement intentions were associated with weaker company performance measured by the perceptions of the manager. By enhancing well-being, employees may stay at work for longer rather than retiring early. Early-retirement intentions can be counterproductive for companies.

Pathways through which health influences early retirement: a qualitative study

PubMed Central

2013-01-01

Background Due to the aeging of the population, there is a societal need for workers to prolong their working lives. In the Netherlands, many employees still leave the workforce before the official retirement age of 65. Previous quantitative research showed that poor self-perceived health is a risk factor of (non-disability) early retirement. However, little is known on how poor health may lead to early retirement, and why poor health leads to early retirement in some employees, but not in others. Therefore, the present qualitative study aims to identify in which ways health influences early retirement. Methods Face-to-face semi-structured interviews were conducted with 30 employees (60–64 years) who retired before the official retirement age of 65. Participants were selected from the Study on Transitions in Employment, Ability and Motivation. The interviews were transcribed verbatim, a summary was made including a timeline, and the interviews were open coded. Results In 15 of the 30 persons, health played a role in early retirement. Both poor and good health influenced early retirement. For poor health, four pathways were identified. First, employees felt unable to work at all due to health problems. Second, health problems resulted in a self-perceived (future) decline in the ability to work, and employees chose to retire early. Third, employees with health problems were afraid of a further decline in health, and chose to retire early. Fourth, employees with poor health retired early because they felt pushed out by their employer, although they themselves did not experience a reduced work ability. A good health influenced early retirement, since persons wanted to enjoy life while their health still allowed to do so. The financial opportunity to retire sometimes triggered the influence of poor health on early retirement, and often triggered the influence of good health. Employees and employers barely discussed opportunities to prolong working life. Conclusions

[Predicting gainful employment in a population sample of 4225 statutory pension insurance members covering a prognostic period of five years using a brief subjective prognostic employment scale (SPE Scale)].

PubMed

Mittag, O; Meyer, T; Glaser-Möller, N; Matthis, C; Raspe, H

2006-05-01

Vocational (dis-)ability is a key concept in social medicine. It plays a major role in the realm of statutory pension funds (e. g. appraisal of applications for early retirement) as well as in epidemiologic or rehabilitation research. In a former population-based survey reliability of a short scale assessing the subjective prognosis of gainful employment (SPE-Scale, range = 0 - 3) had been tested. We now wanted to explore whether the SPE-Scale allows a prediction of vocational outcomes (early retirement) in the population sample over longer periods of time. Statutory pension insurees from Luebeck and surroundings aged between 40 and 55 were surveyed by questionnaire in 1999/2000. For 4225 subjects (= 95% of the original cohort) we obtained the following outcome data from pension fund records: dates of any applications for early retirement and beginning of retirement, date of death. The follow-up period covers 4.75 years on average. During this period 323 applications for early retirement (= 7.6%) were filed, and 200 subjects (= 4.7%) actually retired. First analysis including age and sex as covariates showed a threefold (SPE = 2) and eightfold (SPE = 3) risk of early retirement. Multivariate analysis (covariates: overall health status, number of chronic conditions, approved disability, subjective vocational ability, and length of sick leave measured at study onset) yielded a twofold risk of filing an application for early retirement (SPE = 3). The SPE-Scale is an appropriate screening instrument for hazards regarding gainful employment. It also can be recommended for use in epidemiologic or rehabilitation surveys.

Empirical study on impact of demographic and economic changes on pension cost

NASA Astrophysics Data System (ADS)

Yusof, Shaira; Ibrahim, Rose Irnawaty

2014-06-01

A continuation of the same financial standard of living after retirement as before is very importance to retired person. The pension provider has a responsibility to ensure their employees receive the sufficient benefit after retirement and regularly monitor the factors that cause insufficient funds to pay benefit to retirees. Insufficient funds may be due to increased in pension cost. Some of the factors that increase the cost of pensions are changes in mortality rates and interest rates. This study will used these two factors to determine their sensitivity to pension cost. Two methods which are Accrued Benefit Cost Method and Projected Benefit Cost Method will be used to estimate pension cost. Interest rates has a inversely related to pension cost while mortality rates has a directly related to pension cost.

Retirement effects on health in Europe.

PubMed

Coe, Norma B; Zamarro, Gema

2011-01-01

What are the health impacts of retirement? As talk of raising retirement ages in pensions and social security schemes continues around the world, it is important to know both the costs and benefits for the individual, as well as the governments' budgets. In this paper we use the Survey of Health, Ageing and Retirement in Europe (SHARE) dataset to address this question in a multi-country setting. We use country-specific early and full retirement ages as instruments for retirement behavior. These statutory retirement ages clearly induce retirement, but are not related to an individual's health. Exploiting the discontinuities in retirement behavior across countries, we find significant evidence that retirement has a health-preserving effect on overall general health. Our estimates indicate that retirement leads to a 35 percent decrease in the probability of reporting to be in fair, bad, or very bad health, and an almost one standard deviation improvement in the health index. While the self-reported health seems to be a temporary impact, the health index indicates there are long-lasting health differences. Copyright © 2010 Elsevier B.V. All rights reserved.

Finding Common Ground in Pension Reform: Lessons from the Washington State Pension System

ERIC Educational Resources Information Center

Goldhaber, Dan; Grout, Cyrus

2014-01-01

As states and localities across the nation consider the tradeoffs between defined benefit (DB) and defined contribution (DC) pension systems, it is important to gain insight into what implications pension reforms might have on workforce composition and teachers' retirement savings behavior. Moreover, it is also important to consider that…

Is retirement beneficial for mental health? Antidepressant use before and after retirement

PubMed Central

Oksanen, Tuula; Vahtera, Jussi; Westerlund, Hugo; Pentti, Jaana; Sjösten, Noora; Virtanen, Marianna; Kawachi, Ichiro; Kivimäki, Mika

2011-01-01

Background Recent studies based on self-reported data suggest that retirement may have beneficial effects on mental health, but studies using objective endpoints remain scarce. This study examines longitudinally the changes in antidepressant medication use across the 9 years spanning the transition to retirement. Methods Participants were Finnish public-sector employees: 7138 retired at statutory retirement age (76% women, mean age 61.2 years), 1238 retired early due to mental health issues (78% women, mean age 52.0 years), and 2643 retired due to physical health issues(72% women, mean age 55.4 years). Purchase of antidepressant medication four years prior to and four years after retirement year were based on comprehensive national pharmacy records in 1994-2005. Results One year before retirement, the use of antidepressants was 4% among those who would retire at statutory age, 61% among those who would retire due to mental health issues, and 14% among those who would retire due to physical health issues. Retirement-related changes in antidepressant use depended on the reason for retirement. Among old-age retirees, antidepressant medication use decreased during the transition period (age- and calendar-year-adjusted prevalence ratio for antidepressant use 1 year after vs. 1 year before retirement = 0.77 [95% confidence interval = 0.68 – 0.88]). Among those whose main reason for disability pension was mental health issues or physical health issues, there was an increasing trend in antidepressant use prior to retirement and, for mental health retirements, a decrease after retirement. Conclusions Trajectories of recorded purchases of antidepressant medication are consistent with the hypothesis that retirement is beneficial for mental health. PMID:21502864

Educational influences on early retirement through disability in Ireland.

PubMed

Lawless, M; Buggy, C J; Codd, M B

2015-06-01

Studies suggest a higher prevalence of early retirement through disability among older people with lower educational attainment. There have been no national studies in Ireland on the factors that affect early withdrawal from the labour force through disability or long-term illness. To identify and analyse potential impacts of education on early retirement through disability in the over 50 age cohort of the Irish Labour force. We analysed the educational attainment of participants using The Irish Longitudinal Study of Ageing (TILDA). The group of interest were those aged 50-75 who had retired early. The sample was dichotomized on disability. Examination of interviewer-recorded information on background influences determining early retirement decisions included the following factors: age, gender, education, family and socio-economic circumstances, including parental education. A total of 334 of 1179 study subjects (28%) retired early through disability. Comparison of those retired early with and without disability showed a significantly higher frequency of lower educational attainment both personally and for parents. Men with lower educational attainment and from a non-professional background were more likely to retire early through disability. Non-professional disabled respondents with less well-educated parents had lower educational attainment than non-disabled respondents. Among TILDA participants, educational attainment appears to influence early retirement through disability. The sector of previous employment was also a significant factor. Behaviour, lifestyle and employment choice are influenced by educational level, which may affect cognitive ability to process health information. Factors affecting the education-disability relationship could include parental education, employment status and socio-economic characteristics. © The Author 2015. Published by Oxford University Press on behalf of the Society of Occupational Medicine. All rights reserved. For

How Do Management Fees Affect Retirement Wealth under Mexico's Personal Retirement Accounts System?

PubMed

Aguila, Emma; Hurd, Michael D; Rohwedder, Susann

2014-12-01

In 1997, Mexico transformed its pay-as-you-go social security system to a fully funded system with personal retirement accounts, including management fees. This article examines changes in retirement wealth resulting from this new system. It shows that management fees have drained a significant proportion of individuals' retirement wealth and have increased the number of persons claiming a government-subsidized minimum pension, particularly from the time the system was introduced in 1997 until adjustment to management fees in 2008. Since 2008, retirement wealth accumulation has been similar to that of the previous system. En 1997, México transformó su sistema de pensiones basado en cotizaciones individuales a uno de ahorro para el retiro que incluyen cuotas por la administración de las cuentas. El presente estudio examina los cambios en el monto de las pensiones como resultado de la introducción del nuevo sistema. Los resultados muestran que las cuotas de administración han drenado una proporción significativa del ahorro para el retiro de los individuos por lo que ha aumentado el número de personas que solicita la pensión mínima garantizada subsidiada por el gobierno desde que se introdujo el sistema en 1997 hasta que se hicieron ajustes en las cuotas de administración de los fondos de pensiones en 2008. A partir de 2008, la acumulación del ahorro para el retiro ha sido similar que la del sistema anterior.

How Do Management Fees Affect Retirement Wealth under Mexico's Personal Retirement Accounts System?

PubMed Central

Aguila, Emma; Hurd, Michael D.; Rohwedder, Susann

2014-01-01

In 1997, Mexico transformed its pay-as-you-go social security system to a fully funded system with personal retirement accounts, including management fees. This article examines changes in retirement wealth resulting from this new system. It shows that management fees have drained a significant proportion of individuals' retirement wealth and have increased the number of persons claiming a government-subsidized minimum pension, particularly from the time the system was introduced in 1997 until adjustment to management fees in 2008. Since 2008, retirement wealth accumulation has been similar to that of the previous system. En 1997, México transformó su sistema de pensiones basado en cotizaciones individuales a uno de ahorro para el retiro que incluyen cuotas por la administración de las cuentas. El presente estudio examina los cambios en el monto de las pensiones como resultado de la introducción del nuevo sistema. Los resultados muestran que las cuotas de administración han drenado una proporción significativa del ahorro para el retiro de los individuos por lo que ha aumentado el número de personas que solicita la pensión mínima garantizada subsidiada por el gobierno desde que se introdujo el sistema en 1997 hasta que se hicieron ajustes en las cuotas de administración de los fondos de pensiones en 2008. A partir de 2008, la acumulación del ahorro para el retiro ha sido similar que la del sistema anterior. PMID:25601893

The Labor Market Impacts of the Private Retirement System. Studies in Public Welfare, Paper No. 11.

ERIC Educational Resources Information Center

Taggart, Robert

After giving an overview of the private retirement system and considering deferred wages and labor costs, the study explores the extent of the influence of private pensions on early retirement and on job opportunities of older persons, and the influence of lengthy job tenure requirements on worker mobility. The study weakens the case for…

Did the Great Recession influence retirement plans?

PubMed

Szinovacz, Maximiliane E; Davey, Adam; Martin, Lauren

2015-04-01

The recent recession constitutes one of the macro forces that may have influenced workers' retirement plans. We evaluate a multilevel model that addresses the influence of macro-, meso-, and micro-level factors on retirement plans, changes in these plans, and expected retirement age. Using data from Waves 8 and 9 of the Health and Retirement Study (N=2,618), we find that individuals with defined benefit plans are more prone to change toward plans to stop work before the stock market declined, whereas the opposite trend holds for those without pensions. Debts, ability to reduce work hours, and firm unionization also influenced retirement plans. Findings suggest retirement planning education may be particularly important for workers without defined pensions, especially in times of economic volatility. © The Author(s) 2014.

Gender differences in pension wealth: estimates using provider data.

PubMed

Johnson, R W; Sambamoorthi, U; Crystal, S

1999-06-01

Information from pension providers was examined to investigate gender differences in pension wealth at midlife. For full-time wage and salary workers approaching retirement age who had pension coverage, median pension wealth on the current job was 76% greater for men than women. Differences in wages, years of job tenure, and industry between men and women accounted for most of the gender gap in pension wealth on the current job. Less than one third of the wealth difference could not be explained by gender differences in education, demographics, or job characteristics. The less-advantaged employment situation of working women currently in midlife carries over into worse retirement income prospects. However, the gender gap in pensions is likely to narrow in the future as married women's employment experiences increasingly resemble those of men.

Pensions and Household Wealth Accumulation

ERIC Educational Resources Information Center

Engelhardt, Gary V.; Kumar, Anil

2011-01-01

Economists have long suggested that higher private pension benefits "crowd out" other sources of household wealth accumulation. We exploit detailed information on pensions and lifetime earnings for older workers in the 1992 wave of the Health and Retirement Study and employ an instrumental-variable (IV) identification strategy to estimate…

Planning For Retirement: Using Income Replacement Ratios in Setting Retirement Income Objectives.

ERIC Educational Resources Information Center

Palmer, Bruce A.

1993-01-01

This paper presents a method for higher education faculty and staff to assess pension plan objectives by determining a retirement income replacement ratio to maintain the salary-based preretirement standard of living. The paper describes the RETIRE Project which researches income replacement using the federal government's annual "Consumer…

Private pensions. A less taxing alternative.

PubMed

Schalkle, B L; Dyrhaug, K J

1992-07-01

The results of the Joneses' coordinated retirement income and estate planning strategies are as follows: 1. The Joneses maximized their estate assets by converting an inefficient estate asset (the qualified retirement plan) into an efficient estate asset (the income-tax-free death benefit) without jeopardizing their current or future standard of living or the value passed on to their heirs. This allows them to satisfy their conflicting objectives. 2. They added flexibility to their future family gifting plans by providing themselves a secure income for the rest of their lives. 3. They fulfilled their desire to protect their family against government confiscation of retirement plan assets in the event they both die before using all their qualified retirement assets. This private pension plan strategy is obviously not available to everyone, nor is it appropriate for everyone. This solution worked well for this client, but everyone's situation is unique. Before creating such a plan, it is important to review all the factors in an individual's financial picture, including financial and retirement objectives and investment risk tolerance. Although this is an innovative idea that may solve a pension dilemma, it should not be used in place of qualified retirement plans but, rather, used in conjunction with such a plan. The private pension plan does not work with all insurance products or all insurance companies. Choosing the right company and product for each client requires care and expertise.

The role of ability, motivation, and opportunity to work in the transition from work to early retirement--testing and optimizing the Early Retirement Model.

PubMed

de Wind, Astrid; Geuskens, Goedele A; Ybema, Jan Fekke; Bongers, Paulien M; van der Beek, Allard J

2015-01-01

Determinants in the domains health, job characteristics, skills, and social and financial factors may influence early retirement through three central explanatory variables, namely, the ability, motivation, and opportunity to work. Based on the literature, we created the Early Retirement Model. This study aims to investigate whether data support the model and how it could be improved. Employees aged 58-62 years (N=1862), who participated in the first three waves of the Dutch Study on Transitions in Employment, Ability and Motivation (STREAM) were included. Determinants were assessed at baseline, central explanatory variables after one year, and early retirement after two years. Structural equation modeling was applied. Testing the Early Retirement Model resulted in a model with good fit. Health, job characteristics, skills, and social and financial factors were related to the ability, motivation and/or opportunity to work (significant β range: 0.05-0.31). Lower work ability (β=-0.13) and less opportunity to work (attitude colleagues and supervisor about working until age 65: β=-0.24) predicted early retirement, whereas the motivation to work (work engagement) did not. The model could be improved by adding direct effects of three determinants on early retirement, ie, support of colleagues and supervisor (β=0.14), positive attitude of the partner with respect to early retirement (β=0.15), and not having a partner (β=-0.13). The Early Retirement Model was largely supported by the data but could be improved. The prolongation of working life might be promoted by work-related interventions focusing on health, work ability, the social work climate, social norms on prolonged careers, and the learning environment.

Who Benefits from Pension Enhancements?

ERIC Educational Resources Information Center

Koedel, Cory; Ni, Shawn; Podgursky, Michael

2014-01-01

During the late 1990s public pension funds across the United States accrued large actuarial surpluses. The seemingly flush conditions of the pension funds led legislators in most states to substantially improve retirement benefits for public workers, including teachers. In this study we examine the benefit enhancements to the teacher pension…

Tax and Financial Considerations at Retirement.

ERIC Educational Resources Information Center

Parsons, Chris B.; Falkenhagen, Marilyn

1992-01-01

Because of longer life expectancies and individually managed supplements to monthly pension checks, planning at retirement is becoming as important as planning for retirement. This article provides advice for retiring administrators concerning personal budgeting, setting goals, estate and tax planning, choosing medical coverage, converting assets,…

25 CFR 115.704 - May we accept for deposit into a trust account retirement checks/payments or pension fund checks...

Code of Federal Regulations, 2010 CFR

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false May we accept for deposit into a trust account retirement checks/payments or pension fund checks/payments even though those funds are not specified in § 115.702? 115.704 Section 115.704 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES TRUST FUNDS FOR TRIBES AND INDIVIDUAL...

Predisposing factors for early retirement in patients with schizophrenia in Germany.

PubMed

Schnabel, Reinhard; Friedel, Heiko; Erfurth, Andreas; Angermayer, Matthias; Clouth, Johannes; Eichmann, Florian

2008-08-01

Although early retirement causes major changes in the life of schizophrenic patients and is among the major cost factors to be covered by payers, the causes leading to early retirement of schizophrenic patients have not been investigated in detail. Therefore, the objective of this retrospective non-interventional case-control study was to generate hypotheses on predisposing factors for early retirement in schizophrenia. Logistic regression was used to explore potential predisposing parameters with regard to their effect on the outcome early retirement. As the study results indicate, schizophrenia severity, assistance or care in the patient's everyday life, age and antipsychotic treatment with typical antipsychotics are linked to the occurrence of early retirement. Further research should be planned to confirm or refute the hypotheses determined in this retrospective analysis and to determine whether atypical antipsychotics could help to avoid early retirement and to improve the situation of schizophrenic patients.

Teacher Pension Preferences: Pilot Study Results. Conference Paper 2009-14

ERIC Educational Resources Information Center

Smith, Elizabeth Ettema; Guthrie, James W.

2009-01-01

Teacher pensions are fast becoming a significant issue in education policy. Mounting unfunded pension financial liability, likely larger numbers of retiring teachers, increasing mobility among existing teachers, and unfavorable comparisons with less generous private sector pension plans all contribute to putting pedagogues pensions in the public…

Who foregoes survivor protection in employer-sponsored pension annuities?

PubMed

Johnson, Richard W; Uccello, Cori E; Goldwyn, Joshua H

2005-02-01

Retirees in traditional pension plans must generally choose between single life annuities, which provide regular payments until death, and joint and survivor annuities, which pay less each month but continue to make payments to the spouse after the death of the retired worker. This article examines the payout decision and measures the share of married retirees with pension annuities who forego survivor protection. The analysis consists of a probit model of the pension payout decision, based on data from the 1992-2000 waves of the Health and Retirement Study. More than one quarter (28%) of married men and two thirds of married women receiving employer-sponsored retirement annuities declined survivor protection. Men with small pensions and limited household wealth, men in better health than their spouses, and men whose spouses have pension coverage from their own employers are more likely than other men to reject survivor protection. Most workers appear to make payout decisions by rationally balancing the costs and benefits of each type of annuity, suggesting that existing measures to encourage joint and survivor annuities are adequate. However, the growth in 401(k) plans, which are generally not covered by existing laws protecting spousal pension rights, may leave widows vulnerable.

An Historical Analysis and Comparison of the Military Retirement System and the Federal Employee Retirement system

DTIC Science & Technology

1998-06-01

retirement programs in existence. This thesis concentrates on the Civil Service Retirement System (CSRS) and its successor the Federal Employee Retirement...federal employees at the beginning of fiscal year 1995. (Ref. 11, p. 2) The basic objective of the CSRS and FERS programs is to attract quality...and FERS both provide pensions for retired federal employees , the programs are designed differently. CSRS was established in 1920 and predates the

Did the Pension Protection Act (PPA) of 2006 Resolve the Pension Crisis in Corporate America?

ERIC Educational Resources Information Center

Luca, John J.

2009-01-01

On August 17, 2006, President George W. Bush signed into law the Pension Protection Act (PL 109-280). The 907-page federal law has been referred to as the most comprehensive reform of the nation's pension law since the enactment of the Employee Retirement Income Security Act (ERISA) of 1974 (Lucas, 2008). This paper will examine the major…

Designing Pension Plans to Incorporate Recent Legislation.

ERIC Educational Resources Information Center

Biggs, John H.

1983-01-01

Two proposals before Congress threaten to offset the delicate balance in pension plan design. The significance of the normal retirement feature in plan design, some possible program design changes, and how the pension arrangements of higher education institutions would be affected are discussed. (MLW)

The evolution of Japanese employer-sponsored retirement plans.

PubMed

Rajnes, David

2007-01-01

This article examines the development of Japanese voluntary employer-sponsored retirement plans with an emphasis on recent trends. Until 2001, companies in Japan offered retirement benefits as lump-sum severance payments and/or benefits from one of two types of defined benefit (DB) pension plans. One type of DB plan was based on the occupational pension model used in the United States before the adoption of the Employee Retirement Income Security Act of 1974 (ERISA), but lacked the funding, vesting, and other protective features contained in ERISA. The other type of DB plan allowed companies to opt out of the earnings-related portion of social security, commonly referred to as "contracting out." Landmark laws passed in 2001 introduced a new generation of occupational retirement plans to employers and employees. One law increased funding requirements and enhanced employee protections for employer-sponsored DB plans, while a second law introduced defined contribution (DC) plans for several reasons, chiefly to increase retirement savings and help boost Japanese financial markets. These laws complemented earlier changes in the tax code and financial accounting standards already affecting employer-sponsored retirement plans. As a result, new retirement plan designs will replace most prereform era company retirement plans by 2012. In 2001, the experience of 401(k) plans in the United States, where 42 million participants had accumulated more than $1.8 trillion in assets over 20 years, attracted considerable attention among Japanese lawmakers finalizing provisions of the DC pension law. Even with government support and encouragement from the financial services industry, Japanese companies have not adopted these new DC plans in large numbers. As a result, occupational retirement plans in Japan have remained predominantly DB-a surprising development in light of the shift in a number of countries from DB to DC plans observed in recent decades. However, recent proposals to

38 CFR 3.754 - Emergency officers' retirement pay.

Code of Federal Regulations, 2010 CFR

2010-07-01

...' retirement pay. 3.754 Section 3.754 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS... officers' retirement pay. A retired emergency officer of World War I has basic eligibility to retirement pay by the Department of Veterans Affairs under Pub. L. 87-875 (sec. 11(b), Pub. L. 85-857) from date...

Friends without Benefits: How States Systematically Shortchange Teachers' Retirement and Threaten Their Retirement Security

ERIC Educational Resources Information Center

Aldeman, Chad; Rotherham, Andrew J.

2014-01-01

To shore up the $46 billion pension debt the state has accrued over the past several decades, Illinois has been using its teachers as a piggy bank. New legislation adopted in December 2013 will raise the retirement age for mid-career workers and limit the amount retiree pensions can increase with inflation over time. State and national union…

Court Reaffirms TIAA Must Pay Equal Pensions.

ERIC Educational Resources Information Center

Fields, Cheryl M.

1984-01-01

A second court decision supporting the payment of equal retirement pensions to men and women through the Teachers Insurance Annuities Association and College Retirement Equities Fund for retirees, effective after May 1, 1980, is discussed. This federal appeals court decision allows limited retroactivity. (MSE)

Early Retirement Is Not the Cat's Meow. The Endpaper.

ERIC Educational Resources Information Center

Ferguson, Wayne S.

1982-01-01

Early retirement plans are perceived as being beneficial to school staff and financially advantageous to schools. Four out of the five assumptions on which these perceptions are based are incorrect. The one correct assumption is that early retirement will make affirmative action programs move ahead more rapidly. The incorrect assumptions are: (1)…

How Well-Informed Are Pension Scheme Members on Their Future Pension Benefits? Evidence from Ireland.

PubMed

Barrett, Alan; Mosca, Irene; Whelan, Brendan

2015-01-01

One part of the policy response in many countries to increasing pension coverage will be greater private provision on the part of individuals. This requires that individuals are well informed about pensions. In this article, we assess levels of knowledge of pensions using a representative sample of older Irish adults. We find that two-thirds of individuals enrolled in pension schemes do not know what amount will be paid out on retirement and/or whether the payments will be in the form of lump sums, monthly payments, or both. One policy implication is the need for increased information to be directed at certain groups, in particular, women and less educated people. More fundamentally, the results suggest that the mandatory elements in pension systems should be extended.

Public Pension Plan Reform: The Legal Framework

ERIC Educational Resources Information Center

Monahan, Amy B.

2010-01-01

There is significant interest in reforming retirement plans for public school employees, particularly in light of current market conditions. This article presents an overview of the various types of state regulation of public pension plans that affect possibilities for reform. Nearly all of the various approaches to public pension plan protection…

Working Women, Marriage, and Retirement.

ERIC Educational Resources Information Center

Lapkoff, Shelley; Fierst, Edith

Women are at a disadvantage under both Social Security and private employee pension plans because the retirement systems were set up at a time when most women were non-working spouses of employed men, a condition that no longer exists. Today women workers, divorcees, and widows of retirees often find themselves with inadequate retirement benefits…

Housing tenure and early retirement for health reasons in Sweden.

PubMed

Hartig, Terry; Fransson, Urban

2006-01-01

To assess the association between housing tenure and early retirement for health reasons in Sweden with a view to psychosocial vs. material values of home ownership. The data come from linked registers that cover all people resident in Sweden during 1990-2000. The study population consists of 449,233 people aged 40-63 years in 1997. Of these, 19,350 retired early for health reasons in 1998-99. The remaining 429,883 continued their employment without extended sick leave or income decline. None moved during 1990-2000. We calculated the odds of early retirement for four forms of juridical relationship to one's housing (private owner; part owner in a cooperative; private rental; rental from a public housing company), for men and women separately, controlling for age, education, employment income, household disposable income, region, foreign birth, and housing type. Men in cooperative ownership had lower odds of early retirement than those in the three other tenure forms, for which the odds were similar. Among women, public and private renters had similar odds of early retirement, which were higher than those of women in private or cooperative ownership. For both genders, inclusion of housing type in the model after housing tenure explained little additional variance. The odds of early retirement for health reasons varied across different housing tenure forms in Sweden in 1998-99. The pattern of associations differed as a function of gender. Home ownership appears to involve health resources independent of basic socio-physical factors captured with differences in housing type.

Toward Explaining Earlier Retirement after 1970.

ERIC Educational Resources Information Center

Ippolito, Richard A.

1990-01-01

Rule changes in the social security system and pension plans suggest that labor force participation rates for men aged 55 to 64 fell by 20 percent from 1970 through 1986 because of the increase in social security benefits and a change in private pension rules encouraging earlier retirement. (Author/JOW)

Cohort differences in wealth and pension participation of near-retirees.

PubMed

Dushi, Irena; Iams, Howard M

2008-01-01

The approaching retirement of the baby-boom generation has attracted both research and public policy attention. Many social and economic changes occurred during the second half of the twentieth century, changes that are likely to affect the retirement economic security of recent cohorts in many ways. In this article, using data from the Health and Retirement Study (HRS), a longitudinal, nationally representative survey of older Americans, we compare potential retirement economic resources-pension participation and nonpension net worth-of two cohorts of near-retirees. Particularly we look at individuals born from 1933 through 1939, often referred to as depression babies, who were ages 55-61 in 1994 and the more recent cohort consisting of individuals of the same ages (55-61) in 2004, who were born from 1943 through 1949. Our findings indicate that the more recent cohort of near-retirees has a significantly higher pension participation rate over their working life, and therefore greater opportunity to establish pension income through their working life, compared with the earlier cohort (82 percent versus 64 percent). The increase in pension participation was more pronounced among the recent cohort of women, an expected outcome given the increase in labor force participation of women over the past half century. As a result, although differences by sex in pension participation remained significant, the gap has narrowed for the recent cohort of near-retirees. In addition, we find that the gap in participation rate between those in the highest and the lowest wealth quintiles has widened over time (from 22 percent in 1994 to 26 percent in 2004). For both cohorts of near-retirees, the evidence indicates that those without a pension have much lower levels of net total worth than those who report having a pension. The pattern that emerges for both cohorts is that about one-fifth of individuals aged 55-61 hold little or no wealth at all, whereas about two-fifths hold a

Early and Late Retirement Exits

ERIC Educational Resources Information Center

Brougham, Ruby R.; Walsh, David A.

2009-01-01

The current study proposes that personal need fulfillment (relatedness, generativity, identity, growth, and finances) predicts early and late retirement intentions. The personal needs of 160 full-time older employees were measured by personal goals, job satisfactions, job characteristics, and intrinsic motivation. Results suggest that the personal…

Retirement and its consequences for women's health in Australia.

PubMed

Zhu, Rong

2016-08-01

Understanding the health consequences of retirement is important, as many developed countries have already started raising state pension eligibility age, with the intention to induce postponed retirement. This paper estimates the causal effect of retirement on the health outcomes of older women in Australia, utilising the exogenous variation in retirement induced by the change in age eligibility for the Australian Age Pension. Using a sample of 19,185 observations for 3771 women from waves 2001-2011 of the Household, Income and Labour Dynamics in Australia (HILDA) Survey, we show that retirement status has positive and significant effects on women's self-reported health, physical and mental health outcomes. We also find that longer time spent in retirement confers clear additional health benefits. We show that retirement affects physical and mental health in diverse ways and that the estimated positive health effects of retirement are coincidental with increased post-retirement physical activity and reduced smoking. Our finding that retirement can improve health suggests that the welfare losses from working life prolongation policies will be larger than currently though when we include the cost of the foregone health improvements. Copyright © 2016 Elsevier Ltd. All rights reserved.

Early retirement and non-employment after breast cancer.

PubMed

Lindbohm, M-L; Kuosma, E; Taskila, T; Hietanen, P; Carlsen, K; Gudbergsson, S; Gunnarsdottir, H

2014-06-01

This study examined whether workplace support, sociodemographic factors and co-morbidity are associated with early retirement or non-employment due to other reasons among breast cancer survivors. We also compared quality of life and chronic symptoms (pain, fatigue, anxiety and depression) among employed, retired and other non-employed breast cancer survivors. We identified breast cancer survivors diagnosed between 1997 and 2002 from either a hospital or a cancer registry in Denmark, Finland, Iceland and Norway (NOCWO study). All patients had been treated with curative intent. Information on employment, co-morbidity and support was collected via a questionnaire. The sample included 1111 working-aged cancer-free survivors who had been employed at the time of diagnosis. We used multinomial logistic regression models to analyse the association of various determinants with early retirement and other non-employment (due to unemployment, subsidized employment or being a homemaker). Low education, low physical quality of life, co-morbidity and pain were associated with both early retirement and other non-employment after cancer. Other non-employed survivors also rated their mental quality of life as lower and experienced anxiety and fatigue more often than all the other survivors. Moreover, they reported a lower level of supervisor support after their diagnosis than the employed survivors. Retired survivors more often reported weak support from colleagues. Differences in ill health and functional status between various groups of non-employed cancer survivors need to be considered when planning policy measures for improving the labour market participation of this population and preventing their early withdrawal from working life. Copyright © 2013 John Wiley & Sons, Ltd.

Pension Policy for a Mobile Labor Force.

ERIC Educational Resources Information Center

Turner, John A.; And Others

This book analyzes what happens to the pension benefits of workers who quit or are laid off jobs. The first chapter reviews the connection between job mobility and pension portability. Chapter 2 portrays a labor market undergoing changes that often result in reductions in retirement benefits. Chapter 3 describes job change further by examining…

Characteristics of individuals with integrated pensions.

PubMed

Bender, K A

1999-01-01

Employer pensions that integrate benefits with Social Security have been the focus of relatively little research. Since changes in Social Security benefit levels and other program characteristics can affect the benefit levels and other features of integrated pension plans, it is important to know who is covered by these plans. This article examines the characteristics of workers covered by integrated pension plans, compared to those with nonintegrated plans and those with no pension coverage. Integrated pension plans are those that explicitly adjust their benefit structure to help compensate for the employer's contributions to the Social Security program. There are two basic integration methods used by defined benefit (DB) plans. The offset method causes a reduction in employer pension benefits by up to half of the Social Security retirement benefit; the excess rate method is characterized by an accrual rate that is lower for earnings below the Social Security taxable maximum than above it. Defined contribution (DC) pension plans can be integrated along the lines of the excess rate method. To date, research on integrated pensions has focused on plan characteristics, as reported to the Bureau of Labor Statistics (BLS) through its Employee Benefits Survey (EBS). This research has examined the prevalence of integration among full-time, private sector workers by industry, firm size, and broad occupational categories. However, because the EBS provides virtually no data on worker characteristics, analyses of the effects of pension integration on retirement benefits have used hypothetical workers, varying according to assumed levels of earnings and job tenure. This kind of analysis is not particularly helpful in examining the potential effects of changes in the Social Security program on workers' pension benefits. However, data on pension integration at the individual level are available, most recently from the Health and Retirement Study (HRS), a nationally

Health shocks and retirement: the role of welfare state institutions.

PubMed

Datta Gupta, Nabanita; Larsen, Mona

2007-09-01

We investigate the effect of an acute health shock on retirement among elderly male workers in Denmark, 1991-1999, and in particular whether various welfare state programs and institutions impinge on the retirement effect. The results show that an acute health event increases the retirement chances of elderly male workers by 8%, and that this increase in the baseline retirement probability is not affected by eligibility to early exit programs and persists even after accounting for selection due to take-up of disability pension. Neither is it affected by the relatively long duration of sickness benefits in Denmark nor by the promotion of corporate social responsibility initiatives since the mid-1990s. In the late 1990s, however, the retirement rate following a health shock is reduced to 3% with the introduction of the subsidized employment program ( fleksjob ) but this effect is on the margin of being significant. For the most part, the retirement effect following a health shock seems to be immune to the availability of a multitude of government programs for older workers in Denmark.

Legal Forum: Sex Discrimination in Retirement Benefits.

ERIC Educational Resources Information Center

McCarthy, Martha M.

1983-01-01

Reviews recent court cases regarding differential treatment of men and women in pension programs. Predicts that TIAA-CREF (Teachers Insurance and Annuity Association and College Retirement Equities Fund) will soon convert to unisex tables in calculating retirement benefits on future contributions to the fund. (GC)

20 CFR 1002.260 - What pension benefit plans are covered under USERRA?

Code of Federal Regulations, 2010 CFR

2010-04-01

... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false What pension benefit plans are covered under... REEMPLOYMENT RIGHTS ACT OF 1994 Reemployment Rights and Benefits Pension Plan Benefits § 1002.260 What pension...) defines an employee pension benefit plan as a plan that provides retirement income to employees, or defers...

Who Benefits from Pension Enhancements? Working Paper 76

ERIC Educational Resources Information Center

Koedel, Cory; Ni, Shawn; Podgursky, Michael

2012-01-01

During the late 1990s public pension funds across the United States accrued large actuarial surpluses. The seemingly flush conditions of the pension funds led legislators in most states to substantially improve retirement benefits for public workers, including teachers. In this study we examine the benefit enhancements to the teacher pension…

38 CFR 3.754 - Emergency officers' retirement pay.

Code of Federal Regulations, 2014 CFR

2014-07-01

... officers' retirement pay. A retired emergency officer of World War I has basic eligibility to retirement... 38 Pensions, Bonuses, and Veterans' Relief 1 2014-07-01 2014-07-01 false Emergency officers... continued to be payable under section 10 of Pub. L. 2, 73d Congress, or under section 1 of Pub. L. 743, 76th...

38 CFR 3.754 - Emergency officers' retirement pay.

Code of Federal Regulations, 2013 CFR

2013-07-01

... officers' retirement pay. A retired emergency officer of World War I has basic eligibility to retirement... 38 Pensions, Bonuses, and Veterans' Relief 1 2013-07-01 2013-07-01 false Emergency officers... continued to be payable under section 10 of Pub. L. 2, 73d Congress, or under section 1 of Pub. L. 743, 76th...

38 CFR 3.754 - Emergency officers' retirement pay.

Code of Federal Regulations, 2011 CFR

2011-07-01

... officers' retirement pay. A retired emergency officer of World War I has basic eligibility to retirement... 38 Pensions, Bonuses, and Veterans' Relief 1 2011-07-01 2011-07-01 false Emergency officers... continued to be payable under section 10 of Pub. L. 2, 73d Congress, or under section 1 of Pub. L. 743, 76th...

38 CFR 3.754 - Emergency officers' retirement pay.

Code of Federal Regulations, 2012 CFR

2012-07-01

... officers' retirement pay. A retired emergency officer of World War I has basic eligibility to retirement... 38 Pensions, Bonuses, and Veterans' Relief 1 2012-07-01 2012-07-01 false Emergency officers... continued to be payable under section 10 of Pub. L. 2, 73d Congress, or under section 1 of Pub. L. 743, 76th...

Early retirement and the financial assets of individuals with back problems.

PubMed

Schofield, Deborah J; Shrestha, Rupendra N; Percival, Richard; Callander, Emily J; Kelly, Simon J; Passey, Megan E

2011-05-01

This paper quantifies the relationship between early retirement due to back problems and wealth, and contributes to a more complete picture of the full costs associated with back problems. The output data set of the microsimulation model Health&WealthMOD was analysed. Health&WealthMOD was specifically designed to measure the economic impacts of ill health on Australian workers aged 45-64 years. People aged 45-64 years who are out of the labour force due to back problems have significantly less chance of having any accumulated wealth. While almost all individuals who are in full-time employment with no chronic health condition have some wealth accumulated, a significantly smaller proportion (89%) of those who have retired early due to back problems do. Of those who have retired early due to back problems who do have some wealth, on average the total value of this wealth is 87% less (95% CI: -90 to -84%) than the total value of wealth accumulated by those who have remained in full-time employment with no health condition controlling for age, sex and education. The financial burden placed on those retiring early due to back problems is likely to cause financial stress in the future, as not only have retired individuals lost an income stream from paid employment, but they also have little or no wealth to draw upon. Preventing early retirement due to back problems will increase the time individuals will have to amass savings to finance their retirement and to protect against financial shocks.

We Never Had It So Good! Strategies for Retirement.

ERIC Educational Resources Information Center

Arden, Eugene

1996-01-01

Variations on the traditional methods of planning for retirement are offered to college faculty, focusing on use of Teachers Insurance and Annuities Association (TIAA) and College Retirement Equities Fund (CREF) investments, and other pension options. It is concluded that with careful planning, faculty can retire with close to full preretirement…

Employee control over working times and risk of cause-specific disability pension: the Finnish Public Sector Study

PubMed Central

Vahtera, Jussi; Laine, Sari; Virtanen, Marianna; Oksanen, Tuula; Koskinen, Aki; Pentti, Jaana; Kivimaki, Mika

2011-01-01

Objective To examine the association between worktime control and subsequent retirement on health ground (disability pension) among employees. Methods A prospective cohort study of 30 700 public sector employees (78% women) aged 18 to 64 at baseline. Two scores of worktime control, self-assessed and co-worker assessed, were obtained from responses to the baseline survey in 2000-2001 (score range 1 to 5). Information on cause-specific disability pension during follow-up was collected from national registers. Results During a mean follow-up of 4.4 years, 1178 employees were granted disability pension (incidence per 1000 person-years 9.2 in women and 8.7 in men). The most common causes of a disability pension were musculoskeletal disorders (43% of all pensions), mental disorders (25%), tumours (8%), and diseases of the circulatory system (6%) and the nervous system (6%). A 1 unit increase in self-assessed and co-worker assessed worktime control score was associated with a 41-48% lowering of the risk of disabling musculoskeletal disorders in men and 33-35% lowering in women. This association was robust to adjustment for all 17 baseline covariates (in men and women combined, adjusted hazard ratio 0.76, 95% CI 0.67-0.87 and 0.64, 95% CI 0.51-0.79 per 1 unit increase in self-assessed and co-worker assessed worktime control, respectively).Self-assessed worktime control was also associated with the risk of disability retirement due to mental disorders in women, but this association was not replicated using co-workers’ assessment. Disability pensions from other disease categories were not related to control over working times. Conclusions In this cohort of public sector employees, high worktime control among employees was associated with reduced risk of early retirement caused by musculoskeletal disorders independent of baseline characteristics. PMID:19914911

Retirement before Age 65. Trends, Costs, and National Issues. Report to the Chairman, Select Committee on Aging, House of Representatives.

ERIC Educational Resources Information Center

General Accounting Office, Washington, DC.

Two issues were analyzed--the changing characteristics of early pension recipients and the costs of early retirement. The analyses covered men and women aged 50 and older and were based primarily on data from the Census Bureau's March 1984 Current Population Survey. Findings showed that the percentage of the population receiving employer-sponsored…

Hearing loss and risk of early retirement. The HUNT study.

PubMed

Helvik, Anne-Sofie; Krokstad, Steinar; Tambs, Kristian

2013-08-01

We explore the possible consequences of measured hearing impairment (HI) and perceived hearing difficulties for early retirement in a large population-based study. Furthermore, we study whether having a part-time position was associated with measured HI and perceived hearing difficulties in the same population. This study included 25,740 persons from the Nord-Trøndelag Health Study (HUNT) aged 20-54 years at baseline in HUNT1 (1984-1986) who also participated in the follow up, HUNT2, including a hearing examination 11 years later. Logistic regression analysis was conducted for men and women separately and in two age strata. Effects of low-, middle- and high-frequency hearing levels were explored, adjusting for each other. Further adjustment was made for socio-economic class and general health in HUNT1. The risk of early retirement increased with degree of loss of low-frequency hearing in young and middle-aged men and middle-aged women. The middle-aged men and women experiencing hearing disability had an increased risk of early retirement. Degree of hearing level was not associated with part-time work, but in middle-aged men, awareness of having a hearing loss was associated with part-time employment. Degree of low-frequency hearing loss was associated with early retirement but not with part-time work. Perceived hearing disability increased the risk of early retirement in middle-aged men and women and also the risk of part-time work in middle-aged men.

Public Employee Retirement Systems: The Structure and Politics of Teacher Pensions.

ERIC Educational Resources Information Center

Taylor, Suzanne Saunders

This book describes the operation of state and local government pension systems for teachers, explores the rationale behind current administrative and financial practices, and describes the interaction of special interest groups, pension professionals, and investment personnel with the administration of these systems. The pension systems in 23…

THE LONG REACH OF EDUCATION: EARLY RETIREMENT.

PubMed

Venti, Steven; Wise, David A

2015-12-01

The goal of this paper is to draw attention to the long lasting effect of education on economic outcomes. We use the relationship between education and two routes to early retirement - the receipt of Social Security Disability Insurance (DI) and the early claiming of Social Security retirement benefits - to illustrate the long-lasting influence of education. We find that for both men and women with less than a high school degree the median DI participation rate is 6.6 times the participation rate for those with a college degree or more. Similarly, men and women with less than a high school education are over 25 percentage points more likely to claim Social Security benefits early than those with a college degree or more. We focus on four critical "pathways" through which education may indirectly influence early retirement - health, employment, earnings, and the accumulation of assets. We find that for women health is the dominant pathway through which education influences DI participation. For men, the health, earnings, and wealth pathways are of roughly equal magnitude. For both men and women the principal channel through which education influences early Social Security claiming decisions is the earnings pathway. We also consider the direct effect of education that does not operate through these pathways. The direct effect of education is much greater for early claiming of Social Security benefits than for DI participation, accounting for 72 percent of the effect of education for men and 67 percent for women. For women the direct effect of education on DI participation is not statistically significant, suggesting that the total effect may be through the four pathways.

THE LONG REACH OF EDUCATION: EARLY RETIREMENT

PubMed Central

Wise, David A.

2015-01-01

The goal of this paper is to draw attention to the long lasting effect of education on economic outcomes. We use the relationship between education and two routes to early retirement – the receipt of Social Security Disability Insurance (DI) and the early claiming of Social Security retirement benefits – to illustrate the long-lasting influence of education. We find that for both men and women with less than a high school degree the median DI participation rate is 6.6 times the participation rate for those with a college degree or more. Similarly, men and women with less than a high school education are over 25 percentage points more likely to claim Social Security benefits early than those with a college degree or more. We focus on four critical “pathways” through which education may indirectly influence early retirement – health, employment, earnings, and the accumulation of assets. We find that for women health is the dominant pathway through which education influences DI participation. For men, the health, earnings, and wealth pathways are of roughly equal magnitude. For both men and women the principal channel through which education influences early Social Security claiming decisions is the earnings pathway. We also consider the direct effect of education that does not operate through these pathways. The direct effect of education is much greater for early claiming of Social Security benefits than for DI participation, accounting for 72 percent of the effect of education for men and 67 percent for women. For women the direct effect of education on DI participation is not statistically significant, suggesting that the total effect may be through the four pathways. PMID:26664822

Who supports delayed retirement? A study of older workers in Israel

PubMed Central

Litwin, Howard; Achdut, Leah; Youssim, Iaroslav

2014-01-01

Delayed retirement is a policy measure aimed at ensuring financial stability in many countries, but this particular pension reform mechanism still lacks public support. Using data from the Israeli sample of the Survey of Health, Ageing and Retirement (SHARE) in Europe, this article examines factors which predict support for delayed retirement among older Israeli workers (n=556). Hierarchical regression analysis of agreement with recently instituted delayed retirement measures showed that the perceived societal consequences of the reform were the strongest predictors. Older and more educated respondents and those more confident in their present workplace were also more likely to support delayed retirement. Those who favour state responsibility for care of older people tended to support delayed retirement less. The findings suggest that information campaigns on the contribution of continued employment to health and family solidarity might diminish current fears regarding the delayed retirement-based pension reforms. They also imply that non-partisan leadership is needed in order to recruit broader public support for such reform. PMID:25075153

The impact of early retirement on perceptions of life at work and at home: qualitative analyses of British civil servants participating in the Whitehall II Retirement Study.

PubMed

Mein, Gill; Ellison, George T H

2006-01-01

This study examined pathways to retirement and the role of circumstances at work and at home (including the introduction of financially-enhanced early retirement schemes) on retirement-related decision-making. In-depth qualitative interviews were conducted within 2 years of retirement with 59 British civil servants participating in the Whitehall II Study. Focusing on the experiences of 33 interviewees who spontaneously discussed "early retirement" we identified three pathways to retirement (non-applicants, successful applicants, and unsuccessful applicants for early retirement) each influenced by a range of complementary positive and negative factors at work and at home. The early retirement schemes influenced the balance between these factors in three ways: by encouraging participants to reflect on (and reconsider) existing retirement plans; by offering financial incentives to retire early; and because they were part of the ongoing process of restructuring and downsizing within the Civil Service which was accompanied by a perceived deterioration in conditions at work.

Pension plan participation among married couples.

PubMed

Dushi, Irena; Iams, Howard M

2013-01-01

We present descriptive statistics on pension participation and types of pensions among married couples, using data from the 1996/2008 Panels of the Survey of Income and Program Participation and Social Security administrative records. Previous research has focused on pension coverage by marital status, but has not examined couples as a unit. Because couples usually share income, viewing them as a unit provides a better picture of potential access to income from retirement plans. Our analysis compares 1998 and 2009 data because substantial changes occurred in the pension landscape over this decade that could have influenced the prevalence of different pension plans, although we observe modest changes in participation rates and types of plans over the period. We find that in 20 percent of couples, neither spouse participated in a pension plan; in 10 percent, the wife was the only participant; and in 37 percent, the husband was the only participant.

Hearing loss and risk of early retirement. The HUNT study

PubMed Central

Krokstad, Steinar; Tambs, Kristian

2013-01-01

Background: We explore the possible consequences of measured hearing impairment (HI) and perceived hearing difficulties for early retirement in a large population-based study. Furthermore, we study whether having a part-time position was associated with measured HI and perceived hearing difficulties in the same population. Methods: This study included 25 740 persons from the Nord-Trøndelag Health Study (HUNT) aged 20–54 years at baseline in HUNT1 (1984–1986) who also participated in the follow up, HUNT2, including a hearing examination 11 years later. Logistic regression analysis was conducted for men and women separately and in two age strata. Effects of low-, middle- and high-frequency hearing levels were explored, adjusting for each other. Further adjustment was made for socio-economic class and general health in HUNT1. Results: The risk of early retirement increased with degree of loss of low-frequency hearing in young and middle-aged men and middle-aged women. The middle-aged men and women experiencing hearing disability had an increased risk of early retirement. Degree of hearing level was not associated with part-time work, but in middle-aged men, awareness of having a hearing loss was associated with part-time employment. Conclusions: Degree of low-frequency hearing loss was associated with early retirement but not with part-time work. Perceived hearing disability increased the risk of early retirement in middle-aged men and women and also the risk of part-time work in middle-aged men. PMID:22930741

Are You Planning and Saving for Retirement?

ERIC Educational Resources Information Center

Yakoboski, Paul

2007-01-01

In 2005, TIAA-CREF sponsored its first-ever "Retirement Confidence Survey of College and University Faculty" to discover the answer to this question: How well are faculty members taking advantage of employer-sponsored pension plans and saving for retirement? An additional objective of the project was to compare the survey's findings for higher…

22 CFR 19.9 - Pension benefits for former spouses.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Pension benefits for former spouses. 19.9 Section 19.9 Foreign Relations DEPARTMENT OF STATE PERSONNEL BENEFITS FOR SPOUSES AND FORMER SPOUSES OF PARTICIPANTS IN THE FOREIGN SERVICE RETIREMENT AND DISABILITY SYSTEM § 19.9 Pension benefits for former spouses. ...

For Teachers, a Better Kind of Pension Plan

ERIC Educational Resources Information Center

Winters, Marcus A.

2017-01-01

Public school teachers deserve a compensation system that puts them on a secure path toward retirement. The severely backloaded structure of today's public school teacher pension systems benefit only a small proportion of entering teachers while putting the rest on an insecure retirement path. But there is a cost-neutral solution to this problem…

Early Retirement Incentives and Student Achievement

PubMed Central

Fitzpatrick, Maria D.

2014-01-01

Early retirement incentives (ERIs) are increasingly prevalent in education as districts seek to close budget gaps by replacing expensive experienced teachers with lower-cost newer teachers. Combined with the aging of the teacher workforce, these ERIs are likely to change the composition of teachers dramatically in the coming years. We use exogenous variation from an ERI program in Illinois in the mid-1990s to provide the first evidence in the literature of the effects of large-scale teacher retirements on student achievement. We find the program did not reduce test scores; likely, it increased them, with positive effects most pronounced in lower-SES schools. PMID:25436038

[Disability Pension and Productivity Loss in Schizophrenia - An Empirical Analysis of the Financial Burden in Germany].

PubMed

Kortmann, Lisa-Maria; Müller, Dirk; Simic, Dusan; Civello, Daniele; Stock, Stephanie

2017-03-01

Objective Quantification of the economic burden for society and the German Statutory Pension Insurance due to early retirement in schizophrenia. Methods Based on empirical data of the German Statutory Pension Insurance, productivity losses were calculated using the human capital approach. Results The total expenditures of the German Statutory Pension Insurance due to pension payments for schizophrenic insurants amounted to € 450 million. Total indirect costs due to morbidity and mortality were estimated at € 2,3 million. Average indirect costs per patient ranged between € 17 000 - 28 000, depending on rates for discounting and inflation. Conclusion Regarding substantial economic consequences, preventive measures and therapeutic procedures should aim to prevent reduction in earning capacity and to promote occupational reintegration of schizophrenic patients. © Georg Thieme Verlag KG Stuttgart · New York.

Disability pension in Malmöhus county: aspects on long-term financial effects.

PubMed

Månsson, N O; Råstam, L; Adolfsson, A

1998-06-01

The purpose of this study was to estimate the financial costs of disability pension in order to compare the financial burden and the numerical distribution of disability pension by main diagnostic groups. During three months all new disability pensions (n = 944) granted in Malmöhus county were registered. During a follow-up of approximately two and a half years, 40 subjects died and 15 pensions expired. The predominating diagnoses were musculoskeletal diseases, mental disorders including alcohol dependence, cardiovascular and neurological diseases. To analyse whether these proportions changed when the extent of the pension, age at pension and the retirement allowance were considered, the present value of the total retirement allowances was calculated. The ranking of the four predominating diagnosis categories was not affected by the extent of the pension or the age at which the pension was granted. Thus, musculoskeletal diseases still predominated, although the proportion decreased. Among unemployed subjects, mental disorders made the largest contribution to the total expenditure. The results gained may be used in further research where alternatives to disability pension for different groups of patients and/or diagnoses are investigated.

Pennies on the Dollar: How Illinois Shortchanges Its Teachers' Retirement

ERIC Educational Resources Information Center

Kan, Leslie; Fuchs, Daniel; Aldeman, Chad

2016-01-01

Illinois' pension plans have sent the state on a downward spiral. One out of every four dollars that state taxpayers send to Springfield goes toward pensions, and the vast majority of these contributions go toward paying down large pension debt, not the actual retirement benefits given to state and local workers like teachers. The teacher pension…

Pension-Spiking, Free-Riding, and the Effects of Pension Reform on Teachers’ Earnings*

PubMed Central

Fitzpatrick, Maria D.

2017-01-01

In many states, local school districts are responsible for setting the earnings that determines the size of pensions, but are not required to make contributions to cover the resulting state pension fund liabilities. In this paper, I document evidence that this intergovernmental incentive inherent in public sector defined benefit pension systems distorts the amount and timing of income for public school teachers. I use the introduction of a policy that required experience-rating on earnings increases above a certain limit in a differences-in-differences framework to identify whether districts are willing to pay the full costs of their earnings promises. Because of the design of the policy, overall earnings of teachers near retirement did not change. Instead, districts that previously provided one-time pay increases shifted to smaller increments spread out over several years. In addition, some districts that did not practice pension-spiking prior to the reform appear to begin providing payments up to the new, lower limit, perhaps due to increased salience of the fiscal incentive. Therefore, the policy was ineffective at decreasing pension costs. PMID:28983134

Pension-Spiking, Free-Riding, and the Effects of Pension Reform on Teachers' Earnings.

PubMed

Fitzpatrick, Maria D

2017-04-01

In many states, local school districts are responsible for setting the earnings that determines the size of pensions, but are not required to make contributions to cover the resulting state pension fund liabilities. In this paper, I document evidence that this intergovernmental incentive inherent in public sector defined benefit pension systems distorts the amount and timing of income for public school teachers. I use the introduction of a policy that required experience-rating on earnings increases above a certain limit in a differences-in-differences framework to identify whether districts are willing to pay the full costs of their earnings promises. Because of the design of the policy, overall earnings of teachers near retirement did not change. Instead, districts that previously provided one-time pay increases shifted to smaller increments spread out over several years. In addition, some districts that did not practice pension-spiking prior to the reform appear to begin providing payments up to the new, lower limit, perhaps due to increased salience of the fiscal incentive. Therefore, the policy was ineffective at decreasing pension costs.

77 FR 60581 - Compensation, Retirement Programs, and Related Benefits

Federal Register 2010, 2011, 2012, 2013, 2014

2012-10-03

..., 612, 619 et al. Compensation, Retirement Programs, and Related Benefits; Final Rule #0;#0;Federal... Programs, and Related Benefits AGENCY: Farm Credit Administration. ACTION: Final rule. SUMMARY: The Farm... and associations to require disclosure of pension benefit and supplemental retirement plans and a...

Early retirement and income loss in patients with early and advanced Parkinson's disease.

PubMed

Johnson, Scott; Davis, Matthew; Kaltenboeck, Anna; Birnbaum, Howard; Grubb, Elizabeth; Tarrants, Marcy; Siderowf, Andrew

2011-11-01

The indirect costs of Parkinson's disease (PD) may be larger than direct healthcare costs, and the largest component of indirect costs is income loss related to early retirement. No recent retrospective analysis details PD-related early retirement and income loss in the US. We used an observational, matched cohort to study wages and labour force participation over 4 years and to simulate lifetime income losses conditional on being newly diagnosed with PD (naive) or having evidence of increasing disability. Actively employed primary beneficiaries of private insurance policies aged 18-64 years with more than two PD diagnoses (International Classification of Diseases, Ninth Revision, Clinical Modification [ICD-9-CM]: 332.x) or one diagnosis and a prescription of an antiparkinsonian drug were selected from a privately insured claims database. Continuous health coverage during analysis periods was required. Naive patients were defined as having no claims history indicative of PD during the year prior to first diagnosis or prescription use. A PD with ambulatory assistance devices (PDAAD) cohort was also followed from the date of first evidence of a wheelchair or walker. Controls without PD were matched on age, sex and region. Survival analysis and Wilcoxon rank sum tests were used to compare rates of early retirement and income loss. A simulation of projected economic loss was conducted for PD cohorts diagnosed at different ages using Bureau of Labor Statistics labour force participation and income data. Naive PD patients (n = 278) and PDAAD patients (n = 28) were on average aged 53 years and had significantly higher rates of co-morbidities at baseline versus controls. Conditional on being employed, there was no statistical difference in earnings. However, the hazard of early retirement associated with PD was 2.08 (p < 0.001) for the naive cohort and 5.01 (p < 0.001) for the PDAAD cohort. From age 40 to 79 years, earnings losses in year 2009 values were

Older Women and Pensions: Catch 22. Gray Paper.

ERIC Educational Resources Information Center

Leonard, Frances

Older women, who comprise two-thirds of the retired U.S. population, share substantially less of the $1.3 trillion worth of over 800,000 private and public pension plans by every way of measurement. Of the one-in-five women receiving pension income, some obtain it from their own paid work history, while others are widows and divorced women who…

The Retirement Security of the Baby Boom Generation.

ERIC Educational Resources Information Center

Shoven, John B.

1995-01-01

The baby boom generation faces added uncertainty on their investments and perhaps lower realized rates of return on all components of their retirement savings, primarily because of their large number. Effects will be felt in the Social Security system and by pension plans and private investors. Individuals, employers, pension fund managers, and…

Improving Financial Education and Awareness on Insurance and Private Pensions

ERIC Educational Resources Information Center

OECD Publishing (NJ3), 2008

2008-01-01

With public pensions under pressure and private pensions exposed to risk, individuals face an increasing variety of financial risks, particularly those linked to their retirement. This book analyzes the level of risk awareness of consumers and highlights good practices governments might initiate to enhance consumers' awareness and education on…

An Argument for Early Retirement Incentive Planning.

ERIC Educational Resources Information Center

Baenen, Leonard B.; Ernest, Robert C.

1982-01-01

Early retirement incentive programs are discussed as a humanitarian way of reducing payroll costs and rewarding long-tenured employees. The incentives to be considered, program communication, and problems found in incentive programs are addressed. (Author/MLF)

26 CFR 1.408-2 - Individual retirement accounts.

Code of Federal Regulations, 2014 CFR

2014-04-01

... in order to qualify as an individual retirement account. It may be established and maintained by an... must be maintained at all times as a domestic trust in the United States. The instrument creating the... maintained. An individual retirement account maintained as a simplified employee pension may provide for the...

26 CFR 1.408-2 - Individual retirement accounts.

Code of Federal Regulations, 2012 CFR

2012-04-01

... in order to qualify as an individual retirement account. It may be established and maintained by an... must be maintained at all times as a domestic trust in the United States. The instrument creating the... maintained. An individual retirement account maintained as a simplified employee pension may provide for the...

26 CFR 1.408-2 - Individual retirement accounts.

Code of Federal Regulations, 2013 CFR

2013-04-01

... in order to qualify as an individual retirement account. It may be established and maintained by an... must be maintained at all times as a domestic trust in the United States. The instrument creating the... maintained. An individual retirement account maintained as a simplified employee pension may provide for the...

Setting the Record Straight: Retirement Security for Educators

ERIC Educational Resources Information Center

Corcoran, Bruce

2012-01-01

The landscape of public education retirement plans is in an upheaval. A variety of economic, demographic, and political factors make it increasingly difficult for defined-benefit pension plans alone to provide educators with an adequate retirement. As a result, for the nearly seven million educators in America's public primary and secondary…

Employment Trajectories Beyond Retirement.

PubMed

Burkert, Carola; Hochfellner, Daniela

2017-01-01

Within the political and academic debate on working longer, post-retirement employment is discussed as an alternative to maintain older workers in the labor market. Our article enhances this discussion by studying determinants of transitions into post-retirement jobs within differing work environments of birth cohorts 1940-1942. We estimate proportional subhazard models accounting for competing risks using unique German social security data linked to pension accounts. Our findings suggest that individuals' preferences to take up post-retirement jobs are not mutually exclusive. Our study provides evidence that taking up post-retirement jobs is related to seeking financial security, continuity, and work ability, suggesting that public policy has to develop target-oriented support through a public policy mix of different measures aligned to the different peer groups in the labor market.

‘All those things together made me retire’: qualitative study on early retirement among Dutch employees

PubMed Central

2013-01-01

Background Due to the aging of the population and subsequent higher pressure on public finances, there is a need for employees in many European countries to extend their working lives. One way in which this can be achieved is by employees refraining from retiring early. Factors predicting early retirement have been identified in quantitative research, but little is known on why and how these factors influence early retirement. The present qualitative study investigated which non-health related factors influence early retirement, and why and how these factors influence early retirement. Methods A qualitative study among 30 Dutch employees (60–64 years) who retired early, i.e. before the age of 65, was performed by means of face-to-face interviews. Participants were selected from the cohort Study on Transitions in Employment, Ability and Motivation (STREAM). Results For most employees, a combination of factors played a role in the transition from work to early retirement, and the specific factors involved differed between individuals. Participants reported various factors that pushed towards early retirement (‘push factors’), including organizational changes at work, conflicts at work, high work pressure, high physical job demands, and insufficient use of their skills and knowledge by others in the organization. Employees who reported such push factors towards early retirement often felt unable to find another job. Factors attracting towards early retirement (‘pull factors’) included the wish to do other things outside of work, enjoy life, have more flexibility, spend more time with a spouse or grandchildren, and care for others. In addition, the financial opportunity to retire early played an important role. Factors influenced early retirement via changes in the motivation, ability and opportunity to continue working or retire early. Conclusion To support the prolongation of working life, it seems important to improve the fit between the physical and

Teacher Retirement Ponzi Schemes. Conference Paper 2009-02

ERIC Educational Resources Information Center

Kotlikoff, Laurence J.

2009-01-01

This paper is about the funding status of teachers' retirement pension schemes. Its goal is to relate the accounting for the funding of these pension obligations to the endemic, systematic, and fundamentally fraudulent system of accounting our country uses to assess the financial positions of federal, state, and local government as well as many…

Developing and Implementing an Early Retirement Incentive Program for Marin County School Districts. Vol. 1 and 2.

ERIC Educational Resources Information Center

Mauzy, Byron W.

In creating an early retirement incentive program for the Marin County (California) schools, the author examined the early retirement ethic, other early retirement plans in the public and private sectors, the impact of early retirement on Social Security benefits, opposition to such programs, and the factors in the California school districts that…

Changes in Pension Incentives through Time.

ERIC Educational Resources Information Center

Mitchell, Olivia S.; Luzadis, Rebecca A.

1988-01-01

A study of pension plans at 14 companies for the years 1960, 1970, and 1980 shows that company-sponsored plans are dynamic. Changes may have resulted from statutory increases in the age at which workers can be forced to retire. (JOW)

Efficiency and Equity in the Time Pattern of Teacher Pension Benefits: An Analysis of Four State Systems. Working Paper 2007-01

ERIC Educational Resources Information Center

Costrell, Robert M.; Podgursky, Michael J.

2007-01-01

Defined Benefit pension plans often generate odd time patterns of benefits. One typical pattern exhibits low accrual in early years, accelerating in mid-late years, followed by dramatic decline, or even negative returns in years that are relatively young for retirement. We consider four states for specific analysis: Arkansas, Missouri, California…

Labor Market Effects of Pensions and Implications for Teachers

ERIC Educational Resources Information Center

Friedberg, Leora; Turner, Sarah

2010-01-01

While the retirement security landscape has changed drastically for most workers over the last twenty years, traditional defined benefit (DB) pension plans remain the overwhelming norm for K-12 teachers. Because DB plans pay off fully with a fixed income after retirement only if a teacher stays in the profession for decades and yield little or…

Retiree health benefits-vesting of welfare benefits-early retirement-duty to bargain-termination of benefits-estoppel.

PubMed

2010-01-01

Poore v. Simpson Paper Co., 2009 U.S. App. LEXIS 11170 (9th Cir. Or. May 21, 2009). To be able to sue under ERISA, retirement health plan participants need not show that their benefits are vested the same way pension benefits are vested; the rights to the benefits need not be fixed or unalterable, rather, the employee must have an entitlement to the benefits.

A Preliminary Investigation of Factors Affecting Appraisal of the Decision to Take Early Retirement.

ERIC Educational Resources Information Center

Gowan, Mary A.

1998-01-01

Examines why individuals elect to take the early retirement package offered by their employer, as well as factors affecting their appraisal of that decision. Results suggest that all early retirement decisions are not voluntary. Individuals who do not wish to retire and who had lower self-esteem, fewer financial resources, and plans to continue…

Health, lifestyle and employment beyond state-pension age.

PubMed

Demou, Evangelia; Bhaskar, Abita; Xu, Taoye; Mackay, Daniel F; Hunt, Kate

2017-12-20

The factors influencing one's choice to retire vary, with financial and health considerations being some of the main factors impacting or associated with people's timing of retirement. The aim of the study is to investigate the differences in current health and health-related behaviours, such as smoking, drinking and exercising, between people who kept on working beyond state-pension age and those who retired before or at state-pension age. Data from six waves (2003, 2008-2012) of the Scottish Health Survey (SHeS) are used. Descriptive analyses were used to characterise the population. Multivariate logistic regression was undertaken to analyse the relationship between retirement groups and gender, age, deprivation, marital status, housing tenure, general health, longstanding illness, cigarette smoking status, amount of exercise and mental health, using Stata. Reporting poor self-rated health or having a long-standing illness was associated with increased odds of retiring before state pension age (SPA) in groups with a medium deprivation profile in almost all the survey years. For the least deprived there was little evidence of an association between poor health and extended-working-life, while significant associations were observed for the most deprived. An increasing trend was observed for both genders in the number of people extending their working life. Similar associations between reporting poorer self-rated health and extended working lives were observed for men and women. Distinct gender differences were observed for the associations with reporting poor mental health and no exercise. In the adjusted models, both were significantly associated with retiring at or before SPA in almost every year for women, whereas no significant associations were observed (except in 1 year) for men. This study shows an increasing trend in the number of people extending their working lives and demonstrates significant associations between health and lifestyle behaviours and

Employees' Intentions to Retire Early: A Case of Planned Behavior and Anticipated Work Conditions

ERIC Educational Resources Information Center

van Dam, Karen; van der Vorst, Janine D. M.; van der Heijden, Beatrice I. J. M.

2009-01-01

This study investigated the early retirement intentions of 346 older Dutch employees by extending the theory of planned behavior with anticipated work conditions. The results showed that employees who felt a pressure from their spouse to retire early had a strong intention to leave the work force before the official retirement age, that is 65.…

Life after College: Retirement Security for Higher Ed Employees

ERIC Educational Resources Information Center

Purcell, James; McGill, Robin; Brodeur, Philip; Hall, Erin

2016-01-01

The relationship between employer and employee has changed significantly over the past 40 years. One of the greatest changes in this relationship is in the nature of employee retirement. While pension reform at public and private colleges has helped ensure institutional financial viability, retirement security for employees has declined. With the…

26 CFR 1.405-3 - Taxation of retirement bonds.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Taxation of retirement bonds. 1.405-3 Section 1.405-3 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Pension, Profit-Sharing, Stock Bonus Plans, Etc. § 1.405-3 Taxation of retirement...

Do Early Outs Work Out? Teacher Early Retirement Incentive Plans.

ERIC Educational Resources Information Center

Brown, Herb R.; Repa, J. Theodore

1993-01-01

School districts offer teacher early retirement incentive plans (TERIPs) as an opportunity to hire less expensive teachers, reduce fringe benefits costs, and eliminate teaching positions. Discusses reasons for teachers to accept TERIP, and describes a computer model that allows school officials to calculate and compare costs incurred if an…

Gender and social class differences in the association between early retirement and health in Spain.

PubMed

Artazcoz, Lucia; Cortès, Imma; Borrell, Carme; Escribà-Agüir, Vicenta; Cascant, Lorena

2010-01-01

We sought to examine the association between reasons for early retirement and health status and to assess whether this association differs by gender and social class. The sample was all people currently working or retired between 50 and 64 years of age (2,497 men and 1,420 women) who were interviewed in the 2006 Spanish National Health Survey. The health outcomes analyzed were self-perceived health status and mental health. Multiple logistic regression models stratified by gender and occupational social class were fitted. Female manual workers who were forced into early retirement due to organizational reasons were more likely to report poor self-perceived health status (adjusted odds ration [aOR], 4.04; 95% confidence interval [CI], 1.44-11.32) and poor mental health (aOR, 2.70; 95% CI, 1.15-6.33), whereas no such association was observed among male workers or among female nonmanual workers. Early retirement on health grounds was associated with both health outcomes in all groups, but retirement because of age, voluntary retirement, and retirement for other reasons were not related to poor health outcomes in any group analyzed. Forced early retirement owing to organizational reasons is related to poor health indicators only among female manual workers. Results highlight the importance of paying more attention to the potential vulnerability of female manual workers in downsizing processes as well as in early retirement policies. Copyright © 2010 Jacobs Institute of Women's Health. Published by Elsevier Inc. All rights reserved.

Golden Years or Retirement Fears? Private Pension Inequality Among Canada's Immigrants.

PubMed

Curtis, Josh; Lightman, Naomi

2017-06-01

Currently, many immigrants are disqualified from Canada's public pension scheme because of residency requirements. In addition, decades of low income and labour market exclusion prohibit many Canadian immigrants from building adequate private pension savings throughout their working life. Together, these factors present serious concerns for immigrant seniors' economic well-being. Using Canadian census data spanning a twenty-year period (1991-2011), we find that income from personal savings plans and investments has declined sharply for both native-born and immigrant Canadians, with recent immigrant cohorts faring worst. However, since 1991, native-born and immigrant men living in Canada for 40-plus years had major gains in private employer pensions (Registered Pension Plans; [RPPs]). Yet RPP income for all other immigrant cohorts remained stable or declined during these decades. Thus, the data demonstrate a worrisome growing private savings gap between native-born men and all others in Canada, with newer immigrants and women faring worst.

Does Retiree Health Insurance Encourage Early Retirement?*

PubMed Central

Nyce, Steven; Schieber, Sylvester J.; Shoven, John B.; Slavov, Sita Nataraj; Wise, David A.

2013-01-01

The strong link between health insurance and employment in the United States may cause workers to delay retirement until they become eligible for Medicare at age 65. However, some employers extend health insurance benefits to their retirees, and individuals who are eligible for such retiree health benefits need not wait until age 65 to retire with group health coverage. We investigate the impact of retiree health insurance on early retirement using employee-level data from 54 diverse firms that are clients of Towers Watson, a leading benefits consulting firm. We find that retiree health coverage has its strongest effects at ages 62 through 64. Coverage that includes an employer contribution is associated with a 6.3 percentage point (36.2 percent) increase in the probability of turnover at age 62, a 7.7 percentage point (48.8 percent) increase in the probability of turnover at age 63, and a 5.5 percentage point (38.0 percent) increase in the probability of turnover at age 64. Conditional on working at age 57, such coverage reduces the expected retirement age by almost three months and reduces the total number of person-years worked between ages 58 and 64 by 5.6 percent. PMID:24039312

Retirement on grounds of ill health: cross sectional survey in six organisations in United Kingdom.

PubMed

Poole, C J

1997-03-29

To assess the process and outcome of retirement due to ill health in six large organisations. Cross sectional study of the rate of retirement due to ill health by age, sex, and length of service. Principal diagnoses by age and length of service were also compared. Four public and two private large employers in the United Kingdom. Rates of retirement on the grounds of ill health by age, sex, and length of service of employees contributing to pension schemes. Rates of ill health retirement varied from 20 to 250 per 10,000 contributing members, and in two organisations the rate varied geographically within the same organisation. In the two organisations that provided data by sex, women retired at a greater rate than men under age 40 and over age 50. In four organisations the modal age or length of service coincided with enhancements in benefits. In the four that provided information on diagnoses, musculoskeletal and minor psychiatric illnesses were the most common reasons for retirement. The granting of ill health retirement benefits may not be determined by illness. There is a need for some employers and pension schemes to improve their processes for granting benefits. Doctors should be wary of conflicts of interest and work to guidelines when they advise pension schemes about the merits of an application for benefits.

29 CFR 2520.104-23 - Alternative method of compliance for pension plans for certain selected employees.

Code of Federal Regulations, 2010 CFR

2010-07-01

... 29 Labor 9 2010-07-01 2010-07-01 false Alternative method of compliance for pension plans for... pension plans for certain selected employees. (a) Purpose and scope. (1) This section contains an... Employee Retirement Income Security Act of 1974 for unfunded or insured pension plans maintained by an...

Will Pensions Bankrupt Your District?

ERIC Educational Resources Information Center

Eisele-Dyrli, Kurt

2010-01-01

The financial state of the nation's public pension funds--which provide the retirement incomes for all state employees but in most states are dominated by teachers, administrators, and other school employees--has gone from bad to worse, and is projected to continue to worsen in coming decades. A perfect storm of factors has combined in the past…

College Pension Market Enters an Era of Tough Competition and Close Scrutiny.

ERIC Educational Resources Information Center

Mooney, Carolyn J.

1990-01-01

Higher education's largest pension companies and others involved in the faculty retirement fund market can expect to face questioning about their investment policies and long-term performance. The Teachers Insurance and Annuity Association and College Retirement Equities Fund (TIAA-CREF) have been sharply criticized for their investment strategies…

The False Promise of Public Pensions

ERIC Educational Resources Information Center

Hess, Frederick M.; Squire, Juliet P.

2010-01-01

The vast majority of public employees--including teachers--are enrolled in defined-benefit pension plans. These plans are usually the product of state legislation that determines eligibility, benefit formulas, employer and employee contributions, and how payments will be calculated when an employee retires or leaves the system. Once an employee…

Nudging toward a stable retirement.

PubMed

Kroncke, Charles

2018-01-01

The classical economics perspective is that public policy should be used to allow, not hinder, economic freedom. In some cases it may be possible for government to gently nudge individuals to change their behavior without hindering freedom. One example is a change from the default on pension program enrollment forms from "not contribute" to "contribute." This is generally viewed as a good nudge that gets people to do what the majority of people view as generally the correct behavior. However, a choice to contribute to a pension fund is not always in the individual's best interest - thus, it is a nudge, not a mandate. To maintain personal liberty, individuals should be fully informed about the consequences of their choice and the motives of the political authority. Saving for retirement is a complex issue, and pension contribution decisions are often made with little foresight or information. Pension contribution nudges may not always be freedom preserving because of complexity and unintended consequences. The benefits, risks, and limitations of default contribution pension nudges are discussed.

Leaving the labour market: the impact of exit routes from employment to retirement on health and wellbeing in old age.

PubMed

Halleröd, Björn; Örestig, Johan; Stattin, Mikael

2013-03-01

The study analyses whether and to what degree specific routes into retirement affect older people, i.e. the relationship between heterogeneous exit patterns and post-retirement health and wellbeing. We used longitudinal data from two points in time; data related to t 0 were collected in 1993, 1994, 1995 and 1996 and data related to t 1 were collected in 2002 and 2003 ( N  = 589). We focused on older people (55+ at t 1 ) who were employed at t 0 and retired at t 1 . We used confirmative factor analysis to identify identical measures of health and wellbeing at both t 0 and t 1 . Hence, we were able to control for pre-retirement health and wellbeing when evaluating the effects of different exit routes. These routes were defined as dependence on incomes from sickness benefit, disability pension, part-time pension, unemployment insurance and active labour market programmes. Our initial structural equation model showed a clear relation between exit routes and post-retirement wellbeing. People who prior to retirement were pushed into social benefit programmes related to health and unemployment were significantly worse off as retirees, especially those with health-related benefits. However, these relationships disappeared once pre-retirement wellbeing was added to the model. Our main conclusion is that post-retirement wellbeing first and foremost is a consequence of accumulation of advantages and disadvantages during the life course. Both labour market exit routes and post-retirement wellbeing can be seen as outcomes of this process. There are no independent effects of the retirement process. Judging from our findings, there is no reason to believe that involvement in social security programmes allowing early retirement on health grounds has any additional negative consequences for health and wellbeing.

A Case Study of the Development of an Early Retirement Program for University Faculty.

ERIC Educational Resources Information Center

Chronister, Jay L.; Trainer, Aileen

1985-01-01

To offset declining enrollments, financial constraints, younger faculties, and high tenure ratios, some institutions are considering early retirement programs to facilitate faculty turnover. A University of Virginia faculty committee reviewed several early retirement options and selected a cost-effective bridging program with ample incentives and…

The Employee Retirement Income Security Act of 1974: Policies and Problems

ERIC Educational Resources Information Center

Alperin, Stuart N.; And Others

1975-01-01

Congress enacted the Employment Retirement Income Security Act of 1974 (ERISA) to help assure economic security in retirement. This analysis includes description of the growth, operation, and inequities within the private pension system and analysis of ERISA: (1) participation, vesting and joint and survivor annuities; (2) funding and plan…

The association of health and voluntary early retirement pension and the modifying effect of quality of supervision: Results from a Danish register-based follow-up study.

PubMed

Wind, Astrid de; Burr, Hermann; Pohrt, Anne; Hasselhorn, Hans Martin; Van der Beek, Allard Johan; Rugulies, Reiner

2017-07-01

The aims of this article are to (1) determine whether and to what extent general perceived health and quality of supervision predict voluntary early retirement pension (VERP) and (2) assess whether quality of supervision modifies the association between general perceived health and VERP. Employees aged 49-64 years who participated in the Danish Work Environment Cohort Study in 2000 were selected. Their questionnaire data about health and work were linked to register data on social transfer payments, among others VERP, from 2001 to 2012 in the Danish Register for Evaluation of Marginalization ( N=1167). Cox proportional hazards analyses were performed to identify the prospective association of general perceived health and quality of supervision on VERP. Relative excess risks due to interaction (RERIs) were calculated to assess whether quality of supervision modified the association between health and VERP. Employees with poor health at baseline had an increased risk of VERP during follow-up (hazard ratio [HR]=1.23; 95% confidence interval [CI] 1.02-1.49). Quality of supervision at baseline was not associated to VERP during follow-up (HR=1.04; 95% CI 0.90-1.21). There was no statistically significant interaction of poor health and poor quality of supervision with regard to risk of VERP (RERI=-0.33; 95% CI -1.79 to 1.14). This study did not support the notion that quality of supervision buffers the association between poor health and VERP. Future research is needed to determine whether other aspects of supervision, for example supervisors' opportunities to effectuate workplace adjustments, may modify the association of poor health and VERP.

The association of health and voluntary early retirement pension and the modifying effect of quality of supervision: Results from a Danish register-based follow-up study

PubMed Central

de Wind, Astrid; Burr, Hermann; Pohrt, Anne; Hasselhorn, Hans Martin; Van der Beek, Allard Johan; Rugulies, Reiner

2017-01-01

Objectives: The aims of this article are to (1) determine whether and to what extent general perceived health and quality of supervision predict voluntary early retirement pension (VERP) and (2) assess whether quality of supervision modifies the association between general perceived health and VERP. Methods: Employees aged 49–64 years who participated in the Danish Work Environment Cohort Study in 2000 were selected. Their questionnaire data about health and work were linked to register data on social transfer payments, among others VERP, from 2001 to 2012 in the Danish Register for Evaluation of Marginalization (N=1167). Cox proportional hazards analyses were performed to identify the prospective association of general perceived health and quality of supervision on VERP. Relative excess risks due to interaction (RERIs) were calculated to assess whether quality of supervision modified the association between health and VERP. Results: Employees with poor health at baseline had an increased risk of VERP during follow-up (hazard ratio [HR]=1.23; 95% confidence interval [CI] 1.02–1.49). Quality of supervision at baseline was not associated to VERP during follow-up (HR=1.04; 95% CI 0.90–1.21). There was no statistically significant interaction of poor health and poor quality of supervision with regard to risk of VERP (RERI=−0.33; 95% CI −1.79 to 1.14). Conclusions: This study did not support the notion that quality of supervision buffers the association between poor health and VERP. Future research is needed to determine whether other aspects of supervision, for example supervisors’ opportunities to effectuate workplace adjustments, may modify the association of poor health and VERP. PMID:28381121

Next generation of individual account pension reforms in Latin America.

PubMed

Kritzer, Barbara E; Kay, Stephen J; Sinha, Tapen

2011-01-01

Latin America led the world in introducing individual retirement accounts intended to complement or replace defined benefit state-sponsored, pay-as-you-go systems. After Chile implemented the first system in 1981, a number of other Latin American countries incorporated privately managed individual accounts as part of their retirement income systems beginning in the 1990s. This article examines the subsequent "reform of the reform" of these pension systems, with a focus on the recent overhaul of the Chilean system and major reforms in Mexico, Peru, and Colombia. The authors analyze key elements of pension reform in the region relating to individual accounts: system coverage, fees, competition, investment, the impact of gender on benefits, financial education, voluntary savings, and payouts.

Pension Funds and the Politics of Ownership in Britain, c. 1970-86.

PubMed

Davies, Aled

2018-04-23

The growth of occupational pensions in the post-war era transformed the pattern of capital ownership in Britain, as workers' collective retirement savings purchased a substantial share of the national economy. This article examines the response of the Labour and Conservative parties to this significant material change, and considers how it shaped their respective politics of ownership at the end of the post-war settlement. It demonstrates that Labour and the trade union movement recognized occupational pension funds as a new form of social ownership but had to reconcile their desire to give pension scheme-members direct control over their investments with a broader belief that the funds needed be used for a state-coordinated revitalization of the industrial economy. Meanwhile, the Conservative Party's initial enthusiasm for occupational pensions, which it championed for helping to create a 'property-owning democracy', was challenged by a radical neoliberal critique in the early 1980s that sought to dismantle pension funds and to individualize investment. The findings in the article assert the need for historians to situate the politics of the tumultuous 1970s and 1980s in the context of the substantial economic and social changes that had taken place during the post-war decades. These changes often created opportunities to formulate new policies and political agendas, but they also served to highlight deeper tensions within the ideologies of the main political parties.

20 CFR 216.42 - How a private railroad pension affects a supplemental annuity.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 20 Employees' Benefits 1 2010-04-01 2010-04-01 false How a private railroad pension affects a supplemental annuity. 216.42 Section 216.42 Employees' Benefits RAILROAD RETIREMENT BOARD REGULATIONS UNDER THE RAILROAD RETIREMENT ACT ELIGIBILITY FOR AN ANNUITY Supplemental Annuity § 216.42 How a private railroad...

How Will Rhode Island's New Hybrid Pension Plan Affect Teachers? A Report of the Public Pension Project

ERIC Educational Resources Information Center

Johnson, Richard W.; Butrica, Barbara A.; Haaga, Owen; Southgate, Benjamin G.

2014-01-01

In 2011 Rhode Island replaced the stand-alone defined benefit pension plan it provided to state employees with a hybrid plan that reduced the defined benefit component and added a 401(k)-type, defined contribution component. Although controversial, the new hybrid plan will boost retirement incomes for most of the states public school teachers. Our…

Tracking the majority: households, older workers, and retirement during the Great Depression.

PubMed

Moen, J R; Gratton, B

2000-01-01

Well into the 20th century, elderly people relied on traditional means of support, such as children's financial contributions or continued labor force activity. After the institution of Social Security in the late 1930s, retirement--permanent withdrawal from the labor force with financial arrangements made for support--became an expected part of the life cycle of men 65 years and older in the United States. This research explores the extent of retirement and methods to finance it in the period just before Social Security became available. The 1935-1936 Study of Consumer Purchases (SCP) contains information on demographic and economic conditions for 5,975 households. The SCP is a rich but underutilized source of data on household behavior. The data allow two definitions of labor force activity to be constructed; descriptive statistics identify factors associated with retirement. Alternative sources of support, such as pensions and investment income, have been thought to be relatively insignificant before the 1940s. This article shows that retirement in the modern sense appeared before state provision of support for aged persons. SCP data indicate considerable reliance on such financial instruments, a particularly noteworthy result given Depression conditions. Pension and investment income also helps identify persons who might report a gainful occupation but appear to have withdrawn from labor force activity, meeting a modern definition of retirement. The SCP, collected just as Social Security was enacted, reveals that nonfamilial sources of income like pensions and investments had begun to underwrite retirement without dependence on family members. Many older persons relied on these instruments for support in old age, and many did not have children present in their households. These results constitute evidence for an independent, nonfamily-based retirement before governmental provision of assistance through Social Security.

Working conditions as risk factors for disability retirement: a longitudinal register linkage study

PubMed Central

2012-01-01

Background Early retirement due to disability is a public health and work environment problem that shortens working careers. Transition to disability retirement is based on ill-health, but working conditions are also of relevance. We examined the contributions of work arrangements, physical working conditions and psychosocial working conditions to subsequent disability retirement. Methods The data were derived from the Helsinki Health Study cohort on employees of the City of Helsinki, Finland. Information on working conditions was obtained from the baseline surveys conducted in 2000, 2001 and 2002. These data were linked with register data on disability retirement and their main diagnoses obtained from the Finnish Centre for Pensions. Follow up by the end of 2008 yielded 525 disability retirement events. The analysed data included 6525 participants and 525 disability retirement events. Hazard ratios (HR) and 95% confidence intervals (95% CI) were calculated from Cox regression analysis. Results Several working conditions showed own associations with disability retirement before adjustment. After adjustment for all working conditions, the primary risk factors for all-cause disability retirement were physical workload among women (HR 2.02, 95% CI 1.57-2.59) and men (HR 2.00, 95% CI 1.18-3.38), and low job control among women (HR 1.60, 95% CI 1.29-1.99). In addition, for disability retirement due to musculoskeletal causes, the risk factors were physical workload and low job control. For disability retirement due to mental causes the risk factors were computer work and low job control. Furthermore, occupational class was a risk factor for disability retirement due to all causes and musculoskeletal diseases. Conclusions Among various working conditions, those that are physically demanding and those that imply low job control are potential risk factors for disability retirement. Improving the physical working environment and enhancing control over one’s job is likely

The new world of retirement income security in America.

PubMed

Quinn, Joseph F; Cahill, Kevin E

2016-01-01

We have entered a new world of retirement income security in America, with older individuals more exposed to market risk and more vulnerable to financial insecurity than prior generations. This reflects an evolution that has altered the historical vision of a financially secure retirement supported by Social Security, a defined-benefit pension plan, and individual savings. Today, 2 of these 3 retirement income sources-pensions and savings-are absent or of modest importance for many older Americans. Retirement income security now often requires earnings from continued work later in life, which exacerbates the economic vulnerability of certain segments of the population, including persons with disabilities, the oldest-old, single women, and individuals with intermittent work histories. Because of the unprecedented aging of our society, further changes to the retirement income landscape are inevitable, but policymakers do have options to help protect the financial stability of older Americans. We can begin by promoting savings at all (especially younger) ages and by removing barriers that discourage work later in life. For individuals already on the cusp of retirement, more needs to be done to educate the public about the value of delaying the receipt of Social Security benefits. Inaction now could mean a return to the days when old age and poverty were closely linked. The negative repercussions of this would extend well beyond traditional economic measures, as physical and mental health outcomes are closely tied to financial security. (PsycINFO Database Record (c) 2016 APA, all rights reserved).

Retirement Savings Behavior of Higher Education Employees

ERIC Educational Resources Information Center

Dulebohn, James H.; Murray, Brian

2007-01-01

Higher education employees often participate in university-sponsored defined contribution pension plans that place the investment decision responsibility upon them. In order to examine investment decision-making behavior with retirement savings plans we investigated attitude-mediated, individual difference determinants of risky decision-making…

A population based validation study of self-reported pensions and benefits: the Nord-Trøndelag health study (HUNT).

PubMed

Myrtveit, Solbjørg Makalani; Ariansen, Anja M S; Wilhelmsen, Ingvard; Krokstad, Steinar; Mykletun, Arnstein

2013-01-23

Measures of disability pensions, sickness certification and long-term health related benefits are often self-reported in epidemiological studies. Few studies have examined these measures, and the validity is yet to be established.We aimed to estimate the validity of self-reported disability pension, rehabilitation benefit and retirement pension and to explore the benefit status and basic characteristics of those not responding to these items.A large health survey (HUNT2) containing self-reported questionnaire data on sickness benefits and pensions was linked to a national registry of pensions and benefits, used as "gold standard" for the analysis. We investigated two main sources of bias in self-reported data; misclassification - due to participants answering questions incorrectly, and systematic missing/selection bias - when participants do not respond to the questions.Sensitivity, specificity, positive (PPV) and negative (NPV) predicative value, agreement and Cohen's Kappa were calculated for each benefit. Co-variables were compared between non-responders and responders. In the study-population of 40,633, 9.2% reported receiving disability pension, 1.4% rehabilitation benefits and 6.1% retirement pension. According to the registry, the corresponding numbers were 9.0%, 1.7% and 5.4%. Excluding non-responders, specificity, NPV and agreement were above 98% for all benefits. Sensitivity and PPV were lower. When including non-responders as non-receivers, specificity got higher, sensitivity dropped while the other measures changed less.Between 17.7% and 24.1% did not answer the questions on benefits. Non-responders were older and more likely to be female. They reported more anxiety, more depression, a higher number of somatic diagnoses, less physical activity and lower consumption of alcohol (p < 0.001 for all variables). For disability pension and retirement pension, non-responders were less likely to receive benefits than responders (p < 0.001). For each

Paying for retirement: sex differences in inclusion in employer-provided retirement plans.

PubMed

Wright, Rosemary

2012-04-01

This study examines sex differences among Baby Boom workers in the likelihood of coverage by an employer-provided retirement plan. This study used a sample of Baby Boom workers drawn from the 2009 Current Population Survey. Independent variables were selected to replicate as closely as possible those in two 1995 studies of retired workers and pension plans. Three new variables were added to reflect major social and economic shifts since 1995. Logistic regression was performed to analyze the effect of the independent variables on the likelihood of retirement plan coverage. In this cohort, the proportions of men and women included in employer-provided retirement plans were almost the same. The overall odds of women being included in a plan were only slightly less than even and in certain cases were significantly higher than the odds for men. Predictors of inclusion that were most important for both women and men were minority status, employment in a core industry or in a government position, educational level, and marital status. Although a much larger group of workers is included in retirement plans than in previous studies, and Baby Boom women are less disadvantaged in this regard than women in earlier studies, minority and immigrant workers continue to be disadvantaged, and the security of government retirement plans may be weakening with current economic difficulties.

[Follow-up Care in the Field of Medical Rehabilitation Concerning Psychosomatic Indications Based on the New Conceptual Framework of the German Pension Insurance].

PubMed

Boes, N

2016-12-01

Mental disorders rank first amongst all causes for disability pensions and second in the field of medical rehabilitation. Especially alarming is the significantly lower age of entry of the mentally ill disability pensioners, compared to those with other indications. Mentally ill people often look back at a long history of diseases before getting in contact with the German pension insurance. In this regard the German pension insurance, which is obligated to effectively support people in order to keep them in working life until reaching the regular retirement age, is facing a big challenge, which stands right next to further demands, due to the demographic change, the increase of chronic diseases, multimorbidity, retirement age of 67 and changes in the working environment.With their activities in the field of medical rehabilitation the German pension insurance is aiming at the reintegration of people whose working capacity is endangered or reduced into the labor force or to prevent them from leaving it early. One of the main challenges notably in the field of mental diseases is to keep the success of the medical rehabilitation long-lasting. In this regard the post-rehabilitation provisions of the German pension insurances offer support according to § 31 I 1 Nr. 1 Social Insurance Code VI, if so required.On January 1st, 2016 the German pension insurance has adopted a new conceptual framework in the field of post rehabilitation which is presented in the following article, covering the range of psychosomatic indications. The aim of the new conceptual framework, which has to be implemented within the next three years, is to establish a nationwide, uniformed and preferably comprehensive follow-up care concept, which can be referred to by everyone, regardless which agency of the German pension insurance is in charge. © Georg Thieme Verlag KG Stuttgart · New York.

Gender differences in retirement decisions in Hong Kong.

PubMed

Lee, William Keng Mun

2005-01-01

The study of labor force participation at older ages and the process of retirement do not have a long tradition in Asia's newly developed societies. This study, based on telephone survey of 950 respondents, examines various socio-economic factors that would influence retirement decision among older workers in Hong Kong. The findings show that older men were more likely to participate in the labor force than older women. Interestingly, older workers, in particular older women, with pension were less likely to retire. Having a working spouse decreased the likelihood of retirement and older workers, in particular older women, living with married children were more likely to retire. Poor health also discourages the propensity to continue working at old age. These findings confirm that retirement entails much more than just a decision to stop work, and that there were gender differences in retirement decision. Finally, several policy challenges, with reference to elderly women, concerning older workers' labor force participation were discussed.

The Impact of Early Retirement on Perceptions of Life at Work and at Home: Qualitative Analyses of British Civil Servants Participating in the Whitehall II Retirement Study

ERIC Educational Resources Information Center

Mein, Gill; Ellison, George T. H.

2006-01-01

This study examined pathways to retirement and the role of circumstances at work and at home (including the introduction of financially-enhanced early retirement schemes) on retirement-related decision-making. In-depth qualitative interviews were conducted within 2 years of retirement with 59 British civil servants participating in the Whitehall…

Smoking and early retirement due to chronic disability.

PubMed

Bengtsson, Tommy; Nilsson, Anton

2018-05-01

This paper considers the long-term effects of smoking on disability retirement in Sweden. Smoking is known to have damaging effects on health, but there is limited evidence on how the effects of smoking translate into worse labour market outcomes, such as the inability to work. In contrast to the few previous studies on smoking and disability retirement, we use a large population sample with registry information on smoking, which is recorded for all women who give birth in Sweden. Thanks to these comprehensive data, we are able to account for a much broader range of potential confounders. In particular, by the use of sibling and twin fixed effects, we account for unobserved heterogeneity in childhood environment and family characteristics. Given that smoking is often initiated in adolescence, one would suspect such factors to play important roles. Among individuals aged 50-64 in 2011, a simple model suggested smokers to have a 5 percentage point higher probability of receiving (full) disability pension, making them more than twice as likely as non-smokers to receive this. However, in a model with sibling fixed effects, the size of the effect was reduced by more than a third. The results point to the importance of confounders, such as childhood circumstances or behaviours, which were not accounted for by previous studies. We also consider effects on disability due to different health conditions. In relative terms, effects are the largest for circulatory conditions and tumours. Results are largely driven by health problems severe enough to merit hospitalization, and there is no evidence of a role played by financial incentives. Copyright © 2018 Elsevier B.V. All rights reserved.

Current determinants of early retirement among blue collar workers in Poland.

PubMed

Szubert, Zuzanna; Sobala, Wojciech

2005-01-01

The current demographic trend in Poland indicates a progressive ageing process, which will result in a decreased number of persons at the age of work capability. Thus it is essential to find out the reasons for the diminished occupational activity of elderly workers. The aim of the project was to identify the factors that significantly contribute to early retirement during the period of socioeconomic transformation in Poland. The analysis concerned 637 workers, aged over 45 years, but before reaching the age of retirement (60 years for women and 65 years for men) who were employed in selected industrial enterprises at technological or production-related departments. The study group was recruited from the population of former workers who quit their employment between 1996 and 2000, before they reached the age of retirement. The reference population, matched for age (+/- 3 years) and gender, comprised workers at similar workposts. The following groups of variables were found to be significant risk factors for early retirement: variables describing the conditions of work (piecework system, OR = 7.00, 95% CI: 2.01-24.37; heavy lifting at work OR = 2.24, 95% CI: 1.20-4.17) and variables related to the household characteristics (shortage of leisure time, OR = 1.87, 95% CI: 1.16-4.67), health condition (disability, OR = 1.87, 95%CI: 1.09-3.21; increased rate of sickness absence, OR = 2.20, 95% CI: 1.52-3.17), and alcohol abuse (OR = 3.19, 95% CI: 1.33-7.64). The data analysis revealed a spectrum of factors that either contribute to or decrease the risk for early retirement. These may be used as a reference in taking on activities aimed at preventing this adverse trend and stimulating occupational activity of elderly workers.

45 CFR 1627.7 - Tax sheltered annuities, retirement accounts and pensions.

Code of Federal Regulations, 2010 CFR

2010-10-01

... 45 Public Welfare 4 2010-10-01 2010-10-01 false Tax sheltered annuities, retirement accounts and... SERVICES CORPORATION SUBGRANTS AND MEMBERSHIP FEES OR DUES § 1627.7 Tax sheltered annuities, retirement... recipient on behalf of its employees for the purpose of contributing to or funding a tax sheltered annuity...

Mental health functioning (SF-36) and intentions to retire early among ageing municipal employees: the Helsinki Health Study.

PubMed

Harkonmäki, Karoliina; Lahelma, Eero; Martikainen, Pekka; Rahkonen, Ossi; Silventoinen, Karri

2006-01-01

To examine the associations of mental health functioning with intentions to retire early among ageing municipal employees. Cross-sectional survey data (n = 7,765) from the Helsinki Health Study in 2000, 2001, and 2002 were used. Intentions to retire early were sought with a question: "Have you considered retiring before normal retirement age?" The dependent variable was divided into three categories: 1 = no intentions to retire early; 2 = weak intentions; 3 = strong intentions. Mental health functioning was measured by the Short Form 36 (SF-36) mental component summary (MCS). Other variables included age, sex, physical health functioning (SF-36), limiting longstanding illness, socioeconomic status, and spouse's employment status. Multinomial regression analysis was used to examine the association of mental health functioning with intentions to retire early. Employees with the poorest mental health functioning were much more likely to report strong intentions to retire early (OR 6.09, 95% CI 4.97-7.47) than those with the best mental health functioning. Adjustments for physical health, socioeconomic status, and spouse's employment status did not substantially affect this association. The findings highlight the importance of mental health for intentions to retire early. Strategies aimed at keeping people at work for longer should emphasize the importance of mental well-being and the prevention of poor mental health. More evidence is needed on why mental problems among ageing baby-boomer employees are giving rise to increasing social consequences, although the overall prevalence of mental problems has not increased.

Pensions under Pressure: Charter Innovation in Teacher Retirement Benefits

ERIC Educational Resources Information Center

Podgursky, Michael; Aud Pendergrass, Susan; Hesla, Kevin

2018-01-01

Public school districts are facing twin challenges: maintaining a labor supply of qualified teachers while shoring up the deteriorating system that compensates them. Keeping public-school teachers' pensions plans flush is expensive, and it accounts for a growing share of education spending. In some states, public charter schools provide an…

Early-onset arthritis in retired National Football League players.

PubMed

Golightly, Yvonne M; Marshall, Stephen W; Callahan, Leigh F; Guskiewicz, Kevin

2009-09-01

Injury has been identified as a potential risk factor for osteoarthritis. However, no previous study has addressed playing-career injuries and subsequent osteoarthritis in a large sample of former athletes. The purpose of this study was to describe the prevalence and determinants of arthritis and osteoarthritis in retired professional football players. Self-reported arthritis prevalence and retrospectively-recalled injury history were examined in a cross-sectional survey of 2,538 retired football players. Football players reported a high incidence of injury from their professional playing days (52.8% reported knee injuries, 74.1% reported ligament/tendon injuries, and 14.2% reported anterior cruciate ligament tears). For those under 60 years, 40.6% of retired NFL players reported arthritis, compared with 11.7% of U.S. males (prevalence ratio = 3.5, 95% CI: 3.3 to 3.7). Within the retired NFL player cohort, osteoarthritis was more prevalent in those with a history of knee injury (prevalence ratio = 1.7, 95% CI: 1.5 to 1.9) and ligament/tendon injury (prevalence ratio = 1.6, 95% CI: 1.4 to 1.9). In males under the age of 60, arthritis is over 3 times more prevalent in retired NFL players than in the general U.S. population. This excess of early-onset arthritis may be due to the high incidence of injury in football.

A population based validation study of self-reported pensions and benefits: the Nord-Trøndelag health study (HUNT)

PubMed Central

2013-01-01

Background Measures of disability pensions, sickness certification and long-term health related benefits are often self-reported in epidemiological studies. Few studies have examined these measures, and the validity is yet to be established. We aimed to estimate the validity of self-reported disability pension, rehabilitation benefit and retirement pension and to explore the benefit status and basic characteristics of those not responding to these items. A large health survey (HUNT2) containing self-reported questionnaire data on sickness benefits and pensions was linked to a national registry of pensions and benefits, used as “gold standard” for the analysis. We investigated two main sources of bias in self-reported data; misclassification - due to participants answering questions incorrectly, and systematic missing/selection bias - when participants do not respond to the questions. Sensitivity, specificity, positive (PPV) and negative (NPV) predicative value, agreement and Cohen’s Kappa were calculated for each benefit. Co-variables were compared between non-responders and responders. Results In the study-population of 40,633, 9.2% reported receiving disability pension, 1.4% rehabilitation benefits and 6.1% retirement pension. According to the registry, the corresponding numbers were 9.0%, 1.7% and 5.4%. Excluding non-responders, specificity, NPV and agreement were above 98% for all benefits. Sensitivity and PPV were lower. When including non-responders as non-receivers, specificity got higher, sensitivity dropped while the other measures changed less. Between 17.7% and 24.1% did not answer the questions on benefits. Non-responders were older and more likely to be female. They reported more anxiety, more depression, a higher number of somatic diagnoses, less physical activity and lower consumption of alcohol (p < 0.001 for all variables). For disability pension and retirement pension, non-responders were less likely to receive benefits than responders

Evaluating Retirement Income Security for Illinois Public School Teachers. Public Pension Project Report

ERIC Educational Resources Information Center

Johnson, Richard W.; Southgate, Benjamin G.

2014-01-01

The financial problems afflicting the Illinois teacher pension plan have grabbed headlines. An equally important problem, though underappreciated, is that relatively few teachers benefit much from the plan. This report evaluates the pension benefits provided to Illinois public school teachers. The researchers project annual and lifetime pension…

Mental health and retirement savings: Confounding issues with compounding interest.

PubMed

Bogan, Vicki L; Fertig, Angela R

2018-02-01

The questionable ability of the U.S. pension system to provide for the growing elderly population combined with the rising number of people affected by depression and other mental health issues magnifies the need to understand how these household characteristics affect retirement. Mental health problems have a large and significant negative effect on retirement savings. Specifically, psychological distress is associated with decreasing the probability of holding retirement accounts by as much as 24 percentage points and decreasing retirement savings as a share of financial assets by as much as 67 percentage points. The magnitude of these effects underscores the importance of employer management policy and government regulation of these accounts to help ensure households have adequate retirement savings. Copyright © 2017 John Wiley & Sons, Ltd.

DEFINED CONTRIBUTION PLANS, DEFINED BENEFIT PLANS, AND THE ACCUMULATION OF RETIREMENT WEALTH

PubMed Central

Poterba, James; Rauh, Joshua; Venti, Steven; Wise, David

2010-01-01

The private pension structure in the United States, once dominated by defined benefit (DB) plans, is currently divided between defined contribution (DC) and DB plans. Wealth accumulation in DC plans depends on the participant's contribution behavior and on financial market returns, while accumulation in DB plans is sensitive to a participant's labor market experience and to plan parameters. This paper simulates the distribution of retirement wealth under representative DB and DC plans. It uses data from the Health and Retirement Study (HRS) to explore how asset returns, earnings histories, and retirement plan characteristics contribute to the variation in retirement wealth outcomes. We simulate DC plan accumulation by randomly assigning individuals a share of wages that they and their employer contribute to the plan. We consider several possible asset allocation strategies, with asset returns drawn from the historical return distribution. Our DB plan simulations draw earnings histories from the HRS, and randomly assign each individual a pension plan drawn from a sample of large private and public defined benefit plans. The simulations yield distributions of both DC and DB wealth at retirement. Average retirement wealth accruals under current DC plans exceed average accruals under private sector DB plans, although DC plans are also more likely to generate very low retirement wealth outcomes. The comparison of current DC plans with more generous public sector DB plans is less definitive, because public sector DB plans are more generous on average than their private sector counterparts. PMID:21057597

Early retirement and the influence on healthcare budgets and insurance premiums in a diabetes population.

PubMed

Walzer, Stefan

2007-01-01

To contribute to current discussions about budget impact modeling, two different approaches for the impact of a new pharmaceutical product were analyzed: firstly considering the impact on annual healthcare expenditures only, and secondly additional inclusion of lost insurance premiums due to possible early retirement in patients with chronic diseases. The dynamic model calculates the budget impact from two different perspectives: (a) the impact on healthcare expenditures and (b) on expenditures as well as on health insurance revenues due to premiums. The latter approach could especially be useful for patients with chronic diseases who have higher probabilities of early retirement. Early retirement rates and indirect costs were derived from published data. Healthcare premiums were calculated based on an average premium and a mean income. Epidemiological input data were obtained from the literature. Time horizon was 10 years. Results in terms of reimbursement decisions of the budget impact analysis varied depending on the assumptions made for the insurance premiums, costs, and early retirement rate. Sensitivity analyses revealed that in extreme cases the decision for accepting a new pharmaceutical product would probably be negative using approach (a), but positive using approach (b). Depending on the disease and population of interest in a budget impact analysis, not only the healthcare expenditures for a health insurance have to be considered but also the revenue side for an insurance due to retirement should be included.

[Resources of person psychological security depending on the employment status of a pensioner.

PubMed

Krasnyanskaya, T M; Tylets, V G

2018-01-01

200 pensioners aged of 55 to 65 years differing in employment status (working or resting) after retirement age and character of his choice (voluntary or forced) were surveyed. The content and the structure of the resources of the pensioners' personality, of external determinants of the choice of their employment status, the connection of the external determinants of the choice of employment status and the resources of psychological security of the pensioners' personality were analyzed. The psychological resources consist of development and protection resources, proving the priority of resources security of the pensioners' person. The significance of resource development for working pensioners and the protection resources for real pensioners is established. The level of psychological safety of the personality of pensioners is determined by a combination of nature and voluntary choice of employment status. The choice of employment status depends on a complex assessment of macro-, meso- and microaspects of life. The self-estimation of the development resources is prioritized to save a pensioner work activities.

26 CFR 1.408-3 - Individual retirement annuities.

Code of Federal Regulations, 2010 CFR

2010-04-01

... merely because it provides for waiver of premium on disability. An individual retirement annuity contract... contract is not a taxable event. Distributions under the contract are includible in gross income in...) Annual premium. Except in the case of a contribution to a simplified employee pension described in...

TIAA-CREF Moves Beyond Its Base in Pensions.

ERIC Educational Resources Information Center

Strosnider, Kim

1998-01-01

Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), the largest pension system in the country, has lost its tax exemption, a change that has both created problems and opened doors to new ventures. TIAA-CREF is now seeking opportunities to manage state tuition-savings plans, and has also established six…

Retirement plan participation and features and standard of living of Americans 55 or older.

PubMed

Copeland, Craig

2002-08-01

This Issue Brief is the third in a series of Employee Benefit Research Institute (EBRI) publications based on data collected in 1998 and released in 2002 as the Retirement and Pension Plan Coverage Topical Module of the 1996 Survey of Income and Program Participation (SIPP). This report completes the series by examining the survey's more detailed questions concerning workers' employment-based retirement plans. Specifically, it examines the percentage of workers who are participating in a plan, and also workers' reasons for not participating in a plan when working in a job where a plan is sponsored; the features of, or decisions made concerning salary reduction plans; historical participation in employment-based retirement plans; and a comparison of the standard of living of individuals age 55 or older with their living standard in their early 50s. As of June 1998, 64.3 percent of wage and salary workers age 16 or older worked for an employer or union that sponsored any type of retirement plan (defined contribution or defined benefit) for any of its employees or members (the "sponsorship rate"). Almost 47 percent of these wage and salary workers participated in a plan (the "participation rate"), with 43.2 percent being entitled to a benefit or eligible to receive a lump-sum distribution from a plan if their job terminated at the time of survey (the "vested rate"). The predominant reason for choosing not to participate in a retirement plan was that doing so was unaffordable. The eligible participation rate for salary reduction plans was 81.4 percent. Fifty-six percent of all workers have participated in some type of retirement plan sometime during their work life through 1998. For those ages 51-60, almost 72 percent have ever participated in a plan. The median account balance in salary reduction plans in 1998 was $14,000. In 1998, 12.9 percent of salary reduction plan participants eligible to take a loan had done so, and the average outstanding loan balance was $5

38 CFR 3.750 - Entitlement to concurrent receipt of military retired pay and disability compensation.

Code of Federal Regulations, 2010 CFR

2010-07-01

... disability compensation. (a) Definition of military retired pay. For the purposes of this part, military... compensation. A veteran may reelect between benefits covered by this section at any time by submitting a... receipt of military retired pay and disability compensation. 3.750 Section 3.750 Pensions, Bonuses, and...

Quality of work, well-being, and intended early retirement of older employees: baseline results from the SHARE Study.

PubMed

Siegrist, Johannes; Wahrendorf, Morten; von dem Knesebeck, Olaf; Jürges, Hendrik; Börsch-Supan, Axel

2007-02-01

Given the challenge of a high proportion of older employees who retire early from work we analyse associations of indicators of a poor psychosocial quality of work with intended premature departure from work in a large sample of older male and female employees in 10 European countries. Baseline data from the 'Survey of Health, Ageing and Retirement in Europe' (SHARE) were obtained from 3523 men and 3318 women in 10 European countries. Data on intended early retirement, four measures of well-being (self-rated health, depressive symptoms, general symptom load, and quality of life), and quality of work (effort-reward imbalance; low control at work) were obtained from structured interviews and questionnaires. Country-specific and total samples are analysed, using logistic regression analysis. Poor quality of work is significantly associated with intended early retirement. After adjustment for well-being odds ratios (OR) of effort-reward imbalance [OR 1.72 (1.43-2.08)] and low control at work [OR 1.51 (1.27-1.80)] on intended early retirement are observed. Poor quality of work and reduced well-being are independently associated with the intention to retire from work. The consistent association of a poor psychosocial quality of work with intended early retirement among older employees across all European countries under study calls for improved investments into better quality of work, in particular increased control and an appropriate balance between efforts spent and rewards received at work.

Retirement and death in office of U.S. Supreme Court justices.

PubMed

Stolzenberg, Ross M; Lindgren, James

2010-05-01

We construct demographic models of retirement and death in office of U.S. Supreme Court justices, a group that has gained demographic notice, evaded demographic analysis, and is said to diverge from expected retirement patterns. Models build on prior multistate labor force status studies, and data permit an unusually clear distinction between voluntary and "induced" retirement. Using data on every justice from 1789 through 2006, with robust, cluster-corrected, discrete-time, censored, event-history methods, we (1) estimate retirement effects of pension eligibility, age, health, and tenure on the timing of justices' retirements and deaths in office, (2) resolve decades of debate over the politicized departure hypothesis that justices tend to alter the timing of their retirements for the political benefit or detriment of the incumbent president, (3) reconsider the nature of rationality in retirement decisions, and (4) consider the relevance of organizational conditions as well as personal circumstances to retirement decisions. Methodological issues are addressed.

Retirement and Death in Office of U.S. Supreme Court Justices

PubMed Central

STOLZENBERG, ROSS M.; LINDGREN, JAMES

2010-01-01

We construct demographic models of retirement and death in office of U.S. Supreme Court justices, a group that has gained demographic notice, evaded demographic analysis, and is said to diverge from expected retirement patterns. Models build on prior multistate labor force status studies, and data permit an unusually clear distinction between voluntary and “induced” retirement. Using data on every justice from 1789 through 2006, with robust, cluster-corrected, discrete-time, censored, event-history methods, we (1) estimate retirement effects of pension eligibility, age, health, and tenure on the timing of justices’ retirements and deaths in office, (2) resolve decades of debate over the politicized departure hypothesis that justices tend to alter the timing of their retirements for the political benefit or detriment of the incumbent president, (3) reconsider the nature of rationality in retirement decisions, and (4) consider the relevance of organizational conditions as well as personal circumstances to retirement decisions. Methodological issues are addressed. PMID:20608097

The Mental and Physical Health Consequences of Changes in Private Insurance Before and After Early Retirement

PubMed Central

2016-01-01

Objectives. This study evaluated the impact of private insurance coverage on the symptoms of depression, activities of daily living (ADLs), and instrumental activities of daily living (IADLs) in the years leading up to Medicare eligibility focusing on the transition from full-time work to early full retirement. Method. The Health and Retirement Study was used to (a) estimate 2-stage selection equations of (i) the transition to retirement and (ii) current insurance status, and (b) the impact of insurance coverage on health, net of endogeneity associated retirement and insurance coverage. Results. Employment-based insurance coverage was generally associated with better health. Moreover, being without employment-based insurance was particularly problematic during the transition to retirement. Non-group insurance only moderated the association between losing employment-based insurance and IADLs. Discussion. Results indicated that private insurance coverage is an important contextual factor for the health of early retirees. Those who maintain steady coverage tend to fare the best in retirement. This highlights the dynamic nature of changes in health in later life. PMID:25819976

Organizational change, psychosocial work environment, and non-disability early retirement: a prospective study among senior public employees.

PubMed

Breinegaard, Nina; Jensen, Johan Høy; Bonde, Jens Peter

2017-05-01

Objective This study examines the impact of organizational change and psychosocial work environment on non-disability early retirement among senior public service employees. Methods In January and February 2011, Danish senior public service employees aged 58-64 years (N=3254) from the Capital Region of Denmark responded to a survey assessing psychosocial work environment (ie, social capital, organizational justice, and quality of management). Work-unit organizational changes (ie, change of management, merging, demerging, and relocation) were recorded from January 2009 to March 2011. Weekly data on non-disability early retirement transfer were obtained from the DREAM register database, which holds weekly information about all public benefit payments in Denmark. Hazard ratios (HR) for early retirement following employees' 60 th birthday were estimated with Cox regression adjusted for age, gender, and socioeconomic status. Results Exposure to change of management [HR 1.37, 95% confidence interval (95% CI) 1.13-1.66], mergers (HR 1.23, 95% CI 1.02-1.48), and relocation of work unit (HR 1.24, 95% CI 1.01-1.54) increased rate of non-disability early retirement, while demerging of work unit did not (HR 1.03, 95% CI 0.79-1.33). Work units with lower levels of social capital (HR 1.22, 95% CI 1.05-1.41), organizational justice, (HR 1.18, 95% CI 1.04-1.32), and quality of management (HR 1.14, 95% CI 1.02-1.25) increased rate of early retirement. Conclusion Organizational change and poor psychosocial work environment contribute to non-disability early retirement among senior public service employees, measured at work-unit level.

Data sets on pensions and health: Data collection and sharing for policy design

PubMed Central

Lee, Jinkook

2015-01-01

A growing number of countries are developing or reforming pension and health policies in response to population ageing and to enhance the welfare of their citizens. The adoption of different policies by different countries has resulted in several natural experiments. These offer unusual opportunities to examine the effects of varying policies on health and retirement, individual and family behaviour, and well-being. Realizing these opportunities requires harmonized data-collection efforts. An increasing number of countries have agreed to provide data harmonized with the Health and Retirement Study in the United States. This article discusses these data sets, including their key parameters of pension and health status, research designs, samples, and response rates. It also discusses the opportunities they offer for cross-national studies and their implications for policy evaluation and development. PMID:26229178

Academic productivity after retirement in pediatric neurology and neuropathology.

PubMed

Sarnat, Harvey B

2018-05-25

Many academic neurologists and neuropathologists who retire at the peak of their careers continue to be productive in research and teaching, enhanced by years of experience and mature perspective. The early 20th-century model of institutions depending upon the generosity of such individuals to donate their time and efforts without proper recognition or compensation, despite the service, prestige, and recognition they bring to their institutions, should be reconsidered in the early 21st century in the context of fairness, honesty, dignity, and increased longevity. University pensions do not distinguish retirees who continue to contribute from those who stop working. This essay represents the author's personal reflections and experience, reinforced by similar thoughts and encouragement by numerous distinguished colleagues named at the end of the text. Funding of stipends for active emeritus professors lacks precedent but should be sought. © 2018 American Academy of Neurology.

Associations of SF-36 mental health functioning and work and family related factors with intentions to retire early among employees.

PubMed

Harkonmäki, K; Rahkonen, O; Martikainen, P; Silventoinen, K; Lahelma, E

2006-08-01

To examine the associations of mental health functioning (SF-36) and work and family related psychosocial factors with intentions to retire early. Cross sectional survey data (n = 5037) from the Helsinki Health Study occupational cohort in 2001 and 2002 were used. Intentions to retire early were inquired with a question: "Have you considered retiring before normal retirement age?" Mental health functioning was measured by the Short Form 36 (SF-36) mental component summary (MCS). Work and family related psychosocial factors included job demands and job control, procedural and relational justice, conflicts between work and family, and social network size. Multinomial regression models were used to analyse the data. Poor mental health functioning, unfavourable psychosocial working conditions, and conflicts between work and family were individually related to intentions to retire early. After adjustments for all work and family related factors the odds ratio for low mental health functioning was halved (from OR = 6.05 to 3.67), but nevertheless the association between poor mental health functioning and strong intentions to retire early remained strong. These findings highlight not only the importance of low mental health and unfavourable working conditions but also the simultaneous impact of conflicts between work and family to employees' intentions to retire early.

Firefighter heart presumption retirements in Massachusetts 1997-2004.

PubMed

Holder, Jonathan D; Stallings, Leonard A; Peeples, Lynne; Burress, John W; Kales, Stefanos N

2006-10-01

"Heart Presumption" legislation is common throughout North America. We sought to study Massachusetts firefighters retiring with heart disability awards. The authors conducted a retrospective review of Massachusetts firefighters: 362 receiving Heart Presumption pensions (1997-2004) and a comparison group of 310 professionally active firefighters. Of retirements, 77% were due to coronary heart disease and 23% for other cardiovascular conditions. Only 42% of the retirements were related to discrete on-duty events. Fire suppression (odds ratio = 51, 95% confidence interval = 12-223) and alarm response (odds ratio = 6.4, 95% confidence interval = 2.5-17) were associated with markedly higher risks of duty-related heart retirement events than nonemergency activities. Cardiovascular risk factor prevalence was high among all retiree subgroups and significantly greater than among control firefighters in almost all cases. Our study supports calls for improved cardiovascular prevention and risk reduction strategies among firefighters.

"But the Pension Fund Was Just "SITTING" There...": The Politics of Teacher Retirement Plans

ERIC Educational Resources Information Center

Hess, Frederick M.; Squire, Juliet P.

2010-01-01

The tension at the heart of pension politics is the incentive to satisfy today's claimants in the here and now at the expense of long-term concerns. Teacher pensions, in particular, pose two challenges. The first is that political incentives invite irresponsible fiscal stewardship, as public officials make outsized short-term commitments to…

Disability pension from back pain among social security beneficiaries, Brazil.

PubMed

Meziat Filho, Ney; Silva, Gulnar Azevedo E

2011-06-01

To describe disability pension from back pain. Descriptive study based on data from the Brazilian Social Security Beneficiary Database and the Social Security Statistics Annual Report in 2007. The incidence rate of disability pension from back pain was estimated according to gender and age by Brazilian states. There were also estimated working days lost due to back pain disability by occupation. Idiopathic back pain was the most common cause of disability among social security pension and accidental retirement. Most pensioners were living in urban areas and were commercial workers. The rate of disability pension from back pain in Brazil was 29.96 per 100,000 beneficiaries. A higher rate was seen among males and older individuals. Rondônia showed the highest rate, four times as high as expected (RR= 4.05) followed by Bahia with a rate about twice as high as expected (RR=2.07). Commercial workers accounted for 96.9% of working days lost due to disability. Back pain was a major cause of disability in 2007 mostly among commercial workers showing great differences between the Brazilian states.

Pension Plan Types and Financial Literacy in Later Life.

PubMed

Li, Yang; Burr, Jeffrey A; Miller, Edward Alan

2017-09-09

The ongoing shift from defined benefit (DB) to defined contribution (DC) pension plans means that middle-aged and older adults are increasingly being called upon to manage their own fiscal security in retirement. Yet, half of older Americans are financially illiterate, lacking the knowledge and skills to manage financial resources. This study investigates whether pension plan types are associated with varying levels of financial literacy among older Americans. Cross-sectional analyses of the 2010 Health and Retirement Study (HRS) (n = 1,281) using logistic and linear regression models were employed to investigate the association between different pension plans and multiple indicators of financial literacy. The potential moderating effect of gender was also examined. Respondents with DC plans, with or without additional DB plans, were more likely to correctly answer various financial literacy questions, in comparison with respondents with DB plans only. Men with both DC and DB plans scored significantly higher on the financial literacy index than women with both types of plans, relative to respondents with DB plans only. Middle-aged and older adults, who are incentivized by participation in DC plans to manage financial resources and decide where to invest pension funds, tend to self-educate to improve financial knowledge and skills, thereby resulting in greater financial literacy. This finding suggests that traditional financial education programs may not be the only means of achieving financial literacy. Further consideration should be given to providing older adults with continued, long-term exposure to financial decision-making opportunities. © The Author 2017. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Emergence of the notion of retirement in rural China. The case of rural districts of Shanghai.

PubMed

Shih-Jiunn, Shi

2008-10-01

Since the outset of the reform process in 1978, rural China has been undergoing fundamental changes in the relationships between the state, society and individuals. Social policy, including pension policy for rural residents, is an essential factor in this transformation process which has influenced the life chances of many peasants. This paper deals with the relationship between social policy and individual life courses in the case of Shanghai's rural pension policy. It integrates the theoretical insights from life course research to emphasise the close relationship between the state welfare and the institutionalisation of the life course. By analysing biographical interviews conducted in rural Shanghai, this article has identified the changing nature of welfare mix in rural old-age security as well as the emergence of the notion of retirement among the peasants in rural Shanghai. The introduction of the innovative rural pension policy has given rise to the rudimentary emergence of a modern life course, in the contour of a temporal partition between work and retirement. However, diverse local subsidies and individual household situations have led to different perceptions and biographical orientations of the peasants with respect to their old-age security and retirement.

Flexible work schedules, older workers, and retirement.

PubMed

Siegenthaler, J K; Brenner, A M

2000-01-01

Older workers in the United States indicate that they would prefer flexible work arrangements rather than abrupt retirement, yet management has done very little to make this possible. A review of two bodies of literature from the late 1980s is presented: social science writings including sociological, gerontological, and economic literature, and business and management literature. There is a clash between the way jobs are traditionally scheduled and the needs of growing numbers of older workers. Workers continue to be subject to obstacles to phased retirement due to the structuring of health care and pension benefits, downsizing, organizational inflexibility, and "corporate culture." Thus, general views among social scientists regarding the desirability of flexible schedules toward retirement will not produce real changes unless management becomes committed to such changes and they are securely embedded in company policies.

POLICY VARIATION, LABOR SUPPLY ELASTICITIES, AND A STRUCTURAL MODEL OF RETIREMENT

PubMed Central

MANOLI, DAY; MULLEN, KATHLEEN J.; WAGNER, MATHIS

2015-01-01

This paper exploits a combination of policy variation from multiple pension reforms in Austria and administrative data from the Austrian Social Security Database. Using the policy changes for identification, we estimate social security wealth and accrual elasticities in individuals’ retirement decisions. Next, we use these elasticities to estimate a dynamic programming model of retirement decisions. Finally, we use the estimated model to examine the labor supply and welfare consequences of potential social security reforms. PMID:26472916

Ontario Universities Benefits Survey, 1990-91: Part I, Benefits Excluding Pensions.

ERIC Educational Resources Information Center

Council of Ontario Universities, Toronto.

The report details, in tabular form, non-pension benefits offered by each of 17 Ontario universities. These include: supplementary health insurance; long term disability; sick leave entitlement; sick leave-benefits continuance; long term disability-benefits continuance; life insurance; survivor benefit; dental plan; post-retirement benefits;…

Behavioral economics perspectives on public sector pension plans.

PubMed

Beshears, John; Choi, James J; Laibson, David; Madrian, Brigitte C

2011-04-01

We describe the pension plan features of the states and the largest cities and counties in the U.S. Unlike in the private sector, defined benefit (DB) pensions are still the norm in the public sector. However, a few jurisdictions have shifted toward defined contribution (DC) plans as their primary savings plan, and fiscal pressures are likely to generate more movement in this direction. Holding fixed a public employee's work and salary history, we show that DB retirement income replacement ratios vary greatly across jurisdictions. This creates large variation in workers' need to save for retirement in other accounts. There is also substantial heterogeneity across jurisdictions in the savings generated in primary DC plans because of differences in the level of mandatory employer and employee contributions. One notable difference between public and private sector DC plans is that public sector primary DC plans are characterized by required employee or employer contributions (or both), whereas private sector plans largely feature voluntary employee contributions that are supplemented by an employer match. We conclude by applying lessons from savings behavior in private sector savings plans to the design of public sector plans.

Behavioral economics perspectives on public sector pension plans

PubMed Central

BESHEARS, JOHN; CHOI, JAMES J.; LAIBSON, DAVID; MADRIAN, BRIGITTE C.

2011-01-01

We describe the pension plan features of the states and the largest cities and counties in the U.S. Unlike in the private sector, defined benefit (DB) pensions are still the norm in the public sector. However, a few jurisdictions have shifted toward defined contribution (DC) plans as their primary savings plan, and fiscal pressures are likely to generate more movement in this direction. Holding fixed a public employee’s work and salary history, we show that DB retirement income replacement ratios vary greatly across jurisdictions. This creates large variation in workers’ need to save for retirement in other accounts. There is also substantial heterogeneity across jurisdictions in the savings generated in primary DC plans because of differences in the level of mandatory employer and employee contributions. One notable difference between public and private sector DC plans is that public sector primary DC plans are characterized by required employee or employer contributions (or both), whereas private sector plans largely feature voluntary employee contributions that are supplemented by an employer match. We conclude by applying lessons from savings behavior in private sector savings plans to the design of public sector plans. PMID:21789032

State and local retirement plans: innovation and renovation.

PubMed

Rajnes, D

2001-07-01

This Special Report/Issue Brief examines the universe of state and local retirement plans. It describes how these plans have developed and continue to evolve in a number of areas, including plan features, regulatory framework, governance, and asset management. While these retirement programs differ in many respects from private-sector plans, the disparity in some areas has narrowed. This report also includes a discussion of trends and the underlying forces for change. Public-sector retirement programs provide an important source of pension coverage in the United States, and are a significant part of the total retirement market: Combined public-sector retirement assets (state, local, and federal governments) comprised 29 percent of the $11.2 trillion U.S. retirement market in 1998. State and local plans are dominant in the public-sector retirement market, holding $2.7 trillion in assets, compared with $696 billion held by federal plans (both military and civilian). More than 16 million individuals are employed by state and local jurisdictions in the United States. State and local retirement plans share certain common features because of the environment in which they operate. Legal statutes, governance, and tradition all play a role in defining what is sometimes referred to as a "public-sector culture." Despite common features, there is considerable diversity among public-sector retirement plans. To attract and retain a skilled work force, public-sector employers have increased their use of defined contribution (DC) plans to supplement defined benefit (DB) plans (or, to a lesser extent, replace or serve as an alternative to them) and improve cost-of-living adjustments. At the same time, a combined federal-state regulatory framework has encouraged certain plan design features, unavailable in the private sector, which include multiple tiers for successive generations of employees in a single plan and different strategies to increase portability. State and local

26 CFR 1.405-3 - Taxation of retirement bonds.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 26 Internal Revenue 5 2011-04-01 2011-04-01 false Taxation of retirement bonds. 1.405-3 Section 1.405-3 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Pension, Profit-Sharing, Stock Bonus Plans, Etc. § 1.405-3 Taxation of...

Trouble Brewing: The Disaster of California State Pensions. State Research

ERIC Educational Resources Information Center

Buck, Stuart

2010-01-01

California has promised its public employees lavish pensions and retiree health benefits without setting aside nearly enough money to pay for those benefits. As a result, California already admits to a $75.5 billion shortfall in paying for these promises to public employees--$40.5 billion for the teachers' retirement plan (California State…

5 CFR 831.114 - Voluntary early retirement-substantial delayering, reorganization, reduction in force, transfer...

Code of Federal Regulations, 2010 CFR

2010-01-01

... voluntary early retirement authority must be signed by the head of the agency or by a specific designee. (c... to be accepted may be announced to a different group of employees as long as they are covered by the... retirement offer; and (2) Meets the following conditions which are covered in 5 U.S.C. 8336(d)(2): (i) Has...

5 CFR 831.114 - Voluntary early retirement-substantial delayering, reorganization, reduction in force, transfer...

Code of Federal Regulations, 2011 CFR

2011-01-01

... voluntary early retirement authority must be signed by the head of the agency or by a specific designee. (c... to be accepted may be announced to a different group of employees as long as they are covered by the... retirement offer; and (2) Meets the following conditions which are covered in 5 U.S.C. 8336(d)(2): (i) Has...

A Pension Giant Reinvents Itself To Adapt to a Changing Market.

ERIC Educational Resources Information Center

Pulley, John L.

2000-01-01

Reports on changes at the Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), the dominant force in the higher education pension market, to counter declining investment by younger professors. Changes include addition of retail mutual funds and making some products available to the general public. Critics…

Pension reforms in Hong Kong: using residual and collaborative strategies to deal with the government's financial responsibility in providing retirement protection.

PubMed

Yu, Sam Wai-Kam

2008-01-01

In 2000, the Hong Kong government introduced the first compulsory retirement saving scheme intended to protect the entire workforce, the Mandatory Provident Fund (MPF). Prior to the introduction of this scheme, the government's main measure for giving financial protection to retirees was the Comprehensive Social Security Assistance (CSSA) scheme, which is a noncontributory, means-tested financial assistance scheme. This paper studies the government's attempt to introduce the MPF on top of the CSSA scheme as a means to illustrate how governments might address their financial responsibilities in providing pension schemes by adopting both the residual strategy-centered reform approach and the collaborative strategy-centered reform approach. The former approach is concerned with developing noncontributory schemes using residual strategies, and the latter is concerned with developing contributory schemes using collaborative strategies. The paper shows the difficulties involved in carrying out these two reform approaches simultaneously.

Peaks, Cliffs, and Valleys: The Peculiar Incentives in Teacher Retirement Systems and Their Consequences for School Staffing

ERIC Educational Resources Information Center

Costrell, Robert M.; Podgursky, Michael

2009-01-01

This article examines the pattern of incentives for work versus retirement in six state teacher pension systems. We do this by examining the annual accrual of pension wealth from an additional year of work over a teacher's career. Accrual of wealth is highly nonlinear and heavily loaded at arbitrary years that would normally be considered…

Equity Implications of Methods of Funding State Teachers' Retirement Systems. Working Paper in Education Finance No. 30.

ERIC Educational Resources Information Center

Wendling, Wayne

Current methods of funding teachers' retirement systems, which base pensions on final salaries, are inequitable because they are not related to school districts' ability to pay and because they require some teachers to subsidize others. A five-state survey shows it is common for pensions to be funded by school districts and teachers, sometimes…

Golden Peaks and Perilous Cliffs: Rethinking Ohio's Teacher Pension System

ERIC Educational Resources Information Center

Costrell, Robert M.; Podgursky, Michael

2007-01-01

In response to a journalist inquiry regarding research on funding of Ohio's teacher retirement system and its effect on school district finances, this analysis by the Thomas B. Fordham Institute points to serious questions and profound concerns about the health of Ohio's teacher pension system, and that similar time bombs may be ticking in other…

Legal Limitations on Public Pension Plan Reform. Conference Paper 2009-08

ERIC Educational Resources Information Center

Monahan, Amy B.

2009-01-01

There is significant interest in reforming retirement plans for public school employees, particularly in light of current market conditions. This paper presents an overview of the various types of state regulation of public pension plans that affect possibilities for reform. Several states have legal protections that effectively prevent a state…

Hearing impairment and retirement.

PubMed

Fischer, Mary E; Cruickshanks, Karen J; Pinto, Alex; Klein, Barbara E K; Klein, Ronald; Dalton, Dayna S

2014-02-01

Many factors influence the decision to retire including age, insurance, and pension availability along with physical and mental health. Hearing impairment may be one such factor. The purpose of this study was to compare the 15 yr retirement rate among subjects with and without hearing impairment. Prospective, population-based study. Subjects were participants in the Epidemiology of Hearing Loss Study (EHLS), a longitudinal investigation of age-related hearing loss. Participants who were working full- or part-time in 1993-1995 were included (n = 1410, mean age = 57.8 yr). Data from four EHLS phases (1993-1995, 1998-2000, 2003-2005, and 2009-2010) were analyzed in 2010-2012. Hearing impairment was defined as a pure tone threshold average (at 0.5, 1, 2, and 4 kHz) greater than 25 dB HL in the worse ear. Employment status was determined at each of the four phases. Kaplan-Meier estimates of the cumulative incidence of retirement were calculated, and Cox discrete-time modeling was used to determine the effect of hearing impairment on the rate of retirement. The cumulative incidence of retirement was significantly (p < 0.02) higher in those with a hearing impairment (77%) compared to those without a hearing impairment (74%). After adjustment for age, gender, self-reported health, and history of chronic disease, there was no significant difference in the rate of retirement between those with and without a hearing impairment (hazard ratio [HR] = 0.9, 95% confidence interval (CI) = 0.7, 1.1). Similar results were observed when hearing aid users were excluded, when hearing impairment was based on the better ear thresholds, and when analyses were restricted to those under 65 yr of age and working full-time at baseline. Participants with a hearing impairment were less likely to state that the main reason for retirement was that the time seemed right. Hearing impairment was found to be associated with a higher rate of retirement, but the association was not independent of the

Comparison the effects of poor health and low income on early retirement: a systematic review and meta-analysis

PubMed Central

HOMAIE RAD, Enayatollah; RASHIDIAN, Arash; ARAB, Mohamad; SOURI, Ali

2017-01-01

The main aim of this study was to estimate the effects of poor health and low income on early retirement. For this purpose systematic review and meta-analysis were conducted. Web of Science, PUBMED and Scopus databases were searched systematically. Finally 17 surveys were added in meta-analysis. These studies were conducted in 13 countries. At the end a Meta regression was done to show the effects of welfare system type on effect sizes of poor health and low income. The results of this study showed that poor health had effect on the risk of early retirement. (Poor health pooled effect sizes: 1.279 CI: (1.15 1.41), low income pooled effect sizes: 1.042 CI: (0.92 1.17), (poor health pooled marginal effects: 0.046 CI: (−0.03 0.12), low income pooled marginal effects: −0.002 CI: (−0.003 0.000). The results of this study showed that association between poor health and early retirement was stronger in comparison with low income and early retirement. PMID:28484145

Comparison the effects of poor health and low income on early retirement: a systematic review and meta-analysis.

PubMed

Homaie Rad, Enayatollah; Rashidian, Arash; Arab, Mohamad; Souri, Ali

2017-08-08

The main aim of this study was to estimate the effects of poor health and low income on early retirement. For this purpose systematic review and meta-analysis were conducted. Web of Science, PUBMED and Scopus databases were searched systematically. Finally 17 surveys were added in meta-analysis. These studies were conducted in 13 countries. At the end a Meta regression was done to show the effects of welfare system type on effect sizes of poor health and low income. The results of this study showed that poor health had effect on the risk of early retirement. (Poor health pooled effect sizes: 1.279 CI: (1.15 1.41), low income pooled effect sizes: 1.042 CI: (0.92 1.17), (poor health pooled marginal effects: 0.046 CI: (-0.03 0.12), low income pooled marginal effects: -0.002 CI: (-0.003 0.000). The results of this study showed that association between poor health and early retirement was stronger in comparison with low income and early retirement.

The Role of Institutions and Health in European Patterns of Work and Retirement

PubMed Central

Börsch-Supan, Axel; Brugiavini, Agar; Croda, Enrica

2010-01-01

This paper uses the Survey of Health, Ageing and Retirement in Europe (SHARE) to investigate the role of pension and social security institutions in shaping the European patterns of work and retirement. The key novelty of our paper is a careful account of the health status of the respondents. We provide new evidence on the extent of health-adjusted “unused capacity” in the labour force, on the institutional determinants of the pathways to retirement, and on the relationship between actual health status and disability-benefit recipiency. We find that institutional differences between countries explain much of the cross-national differences in work and retirement, while differences in health and demographics play only a minor role. PMID:20428466

Retirement and relevant contemplation.

PubMed

Khan, H U; Latif, S A

2010-01-01

Retirement literally means withdrawing from the service. The retirement age varies from country to country, generally between 55 and 70 years. There are many effects of retirement upon retirees. The physical and mental health may be disrupted or decline or may remain unaffected. Early retirement have an increased mortality than those who retired lately. Mandatory retirement is applicable to certain occupation like military personnel and airline pilot. Life after retirement from service may have many options like retired community, charities, tourism, and care for grand children or devote to a hobby or sports. The responsibilities of the Government, family and society are the key for the betterment of retired persons. Staying healthy, maintaining social support, spiritual life, good finance and making daily routine prevent stress after retirement.

Working while on a disability pension in Finland: Association of diagnosis and financial factors to employment.

PubMed

Polvinen, Anu; Laaksonen, Mikko; Rantala, Juha; Hietaniemi, Marjukka; Kannisto, Jari; Kuivalainen, Susan

2018-02-01

The aim of this study was to find out whether health and financial factors are associated with engagement in paid work during a disability pension. The data included a 10 per cent sample of Finns aged 20-62 years who were drawing earnings-related full or partial disability pension in 2012 ( n = 14,418). Logistic regression analysis was used to estimate odds ratios for working while on a full or partial disability pension. Fourteen per cent of full disability pensioners and 76 per cent of partial disability pensioners were engaged in paid work. Full disability pensioners due to mental disorders were working less often than full disability pensioners due to other diseases. Partial disability pensioners due to cardiovascular diseases were working more than partial disability pensioners due to other diseases. More recent timing of disability pension was associated with working for both partial and full disability pensioners. Working while on disability pension was more common among those with higher education. Partial disability pensioners with average pension worked more often than those with high pension. By knowing the factors associated with working while on a disability pension, policies could be more efficiently allocated to encourage disability pensioners to take up work. One way would be to support disability pensioners with low education to work more. Another way to increase work among disability pensioners is to support the recently retired in working longer.

Who Foregoes Survivor Protection in Employer-Sponsored Pension Annuities? (Brief Article)

ERIC Educational Resources Information Center

Johnson, Richard W.; Uccello, Cori E.; Goldwyn, Joshua H.

2005-01-01

Purpose: Retirees in traditional pension plans must generally choose between single life annuities, which provide regular payments until death, and joint and survivor annuities, which pay less each month but continue to make payments to the spouse after the death of the retired worker. This article examines the payout decision and measures the…

Return to work after ill-health retirement in Scottish NHS staff and teachers.

PubMed

Brown, Judith; Gilmour, W Harper; Macdonald, Ewan B

2006-10-01

Most major public and private sector pension schemes have provision for ill-health retirement (IHR) for those who become too ill to continue to work before their normal retirement age. To compare the causes, process and outcomes of IHR in teachers and National Health Service (NHS) staff in Scotland. A total of 537 teachers and 863 NHS staff who retired due to ill-health between April 1998 and March 2000 were mailed an IHR questionnaire by the Scottish Public Pensions Agency. The response rate for teachers was 53% and for NHS staff 49%. The most common cause of IHR was musculoskeletal disorders for NHS staff and mental disorders for teachers. Teachers retired at a younger average age than NHS staff. Ninety-two per cent of NHS staff but only 11% of teachers attended occupational health services (OHS) prior to IHR. Eighteen per cent of NHS staff and 9% of teachers were offered part-time work by their current employer in response to their ill-health. Fifteen per cent of NHS staff and 5% of teachers were offered alternative work prior to retirement. Seventeen per cent of NHS staff and 36% of teachers subsequently found employment. Multiple logistic regression analyses showed the following variables as independent predictors of subsequent employment: occupational group, age group, sex, managerial responsibility and cause of IHR. Return to work after IHR suggests that some IHR could be avoided. Teachers had a higher rate of return to work and much less access to OHS.

Local Property Tax Limitations vs. School District Employee Pension Costs in Pennsylvania

ERIC Educational Resources Information Center

Hartman, William T.; Shrom, Timothy J.

2014-01-01

In Pennsylvania as in many other states, employee pension costs are a significant source of financial pressure for school districts (Zeehandelaar and Northern 2013, Pennsylvania Public Employees' Retirement Commission 2013). In order to gain greater insight into the nature of Pennsylvania school districts' financial burden related to pension…

Time for My Life Now: Early Boomer Women's Anticipation of Volunteering in Retirement

ERIC Educational Resources Information Center

Seaman, Patricia M.

2012-01-01

Purpose: This study explored to what extent early Boomer women who work for pay will be interested in and committed to formal volunteering during retirement. Method: Data for this hermeneutic study were gathered through 2 in-depth conversational interviews of 19 English-speaking early Boomer women living in New Brunswick, Canada. Results:…

Early Retirement: A Meta-Analysis of Its Antecedent and Subsequent Correlates

PubMed Central

Topa, Gabriela; Depolo, Marco; Alcover, Carlos-Maria

2018-01-01

Early or voluntary retirement (ER) can be defined as the full exit from an organizational job or career path of long duration, decided by individuals of a certain age at the mid or late career before mandatory retirement age, with the aim of reducing their attachment to work and closing a process of gradual psychological disengagement from working life. Given the swinging movements that characterize employment policies, the potential effects of ER—both for individuals and society—are still controversial. This meta-analysis examined the relationships between ER and its antecedent and subsequent correlates. Our review of the literature was generated with 151 empirical studies, containing a total number of 706,937 participants, with a wide range of sample sizes (from N = 27 to N = 127,384 participants) and 380 independent effect sizes (ESs), which included 171 independent samples. A negligible ES value for antecedent correlates of early retirement (family pull, job stress, job satisfaction, and income) was obtained (which ranged from r = −0.13 to 0.19), while a fair ES was obtained for workplace timing for retirement, organizational pressures, financial security, and poor physical and mental health, (ranging from r = 0.28 to 0.25). Regarding ER subsequent correlates, poor ESs were obtained, ranging from r = 0.08 to 0.18 for the relationships with subsequent correlates, and fair ESs only for social engagement (r = −0.25). Examination of the potential moderator variables has been conducted. Only a reduced percentage of variability of primary studies has been explained by moderators. Although potential moderator factors were examined, there are several unknown or not measurable factors which contribute to ER and about which there are very little data available. The discussion is aimed to offer theoretical and empirical implications suggestion in order to improve employee's well-being. PMID:29354075

Pension coverage among the baby boomers: initial findings from a 1993 survey.

PubMed

Woods, J R

1994-01-01

Using data from a series of supplements to the Current Population Survey, this article presents findings on workers' coverage under employer-sponsored retirement plans in 1993, and recent trends in coverage. The analysis focuses on workers 25-54, a group that includes the baby boom generation. Among all wage and salary workers in this age range (including government employees and part-time workers), 55 percent reported participating in a retirement plan on their current primary jobs, and an additional 3 percent were covered from other jobs. After a modest decline in the early 1980's, the coverage rate has remained essentially unchanged over the past 10 years, and limited data suggest that the baby boomers are doing about as well on pension coverage as older workers at similar points in their careers. Beneath this relative stability in overall coverage, however, at least two important changes have occurred: a significant narrowing of the gender gap in coverage and a shift in types of retirement plans. Increasing numbers of workers are being covered solely by 401(k)-type plans, a development that raises new uncertainties about the form and amount of future benefits. On the other hand, limited data in this study suggest that 401(k) plans may be serving their intended purpose for the majority of workers who have them.

Annuity choices and income drawdown: evidence from the decumulation phase of defined contribution pensions in England.

PubMed

Banks, James; Crawford, Rowena; Tetlow, Gemma

2015-10-01

We provide new empirical evidence on the importance of defined contribution pension wealth in England, and the nature of annuitization decisions taken by older adults who retire with such sources of wealth. Other things equal, financial literacy, and numeracy in particular, are important factors governing individuals' choices over whether to shop around for an annuity as opposed to taking the 'path of least resistance' option and purchasing from their original pension fund provider. This has important policy and welfare implications given that buying an annuity on the open market has significant financial benefits for most people. In the context of the increasing reliance on private provision for retirement, the importance of individuals having the financial literacy to successfully navigate complex financial decisions late in life should not be underestimated.

The Mexican Social Security counterreform: pensions for profit.

PubMed

Laurell, A C

1999-01-01

The social security counterreform, initiated in 1997, forms part of the neoliberal reorganization of Mexican society. The reform implies a profound change in the guiding principles of social security, as the public model based on integrality, solidarity, and redistribution is replaced by a model based on private administration of funds and services, individualization of entitlement, and reduction of rights. Its economic purpose is to move social services and benefits into the direct sphere of private capital accumulation. Although these changes will involve the whole social security system--old-age and disability pensions, health care, child care, and workers' compensation--they are most immediately evident in the pension scheme. The pay-as-you-go scheme is being replaced by privately managed individual retirement accounts which especially favor the big financial groups. These groups are gaining control over huge amounts of capital, are authorized to charge a high commission, and run no financial risks. The privatization of the system requires decisive state intervention with a legal change and a sizable state subsidy (1 to 1.5 percent of GNP) over five decades. The supposed positive impact on economic growth and employment is uncertain. A review of the new law and of the estimates of future annuities reveals shrinking pension coverage and inadequate incomes from pensions.

A Retirement and A Reservation: A Retrospective Autobiography

PubMed Central

Lee, Sok K

2012-01-01

A retirement is a rite of passage that requires careful planning, because it forces a retiree to make a shift in the paradigm in life. For 37 years, I was a healing professional, a breadwinner, and a working spouse. I am now a jobless loner, an inactive pensioner, and a homebound spouse. In this retrospective autobiography, I suggest a few points to help my younger colleagues to better their upcoming retirement: professional, financial, social, and familial. To overcome Erikson's identity crisis, I volunteered to be a wounded healer at Warm Springs Indian Reservation. My volunteer medical service at Warm Springs Indian Reservation was a good antidote to creatively overcome my postretirement blues. PMID:22745621

A retirement and a reservation: a retrospective autobiography.

PubMed

Lee, Sok K

2012-01-01

A retirement is a rite of passage that requires careful planning, because it forces a retiree to make a shift in the paradigm in life. For 37 years, I was a healing professional, a breadwinner, and a working spouse. I am now a jobless loner, an inactive pensioner, and a homebound spouse. In this retrospective autobiography, I suggest a few points to help my younger colleagues to better their upcoming retirement: professional, financial, social, and familial. To overcome Erikson's identity crisis, I volunteered to be a wounded healer at Warm Springs Indian Reservation. My volunteer medical service at Warm Springs Indian Reservation was a good antidote to creatively overcome my postretirement blues.

Financial Planning for Retirement: A Psychosocial Perspective

PubMed Central

Topa, Gabriela; Lunceford, Gregg; Boyatzis, Richard E.

2018-01-01

Retirement is a time of life that has grown ever longer in the developed world, and the number of pensioners has increased accordingly, questioning the strength of Social Security systems and the social safety net in general. Financial Planning for Retirement (FRP) consists of the series of activities involved in the accumulation of wealth to cover needs in the post-retirement stage of life. The negative short-, mid-, and long-term consequences of inadequate Financial Planning for Retirement do not only affect individuals, but also their extended families, homes, eventually producing an unwanted impact on the entire society. The Capacity-Willingness-Opportunity Model has been proposed to understand FPR, combined with Intentional Change Theory, a framework for understanding the process, antecedents and consequences of FPR. From this perspective, we propose this promising model, but there are a large number of variables that have not been included that offer novel ways to deepen our understanding of FPR. A focus on each dimension of the model, the role of age and psychosocial variables associated with demographic indicators such as gender, health status, and migration, allow us to provide a proposal of scientific advancement of FPR. PMID:29416519

Financial Planning for Retirement: A Psychosocial Perspective.

PubMed

Topa, Gabriela; Lunceford, Gregg; Boyatzis, Richard E

2017-01-01

Retirement is a time of life that has grown ever longer in the developed world, and the number of pensioners has increased accordingly, questioning the strength of Social Security systems and the social safety net in general. Financial Planning for Retirement (FRP) consists of the series of activities involved in the accumulation of wealth to cover needs in the post-retirement stage of life. The negative short-, mid-, and long-term consequences of inadequate Financial Planning for Retirement do not only affect individuals, but also their extended families, homes, eventually producing an unwanted impact on the entire society. The Capacity-Willingness-Opportunity Model has been proposed to understand FPR, combined with Intentional Change Theory, a framework for understanding the process, antecedents and consequences of FPR. From this perspective, we propose this promising model, but there are a large number of variables that have not been included that offer novel ways to deepen our understanding of FPR. A focus on each dimension of the model, the role of age and psychosocial variables associated with demographic indicators such as gender, health status, and migration, allow us to provide a proposal of scientific advancement of FPR.

States Facing Fiscal Strain of Pensions: Obligations to Teachers May Outpace Assets

ERIC Educational Resources Information Center

Hoff, David J.

2005-01-01

Although the rules for public-employee pension funds vary, they operate under the same guidelines. Throughout their careers, teachers and other state and local employees contribute portions of their salaries into retirement funds managed by states and municipalities. In almost all cases, the employers also pitch in a percentage of the employees'…

Disability Pensions Among Young Adults in Vocational Rehabilitation.

PubMed

Myhr, Arnhild; Haugan, Tommy; Espnes, Geir A; Lillefjell, Monica

2016-03-01

Lack of work-participation and early disability pensions (DP's) among young adults are increasing public health problems in most western European countries. The present study investigated determinants of early DP in young adults in vocational rehabilitation. Data from 928 young adults (aged 18-40 years) attending a vocational rehabilitation program was linked to DP's recorded in the Norwegian Labor and Welfare Organization registries (1992-2010) and later compared to a group of 65 employees (workers). We used logistic regression to estimate the odds ratio for entitlement to DP following rehabilitation, adjusting for socio-demographical, psychosocial and health-behavior factors. Significant differences in socio-demographical, psychosocial and health-behavior factors were found between the rehabilitation group and workers. A total of 60 individuals (6.5%) were granted a DP during follow-up. Increase in age, teenage parenthood, single status, as well as low education level and not being employed were found to be the strongest independent determinants of DP. Poor social relations (being lone), early childbearing and weak connection to working life contributed to increase in risk of DP's among young adults in vocational rehabilitation, also after adjusting for education level. These findings are important in the prevention of early disability retirements among young adults and should be considered in the development of targeted interventions aimed at individuals particularly at risk of not being integrated into future work lives.

Hearing Impairment and Retirement

PubMed Central

Fischer, Mary E; Cruickshanks, Karen J; Pinto, Alex; Klein, Barbara E K; Klein, Ronald; Dalton, Dayna S

2013-01-01

BACKGROUND Many factors influence the decision to retire including age, insurance and pension availability along with physical and mental health. Hearing impairment may be one such factor. PURPOSE The purpose of this study was to compare the 15 year retirement rate among subjects with and without hearing impairment. RESEARCH DESIGN Prospective, population-based study STUDY SAMPLE Subjects were participants in the Epidemiology of Hearing Loss Study (EHLS), a longitudinal investigation of age-related hearing loss. Participants who were working full- or part-time in 1993–1995 were included (n=1410, mean age=57.8 years). DATA COLLECTION AND ANALYSIS Data from four EHLS phases (1993–1995, 1998–2000, 2003–2005, and 2009–2010) were analyzed in 2010–2012. Hearing impairment was defined as a pure tone threshold average (at 0.5,1,2 and 4 kHz) greater than 25 dB HL in the worse ear. Employment status was determined at each of the four phases. Kaplan-Meier estimates of the cumulative incidence of retirement were calculated and Cox discrete-time modeling was used to determine the effect of hearing impairment on the rate of retirement. RESULTS The cumulative incidence of retirement was significantly (p < 0.02) higher in those with a hearing impairment (77%) compared to those without a hearing impairment (74%). After adjustment for age, gender, self-reported health, and history of chronic disease, there was no significant difference in the rate of retirement between those with and without a hearing impairment (Hazard Ratio (HR) = 0.9, 95% Confidence Interval (CI) = 0.7, 1.1). Similar results were observed when hearing aid users were excluded, when hearing impairment was based on the better ear thresholds, and when analyses were restricted to those less than 65 years of age and working full-time at baseline. Participants with a hearing impairment were less likely to state that the main reason for retirement was that the time seemed right. CONCLUSIONS Hearing impairment

Senior Law Faculty Attitudes toward Retirement.

ERIC Educational Resources Information Center

Day, David S.; And Others

1991-01-01

This article examines the retirement plans and personal characteristics of 273 senior law school faculty, focusing on health status, income, job satisfaction, and preferred age of retirement. The study suggests that early retirement incentives and a "senior faculty" alternative to full retirement are positive institutional options. (DB)

Bayou Blues: How Louisiana's Retirement Plan Hurts Teachers and Schools

ERIC Educational Resources Information Center

Aldeman, Chad; Aguirre, Paulina S. Diaz

2017-01-01

Years of irresponsible budgeting practices have left the Teachers' Retirement System of Louisiana (TRSL) almost $12 billion in debt. Without significant reforms, Louisiana's pension problems are likely to get worse, with further negative consequences for workers and schools. This report shows that schools participating in the TRSL already must…

The impact of retirement account distributions on measures of family income.

PubMed

Iams, Howard M; Purcell, Patrick J

2013-01-01

In recent decades, employers have increasingly replaced defined benefit (DB) pensions with defined contribution (DC) retirement accounts for their employees. DB plans provide annuities, or lifetime benefits paid at regular intervals. The timing and amounts of DC distributions, however, may vary widely. Most surveys that provide data on the family income of the aged either collect no data on nonannuity retirement account distributions, or exclude such distributions from their summary measures of family income. We use Survey of Income and Program Participation (SIPP) data for 2009 to estimate the impact of including retirement account distributions on total family income calculations. We find that about one-fifth of aged families received distributions from retirement accounts in 2009. Measured mean income for those families would be about 15 percent higher and median income would be 18 percent higher if those distributions were included in the SIPP summary measure of family income.

The impact of health changes on labor supply: evidence from merged data on individual objective medical diagnosis codes and early retirement behavior.

PubMed

Christensen, Bent Jesper; Kallestrup-Lamb, Malene

2012-06-01

The justification bias in the estimated impact of health shocks on retirement is mitigated by using objective health measures from a large, register-based longitudinal data set including medical diagnosis codes, along with labor market status, financial, and socio-economic variables. The duration until retirement is modeled using single and competing risk specifications, observed and unobserved heterogeneity, and flexible baseline hazards. Wealth is used as a proxy for elapsed duration to mitigate the potential selection bias stemming from conditioning on initial participation. The competing risk specification distinguishes complete multiperiod routes to retirement, such as unemployment followed by early retirement. A result on comparison of coefficients across all states is offered. The empirical results indicate a strong impact of health changes on retirement and hence a large potential for public policy measures intended to retain older workers longer in the labor force. Disability responds more to health shocks than early retirement, especially to diseases of the circulatory, respiratory, and musculoskeletal systems, as well as mental and behavioral disorders. Some unemployment spells followed by early retirement appear voluntary and spurred by life style diseases. Copyright © 2012 John Wiley & Sons, Ltd.

Respiratory impairment and symptoms as predictors of early retirement with disability in US underground coal miners

DOE Office of Scientific and Technical Information (OSTI.GOV)

Ames, R.G.; Trent, R.B.

1984-08-01

A five-year prospective study of 1,394 United States underground coal miners was undertaken to study the effects of respiratory impairment on the rate of early retirement with disability (ERD). Using a logistic regression analysis, ERD was found to be related to reported persistent phlegm after adjustment was made for other respiratory symptoms, respiratory function measurements, cigarette smoking, and some demographic characteristics. No prediction of ERD occurred for spirometrically determined measures of respiratory function. The data thus give limited support to the hypothesis that early retirement with disability in underground coal miners can be predicted prospectively by measures of respiratory symptoms.

Teacher Pension Systems, the Composition of the Teaching Workforce, and Teacher Quality

ERIC Educational Resources Information Center

Koedel, Cory; Podgursky, Michael; Shi, Shishan

2013-01-01

Teacher pension systems concentrate retirements within a narrow range of the career cycle by penalizing individuals who separate too soon or remain employed too long. The penalties result in the retention of some teachers who would otherwise choose to leave, and the premature exit of some teachers who would otherwise choose to stay. We examine the…

Association between perceived present working conditions and demands versus attitude to early retirement among construction workers.

PubMed

Jebens, Einar; Medbø, Jon I; Knutsen, Oddvar; Mamen, Asgeir; Veiersted, Kaj Bo

2014-01-01

Early retirement is an increasing problem in the construction industry. There is limited information about causes leading employees to leave working life early. We have compared construction workers present situation with their perception of future demands at work to avoid early retirement. All 87 employees in a medium-sized Norwegian construction company participated in the study. All were men and answered questionnaires on health and pain, work ability, mechanical exposure, psychosocial conditions, and demands regarding future working conditions. Most workers showed good work ability, irrespective of age. Many reported high levels of mechanical exposure at work. The level of musculoskeletal pain was higher in the middle-aged (30-50 year old) age groups and seniors aged over 50 years than among the youngest workers less than 30 years of age. All workers reported that good health was important for continued working. Most workers stated that future work must not be too physically demanding. Many workers reported relatively low job satisfaction; consequently an interesting job was rated as important for continuing work. Good social conditions were a high priority. According to the examined construction workers, good health and reduced levels of mechanical exposure at work are essential to avoid early retirement.

Social Security, retirement incentives, and retirement behavior: an international perspective.

PubMed

Gruber, J; Wise, D

1999-05-01

Escalating rates of early retirement are imposing fiscal pressure on retirement systems around the world. In some developed countries, the labor-force participation rates of men ages 60-64 have fallen by 75 percent over the last three decades. One explanation for this striking decline is social security program provisions which create disincentives to continued labor-force participation by older workers. There are substantial differences among developed nations in the labor-force participation of older workers. While two-thirds of 60-year-old American males are working, only one-quarter of men that age are working in Belgium. Over the entire 55-65 age range, 63 percent of American males are working, compared with only 40 percent of French males and 33 percent of Belgians males. There is strong evidence that the early retirement provisions of social security systems in developed countries determine the modal age of retirement. There is a strong relationship between early retirement ages and labor-force withdrawal rates; for example, in France, 60 percent of those working at the early entitlement age of 60 leave the labor force at that age. The core of this analysis is the construction of "implicit tax/subsidy rates" on additional work at older ages through each nation's social security system. These rates measure the change in a worker's retirement wealth entitlement from delaying retirement for one year, relative to the amount that would have been earned over that year. The U.S. Social Security system has an actuarial adjustment for delayed benefits claiming and other features that avoid financial incentives to leave the labor force at age 62 for a married worker, there is a slight disincentive to work for single workers and high wage earners. However, at ages 65 and older there is a stronger incentive to leave the labor force, with implicit tax rates on work of 19 percent for married workers and 33 percent for single workers. By comparison, other nations do not

PURE: a proposal for more retirement income security.

PubMed

Weller, Christian E

2007-01-01

Despite large public policy efforts over the past 30 years, a large minority of households remains consistently inadequately prepared for retirement. If policymakers want to address this shortcoming, public policy has to change from its current path. This paper suggests a system of mandatory private pensions funded by a minimum mandatory contribution of 3% of payroll. In addition, a number of institutional changes are suggested to reduce the costs and risks of individual accounts.

Retirement Timing of Women and the Role of Care Responsibilities for Grandchildren

PubMed Central

Lumsdaine, Robin L.; Vermeer, Stephanie J.C.

2015-01-01

This paper considers the potential relationship between providing care for grandchildren and retirement, among women nearing retirement age. Using 47,444 person-wave observations from the Health and Retirement Study (HRS), we find the arrival of a new grandchild is associated with a more than eight percent increase in the retirement hazard despite little overall evidence of a care/retirement interaction. We document that while family characteristics seem to be the most important factors driving the care decision, they are also important determinants of retirement. In contrast, while financial incentives such as pensions and retiree health insurance have the largest influence on retirement, the opportunity cost associated with outside income seems to have little effect on whether or not a grandmother provides care. There is little evidence of substitution between caring for grandchildren versus providing care for elderly parents or engaging in volunteer activities; grandchild care is instead taken on as an additional responsibility. Our findings suggest that policies aimed at prolonging worklife may need to consider grandchild care responsibilities as a countervailing factor while those policies focused on grandchild care may also affect elderly labor force composition. PMID:25828723

Retirement timing of women and the role of care responsibilities for grandchildren.

PubMed

Lumsdaine, Robin L; Vermeer, Stephanie J C

2015-04-01

This article considers the potential relationship between providing care for grandchildren and retirement, among women nearing retirement age. Using 47,444 person-wave observations from the Health and Retirement Study (HRS), we find that the arrival of a new grandchild is associated with more than an 8 % increase in the retirement hazard despite little overall evidence of a care/retirement interaction. We document that although family characteristics seem to be the most important factors driving the care decision, they are also important determinants of retirement. In contrast, although financial incentives such as pensions and retiree health insurance have the largest influence on retirement, the opportunity cost associated with outside income seems to have little effect on whether a grandmother provides care. There is little evidence of substitution between caring for grandchildren versus providing care for elderly parents or engaging in volunteer activities; grandchild care is instead taken on as an additional responsibility. Our findings suggest that policies aimed at prolonging work life may need to consider grandchild care responsibilities as a countervailing factor, while those policies focused on grandchild care may also affect elderly labor force participation.

Work Ability Index as tool to identify workers at risk of premature work exit.

PubMed

Roelen, Corné A M; Heymans, Martijn W; Twisk, Jos W R; van der Klink, Jac J L; Groothoff, Johan W; van Rhenen, Willem

2014-12-01

To investigate the Work Ability Index (WAI) as tool for identifying workers at risk of premature work exit in terms of disability pension, unemployment, or early retirement. Prospective cohort study of 11,537 male construction workers (mean age 45.5 years), who completed the WAI at baseline and reported their work status (employed, unemployed, disability pension, or retired) after mean 2.3 years of follow-up. Associations between WAI scores and work status were investigated by multinomial logistic regression analysis. The ability of the WAI to discriminate between workers at high and low risk of premature work exit was analyzed by the area (AUC) under the receiver operating characteristic curve. 9,530 (83 %) construction workers had complete data for analysis. At follow-up, 336 (4 %) workers reported disability pension, 125 (1 %) unemployment, and 255 (3 %) retirement. WAI scores were prospectively associated with the risk of disability pension at follow-up, but not with the risk of unemployment and early retirement. The WAI showed fair discrimination to identify workers at risk of disability pension [AUC = 0.74; 95 % confidence interval (CI) 0.70-0.77]. The discriminative ability decreased with age from AUC = 0.78 in workers aged 30-39 years to AUC = 0.69 in workers ≥50 years of age. Discrimination failed for unemployment (AUC = 0.51; 95 % CI 0.47-0.55) and early retirement (AUC = 0.58; 95 % CI 0.53-0.61). The WAI can be used to identify construction workers <50 years of age at increased risk of disability pension and invite them for preventive interventions.

Proposal for an Early Retirement Incentive Program at Mercer County Community College.

ERIC Educational Resources Information Center

Schwartz, Arthur E.

A project was undertaken to evaluate existing models of early retirement incentive programs (ERIPs) and recommend an ERIP for New Jersey's Mercer County Community College (MCCC). The following categories of ERIPs were reviewed: state plans for New York and Minnesota; K-12 school districts plans at the Castro Valley Unified School District and 48…

The influence of marital status and spousal employment on retirement behavior in Germany and Spain.

PubMed

Radl, Jonas; Himmelreicher, Ralf K

2015-05-01

This article analyzes the impact of marital status and spousal employment on the timing of retirement in Germany and Spain. Retirement behavior is examined by means of event-history models, with a competing risks framework being used to distinguish between voluntary and involuntary work-exit transitions. To take account of the role of social policies, we adopt a comparative approach. Data are drawn from a 2006 special retirement module implemented analogously in national labor force surveys. The results show that spousal labor market participation plays a large role in work-exit transitions, even when retirement is involuntary. This finding questions the widespread belief that coretirement is exclusively due to preference for joint retirement shared among spouses. Moreover, widows and widowers tend to retire prematurely in Germany, whereas no such effect could be found in Spain. This finding is explained by reference to specific economic incentives arising from national pension legislation. © The Author(s) 2014.

Organizational and Occupational Identification: Relations to Teacher Satisfaction and Intention to Early Retirement

ERIC Educational Resources Information Center

Gumus, Murat; Hamarat, Bahattin; Colak, Ertugrul; Duran, Erol

2012-01-01

Purpose: This paper aims to explore the effects of two work related identification (occupational and organizational) of school teachers on intention to early retirement (withdrawal) and satisfaction with the occupation and satisfaction with the school. It also seeks the influence of perceived external prestige on withdrawal and satisfaction.…

Organisational downsizing as a predictor of disability pension: the 10-town prospective cohort study.

PubMed

Vahtera, Jussi; Kivimäki, Mika; Forma, Pauli; Wikström, Juhani; Halmeenmäki, Tuomo; Linna, Anne; Pentti, Jaana

2005-03-01

To examine whether downsizing, the reduction of personnel in organisations, is a predictor of increased risk of disability retirement among employees who kept their jobs. Prospective cohort study. Based on reductions of personnel in participants' occupation and workplace, employees were grouped into exposure categories of no downsizing (less than 8% reduction), minor downsizing (reduction between 8% and 18%), and major downsizing (more than 18% reduction). They were followed up for a five year period after downsizing. Four towns in Finland. 19 273 municipal employees, aged 21-54 years. All permanent full disability pensions granted because of medical reasons below 55 years of age between 1 January 1994 and 31 December 1998 from the national registers. In all, 223 employees were granted a permanent disability pension. The overall rate for disability pensions per 1000 employees was 7.7 after no downsizing, 13.1 after minor downsizing, and 14.9 after major downsizing. Cox proportional hazard models adjusted for age, sex, occupational status, type of employment contract, and town showed 1.81 (95% confidence intervals 1.22 to 2.70) times higher risk of disability retirement after major downsizing than after no downsizing. The immediate financial advantages of downsizing need to be considered in relation to increased occupational disability and the resulting extra costs to employers and society.

Organisational downsizing as a predictor of disability pension: the 10-town prospective cohort study

PubMed Central

Vahtera, J.; Kivimaki, M.; Forma, P.; Wikstrom, J.; Halmeenmaki, T.; Linna, A.; Pentti, J.

2005-01-01

Objective: To examine whether downsizing, the reduction of personnel in organisations, is a predictor of increased risk of disability retirement among employees who kept their jobs. Design: Prospective cohort study. Based on reductions of personnel in participants' occupation and workplace, employees were grouped into exposure categories of no downsizing (less than 8% reduction), minor downsizing (reduction between 8% and 18%), and major downsizing (more than 18% reduction). They were followed up for a five year period after downsizing. Setting: Four towns in Finland. Participants: 19 273 municipal employees, aged 21–54 years. Main outcome measures: All permanent full disability pensions granted because of medical reasons below 55 years of age between 1 January 1994 and 31 December 1998 from the national registers. Results: In all, 223 employees were granted a permanent disability pension. The overall rate for disability pensions per 1000 employees was 7.7 after no downsizing, 13.1 after minor downsizing, and 14.9 after major downsizing. Cox proportional hazard models adjusted for age, sex, occupational status, type of employment contract, and town showed 1.81 (95% confidence intervals 1.22 to 2.70) times higher risk of disability retirement after major downsizing than after no downsizing. Conclusions: The immediate financial advantages of downsizing need to be considered in relation to increased occupational disability and the resulting extra costs to employers and society. PMID:15709085

Common mental and musculoskeletal disorders as predictors of disability retirement among Finns.

PubMed

Kaila-Kangas, Leena; Haukka, Eija; Miranda, Helena; Kivekäs, Teija; Ahola, Kirsi; Luukkonen, Ritva; Shiri, Rahman; Kääriä, Sanna; Heliövaara, Markku; Leino-Arjas, Päivi

2014-08-01

The contribution of common mental disorders (CMD) co-occurring with chronic musculoskeletal disorders (MSD) to disability retirement is not known. A nationally representative sample (the Health 2000 survey) comprised 3943 occupationally active Finns aged 30-63. MSD and other chronic disorders were assessed by a physician in a standardized clinical examination, and CMD using the Composite International Diagnostic Interview. Disability pension data for 2000-2011 was retrieved from national pension records. Cox regression was used with censoring for death and pension other than that for disability. Covariate information was based on an interview. The baseline prevalence of CMD was 9.4% and of MSD 31.1%. CMD co-occurred with MSD in 3.3% of participants. The risks inflicted by CMD and MSD were additive. Thirty-eight per cent of the co-morbid subjects, 18% of those with CMD and 19% of those with MSD retired prematurely during the average follow-up of 8.6 years. Compared with those with neither type of disorder, the hazard ratio (HR) for disability pension was 2.4 (95% CI 1.7-2.7) for CMD only, 2.2 (1.8-2.7) for MSD only, and 4.1 (2.9-5.7) for the occurrence of both, allowing for age, gender, other chronic disorders, working conditions, and socio-economic and lifestyle factors. No synergistic or antagonistic interactive effects were observed. The determinants were measured only once and we had no information on incident disorders during the follow-up. It is important to identify subjects with both mental and musculoskeletal complaints in order to efficiently support their work ability. Copyright © 2014 Elsevier B.V. All rights reserved.

The impact of a retirement savings account cap.

PubMed

VanDerhei, Jack

2013-08-01

This Issue Brief provides an initial analysis of the potential financial impact on private-sector retirement benefits of the retirement savings account cap included in the Obama administration's FY 2014 budget proposal. It finds that although a very small percentage of current 401(k) participants with IRA accounts have combined balances sufficient to be immediately affected by the proposed limit, over time (and depending on the applicable discount rates, whether a defined benefit pension is involved, and the size of the 401(k) plan) the impact could be much greater. Simulation results for 401(k) participants assuming no defined benefit accruals and no job turnover show that more than 1 in 10 current 401(k) participants are likely to hit the proposed limit sometime prior to age 65, even at the current historically low discount rate of 4 percent. When the simulation is rerun with discount rate assumptions closer to historical averages, the percentage of 401(k) participants likely to be affected by these proposed limits increases substantially: For example, with an 8 percent discount rate, more than 20 percent of the 401(k) participants are simulated to reach the limit prior to retirement. When the impact of stylized, defined benefit account assumptions are added to the analysis, the percentage of 401(k) participants simulated to reach the proposed limits increases even more: In fact, for 401(k) participants assumed to be covered by a 2 percent, three-year, final-average plan with a subsidized early retirement at 62, nearly a third are assumed to be affected by the proposed limit at an 8 percent discount rate. Additional analysis is performed for small plans (those with less than 100 participants) to assess the potential impact of eventual plan terminations if an when the owners and/or key decision makers of the firms reach the cap threshold. Depending on plan size, this may involve as few as 18 percent of the firms (at a 4 percent discount rate) to as many as 75

Ownership of individual retirement accounts – an empirical analysis based on SHARE

PubMed Central

Garcia, Maria Teresa Medeiros; Marques, Pedro Deslandes Correia Vasconcelos

2017-01-01

This paper examines the household retirement saving decisions in what concerns to the ownership of Individual Retirement Accounts (IRAs) in eight European Union (EU) countries. IRAs are more and more seen as an alternative to public pension benefits, which are decreasing. Therefore, understanding the enrolment in IRAs, both the socio-economic factors and over time, is most important. Detailed empirical analysis of the factors that might influence the ownership of IRAs is presented based on Survey of Health Ageing and Retirement in Europe (SHARE), using data from Wave 2 (2006-2007) and Wave 4 (2010-2011). Further, to analyse the impact of legal retirement age in the ownership of IRAs, two subsamples are considered: people aged between 50 and 64 years old (50-64 years) and people aged 65 or over (≥ 65 years). The results suggest that age, years of education, income and ownership of dwelling influence positively and significantly household saving, while number of children, marital status and risk aversion have a negative effect. Marital status and income are not statistically significant for retired people. Policy implications are derived. PMID:28983144

Text of the U.S. Court of Appeals Opinion in the Spirt Equal-Pension Case.

ERIC Educational Resources Information Center

Newman, Jon O.; And Others

1984-01-01

The opinion of a three-judge panel in a court case involving the validity of gender-based mortality tables and the right of women to receive equal pensions from the Teachers Insurance Annuities Association and the College Retirement Equities Fund is presented, including references to the earlier, related Norris case. (MSE)

TIAA-CREF Retirement Options and Considerations.

ERIC Educational Resources Information Center

Bastable, C. W.; Brady, Gerald P.

1979-01-01

The various retirement income options available to TIAA-CREF participants and federal taxes on each option are explained. The importance of early planning for retirement income is stressed and it is suggested that assessment of future financial needs will indicate the most appropriate settlement mode for retirement. (SF)

Effects of receipt of Social Security retirement benefits on older women's employment.

PubMed

Gillen, Martie; Heath, Claudia J

2017-01-01

Labor force participation of women has declined since 1999; however, labor force participation of women 62+ has increased. The 2000-2006 waves of Health and Retirement Study (HRS) data, the initial years of the continuing upward trajectory, were used to test the effects of receipt of Social Security retirement benefits on older women's employment. The models tested: (a) the effect of receipt of Social Security retirement benefits on whether employed; and (b) for women receiving Social Security retirement benefits, the effect of age elected receipt of benefits on whether employed. Both models included the effects of human capital characteristics and income sources. Receipt of Social Security benefits, pension income, and current age reduced the likelihood of employment; while educational level, good to excellent health, and nonmarried marital status increased the likelihood of employment. The older the woman was when she elected Social Security benefits, the more likely she was to be employed.

Plan Now to Prepare for Your Retirement

ERIC Educational Resources Information Center

Kersten, Thomas A.

2011-01-01

For teachers, in particular, the importance of early retirement investing has never been more critical. The reality is that, decades from now, when teachers arrive at retirement age, their current state teacher retirement plan may have changed substantially. As a result, they do not want to reach retirement and regret that they never considered…

An Analysis of the California State University and Colleges Early Retirement Incentive Program: A Report Pursuant to Chapter 656 of the Statutes of 1979.

ERIC Educational Resources Information Center

Reinhard, Raymond M.

The California State University and Colleges' (CSUC) Early Retirement Incentive (ERI) Program is described, and information is presented of those who retire during a three-month period with an incentive bonus of two additional years of (unearned) retirement service credit. During the eligibility period 1,047 CSUC employees retired, and it appears…

Impact of an Early Retirement Program: A Case Analysis of a Community College.

ERIC Educational Resources Information Center

Roman, Lawrence Allen

This case study examines the impact of Early Retirement Incentive Programs (ERIP) on Ohio's two-year public colleges through a single case study analysis at Monticello Community College. Data came from interviews and an examination of college documents. This study specifically sought to address: (1) the financial impact (savings versus costs) of…

Reflections on Women's Retirement.

PubMed

Karpen, Ruth Ray

2017-02-01

Popular literature often claims that baby boom women will "redefine" retirement, and there is some evidence in the gerontological literature that this may be true. However, considerably more research needs to be done on this generation of retirees. The author, a baby boomer herself, draws on recent research on retirement and her own experiences in early retirement to examine what a "good retirement" might mean, considering the diversity of baby boomers, the range of their experiences, and their relationship to work. © The Author 2016. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

29 CFR Appendix D to Part 4044 - Tables Used To Determine Expected Retirement Age

Code of Federal Regulations, 2010 CFR

2010-07-01

... 29 Labor 9 2010-07-01 2010-07-01 false Tables Used To Determine Expected Retirement Age D Appendix D to Part 4044 Labor Regulations Relating to Labor (Continued) PENSION BENEFIT GUARANTY CORPORATION PLAN TERMINATIONS ALLOCATION OF ASSETS IN SINGLE-EMPLOYER PLANS Pt. 4044, App. D Appendix D to Part...

An estimate of the cost of burnout on early retirement and reduction in clinical hours of practicing physicians in Canada

PubMed Central

2014-01-01

Background Interest in the impact of burnout on physicians has been growing because of the possible burden this may have on health care systems. The objective of this study is to estimate the cost of burnout on early retirement and reduction in clinical hours of practicing physicians in Canada. Methods Using an economic model, the costs related to early retirement and reduction in clinical hours of physicians were compared for those who were experiencing burnout against a scenario in which they did not experience burnout. The January 2012 Canadian Medical Association Masterfile was used to determine the number of practicing physicians. Transition probabilities were estimated using 2007–2008 Canadian Physician Health Survey and 2007 National Physician Survey data. Adjustments were also applied to outcome estimates based on ratio of actual to planned retirement and reduction in clinical hours. Results The total cost of burnout for all physicians practicing in Canada is estimated to be $213.1 million ($185.2 million due to early retirement and $27.9 million due to reduced clinical hours). Family physicians accounted for 58.8% of the burnout costs, followed by surgeons for 24.6% and other specialists for 16.6%. Conclusion The cost of burnout associated with early retirement and reduction in clinical hours is substantial and a significant proportion of practicing physicians experience symptoms of burnout. As health systems struggle with human resource shortages and expanding waiting times, this estimate sheds light on the extent to which the burden could be potentially decreased through prevention and promotion activities to address burnout among physicians. PMID:24927847

DO EMPLOYER PENSION CONTRIBUTIONS REFLECT EMPLOYEE PREFERENCES? EVIDENCE FROM A RETIREMENT SAVINGS REFORM IN DENMARK

PubMed Central

Fadlon, Itzik; Laird, Jessica

2016-01-01

This paper studies how firms set contributions to employer-provided 401(k)-type pension plans. Using a reform that decreased the subsidy to contributions to capital pension accounts for Danish workers in the top income tax bracket, we provide strong evidence that employers’ contributions are based on their employees’ savings preferences. We find an immediate decrease in employer contributions to capital accounts, whose magnitude increased in the share of employees directly affected by the reform. This response was large relative to average employee responses within private IRA-type plans and was accompanied by a similar-magnitude shift of employer contributions to annuity accounts. PMID:27917259

5 CFR 842.213 - Voluntary early retirement-substantial delayering, reorganization, reduction in force, transfer...

Code of Federal Regulations, 2010 CFR

2010-01-01

... designee. (c) The request must contain the following information: (1) Identification of the agency or... used, the request must include all of the information required by paragraph (c) of this section. (f... are covered by the approved voluntary early retirement authority. (j) Chapter 43 of title 38, United...

5 CFR 842.213 - Voluntary early retirement-substantial delayering, reorganization, reduction in force, transfer...

Code of Federal Regulations, 2011 CFR

2011-01-01

... designee. (c) The request must contain the following information: (1) Identification of the agency or... used, the request must include all of the information required by paragraph (c) of this section. (f... are covered by the approved voluntary early retirement authority. (j) Chapter 43 of title 38, United...

[Do people with mental disorders who, due to complete reduction in earning capacity, receive a temporary pension want to return into active employment?].

PubMed

Kobelt, Axel; Grosch, Eberhard; Hesse, Bettina; Gebauer, Erika; Gutenbrunner, Christoph

2009-07-01

In Germany the number of invalidity pensions due to mental disorders is increasing. More than one third of these insurants do not take part in rehabilitation measures before their early retirement. Only 6 % return into their employment relationship. 1. People with mental disorders still have severe health problems after their two-year temporary leave/retirement. 2. About one third of these insurants are generally interested in being reintegrated into their jobs. 3. Their motivation for reintegration depends on their age and their individual health status. Data of all insurants (of DRV Braunschweig-Hannover) under 50 who drew a short-term benefit due to complete reduction in earning capacity in 2004 (n = 352) were collected with the help of an anonymous questionnaire (response rate = 54 %). This questionnaire compiled data on their general health status, their functional capacity and work ability, their motivation for returning to work as well as psychosocial aspects. At the same time, socio-demographic characteristics from the regional pension insurance database were analyzed. Compared to patients treated in hospitals, those insurants who had been on a two-year temporary leave were psychologically strongly distressed. There was also a gender effect: Women in particular showed significant limitations in daily activities/routines, a higher level of anxiety and somatization. Less than 30 % of the pensioners were motivated for vocational rehabilitation in order to return to their jobs. The motivation was not dependant on the psychological load and the age but most probably on the somatization tendencies and the daily activities. It seems that classic vocational rehabilitation for insurants who already receive a disability pension does not lead to a higher rate of reintegration into work. The relatively large number of insurants who want to return to their jobs implies the necessity of a special rehabilitation programme with concepts for reintegration: an individual

Retirement intentions of general practitioners aged 45-65 years.

PubMed

Brett, Thomas D; Arnold-Reed, Diane E; Hince, Dana A; Wood, Ian K; Moorhead, Robert G

2009-07-20

To ascertain the retirement intentions of a cohort of Australian general practitioners. Postal questionnaire survey of members of four Divisions of General Practice in Western Australia, sent out November 2007 - January 2008. A sample of 178 GPs aged 45-65 years. Intention to work in general practice until retirement; reasons for retiring before age 65 years; factors that might encourage working beyond chosen retirement age; and perceived obstacles to working in general practice. 63% of GPs intended to work to at least age 65 years, with men more likely to retire early. Of 63 GPs intending to retire early, 46% gave pressure of work, exhaustion and burnout as reasons for early retirement. Better remuneration, better staffing levels and more general support were incentives to continue working for 46% of the 64 GPs who responded to the question about incentives, and more flexible working hours, part-time work and reduced workload for 41%. Of 169 participants, 65% gave increasing bureaucracy, poor job satisfaction and disillusionment with the medical system or Medicare as obstacles to working in general practice in Australia, whereas workforce shortage, increasing patient demands and diminishing lifestyle through overwork were obstacles named by 48%. Many GPs are planning to retire early, reflecting an emerging trend among professionals and society generally. Declining job satisfaction, falling workforce numbers, excessive workload and increasing bureaucracy were recurrent concerns of older WA GPs considering premature retirement.

Teacher Pension Systems, the Composition of the Teaching Workforce, and Teacher Quality. Working Paper 72

ERIC Educational Resources Information Center

Koedel, Cory; Podgursky, Michael

2012-01-01

Teacher pension systems target retirements within a narrow range of the career cycle by penalizing individuals who separate too soon or remain employed too long. The penalties result in the retention of some teachers who would otherwise choose to leave, and the premature exit of some teachers who would otherwise choose to stay. We examine how the…

The Genetic Liability to Disability Retirement: A 30-Year Follow-Up Study of 24,000 Finnish Twins

PubMed Central

Harkonmäki, Karoliina; Silventoinen, Karri; Levälahti, Esko; Pitkäniemi, Janne; Huunan-Seppälä, Antti; Klaukka, Timo; Koskenvuo, Markku; Kaprio, Jaakko

2008-01-01

Background No previous studies on the effect of genetic factors on the liability to disability retirement have been carried out. The main aim of this study was to investigate the contribution of genetic factors on disability retirement due to the most common medical causes, including depressive disorders. Methods The study sample consisted of 24 043 participants (49.7% women) consisting of 11 186 complete same-sex twin pairs including 3519 monozygotic (MZ) and 7667dizygotic (DZ) pairs. Information on retirement events during 1.1.1975–31.12.2004, including disability pensions (DPs) with diagnoses, was obtained from the Finnish nationwide official pension registers. Correlations in liability for MZ and DZ twins and discrete time correlated frailty model were used to investigate the genetic liability to age at disability retirement. Results The 30 year cumulative incidence of disability retirement was 20%. Under the best fitting genetic models, the heritability estimate for DPs due to any medical cause was 0.36 (95% CI 0.32–0.40), due to musculoskeletal disorders 0.37 (0.30–0.43), cardiovascular diseases 0.48 (0.39–0.57), mental disorders 0.42 (0.35–0.49) and all other reasons 0.24 (0.17–0.31). The effect of genetic factors decreased with increasing age of retirement. For DP due to depressive disorders, 28% of the variance was explained by environmental factors shared by family members (95% CI 21–36) and 58% of the variance by the age interval specific environmental factors (95% CI 44–71). Conclusions A moderate genetic contribution to the variation of disability retirement due to any medical cause was found. The genetic effects appeared to be stronger at younger ages of disability retirement suggesting the increasing influence of environmental factors not shared with family members with increasing age. Familial aggregation in DPs due to depressive disorders was best explained by the common environmental factors and genetic factors were not needed to

Retirement Satisfaction among Coal Miners: A Correlational Study.

ERIC Educational Resources Information Center

Clark, Diane J.; And Others

Because of increases in life expectancy and early retirement, the quality of life during retirement is of concern to many people. Previous research has found that health and adequate income have consistently been related to life satisfaction during retirement. Several satisfaction measures were administered to a group of 55 retired coal miners.…

The neoliberal political economy and erosion of retirement security.

PubMed

Polivka, Larry; Luo, Baozhen

2015-04-01

The origins and trajectory of the crisis in the United States retirement security system have slowly become part of the discussion about the social, political, and economic impacts of population aging. Private sources of retirement security have weakened significantly since 1980 as employers have converted defined benefits precisions to defined contribution plans. The Center for Retirement Research (CRR) now estimates that over half of boomer generation retirees will not receive 70-80% of their wages while working. This erosion of the private retirement security system will likely increase reliance on the public system, mainly Social Security and Medicare. These programs, however, have increasingly become the targets of critics who claim that they are not financially sustainable in their current form and must be significantly modified. This article will focus on an analysis of these trends in the erosion of the United States retirement security system and their connection to changes in the United States political economy as neoliberal, promarket ideology, and policies (low taxes, reduced spending, and deregulation) have become dominant in the private and public sectors. The neoliberal priority on reducing labor costs and achieving maximum shareholder value has created an environment inimical to maintain the traditional system of pension and health care benefits in both the private and public sectors. This article explores the implications of these neoliberal trends in the United States economy for the future of retirement security. © The Author 2015. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Behavioral finance and retirement plan contributions: how participants behave, and prescriptive solutions.

PubMed

DiCenzo, Jodi

2007-01-01

Behavioral research has made important, relevant contributions to retirement saving and investing. This work has cast a new light on participant behavior and its underpinnings: By and large, individuals are inert--with good intentions, poor follow-through, and bounded rationality. Loss aversion and decision-making biases often lead to unfortunate outcomes, including a poorly funded retirement. Further, behavioral economists have demonstrated that education and communication programs alone may not be effective in changing behavior. Instead, with their behavioral insights, they have offered new retirement plan design alternatives and empirically tested their efficacy in overcoming identified suboptimal behavior. These efforts are helping to pave a path of least resistance that should lead to greater retirement security. The Pension Protection Act of 2006 appears to support these alternatives by providing incentives to plan sponsors that implement automatic features such as automatic enrollment and deferral rate escalation. It also allows plan sponsors to choose more aggressive investment defaults. Perhaps implicit in this support is some advice to sponsors to accept participant behavior and to think more about changing their own by embracing automatic plan features.

Ill health and early retirement among school principals in Bavaria.

PubMed

Weber, A; Weltle, D; Lederer, P

2005-05-01

School principals play an important role in maintaining the performance and health of teachers but often feel over-burdened themselves and suffer illnesses, which not only impairs their health-promoting function but also leads to limitations in their fitness for the occupation. The aim of our study was, therefore, using objective parameters and larger numbers of cases, to obtain a differentiated insight into the morbidity and the health-related early retirement of school principals. In a prospective total assessment (the whole of Bavaria, a state in southern Germany) in the period from 1997 to 1999 all medical examinations of school principals performed to decide the question of early retirement were evaluated. The analysis included, e.g., socio-demographic/occupational factors, diagnoses, assessment of performance and rehabilitation. The data were sampled in a standardised, anonymous questionnaire, which provided the database. Evaluation was carried out by means of descriptive statistics. The median age of the 408 school principals included in the evaluation (heads and vice-heads, 30% of whom were women) was 58 years (minimum 41 years, maximum 64 years). The most frequent workplaces were primary schools (63%). A total of 84% (n=342) of the headmasters was assessed to be unfit for work. The main reasons for early retirement were psychiatric/psychosomatic disorders (F-ICD 10) which made up 45% of the cases. The relative frequency was higher in women than in men. Depressive disorders and exhaustion syndromes (burnout) dominated among the psychiatric diagnoses (proportion 57%). The most frequent somatic illnesses were cardiovascular diseases (I-ICD10) in 19% of cases, then muscular/skeletal diseases (M-ICD10) in 10% and malignant tumours (C-ICD 10) in 9% of cases. Cardiovascular diseases, in particular arterial hypertension and ischaemic heart disease, were found in headmasters significantly more frequently than in teachers without a headship function (P

Causal effects of retirement timing on subjective physical and emotional health.

PubMed

Calvo, Esteban; Sarkisian, Natalia; Tamborini, Christopher R

2013-01-01

This article explores the effects of the timing of retirement on subjective physical and emotional health. Using panel data from the Health and Retirement Study (HRS), we test 4 theory-based hypotheses about these effects-that retirements maximize health when they happen earlier, later, anytime, or on time. We employ fixed and random effects regression models with instrumental variables to estimate the short- and long-term causal effects of retirement timing on self-reported health and depressive symptoms. Early retirements--those occurring prior to traditional and legal retirement age--dampen health. Workers who begin their retirement transition before cultural and institutional timetables experience the worst health outcomes; this finding offers partial support to the psychosocial-materialist approach that emphasizes the benefits of retiring later. Continued employment after traditionally expected retirement age, however, offers no health benefits. In combination, these findings offer some support for the cultural-institutional approach but suggest that we need to modify our understanding of how cultural-institutional forces operate. Retiring too early can be problematic but no disadvantages are associated with late retirements. Raising the retirement age, therefore, could potentially reduce subjective health of retirees by expanding the group of those whose retirements would be considered early.

Health status, mental health and air quality: evidence from pensioners in Europe.

PubMed

Giovanis, Eleftherios; Ozdamar, Oznur

2018-05-01

Environmental quality is an important determinant of individuals' well-being and one of the main concerns of the governments is the improvement on air quality and the protection of public health. This is especially the case of sensitive demographic groups, such as the old aged people. However, the question this study attempts to answer is how do individuals value the effects on the environment. The study explores the effects of old and early public pension schemes, as well as the impact of air pollution on health status of retired citizens. The empirical analysis relies on detailed micro-level data derived from the Survey of Health, Ageing and Retirement in Europe (SHARE). As proxies for health, we use the general health status and the Eurod mental health indicator. We examine two air pollutants: the sulphur dioxide (SO 2 ) and ground-level ozone (O 3 ). Next, we calculate the marginal willingness-to-pay (MWTP) which shows how much the people are willing to pay for improvement in air quality. We apply various quantitative techniques and approaches, including the fixed effects ordinary least squares (OLS) and the fixed effects instrumental variables (IV) approach. The last approach is applied to reduce the endogeneity problem coming from possible reverse causality between the air pollution, pensions and the health outcomes. For robustness check, we apply also a structural equation modelling (SEM) which is proper when the outcomes are latent variables. Based on our favoured IV estimates and the health status, we find that the MWTP values for one unit decrease in SO 2 and O 3 are respectively €221 and €88 per year. The respective MWTP values using the Eurod measure are €155 and €68. Overall, improvement of health status implies reduction in health expenditures, and in previous literature, ageing has been traditionally considered the most important determinant. However, this study shows that health lifestyle and socio-economic status, such as education and

Trajectories of Work Disability and Economic Insecurity Approaching Retirement.

PubMed

Shuey, Kim M; Willson, Andrea E

2017-07-08

In this article, we examine the connection between trajectories of work disability and economic precarity in late midlife. We conceptualize work disability as a possible mechanism linking early and later life economic disadvantage. We model trajectories of work disability characterized by timing and stability for a cohort of Baby Boomers (22-32 in 1981) using 32 years of data from the Panel Study of Income Dynamics and latent class analysis. Measures of childhood disadvantage are included as predictors of work disability trajectories, which are subsequently included in logistic regression models predicting four economic outcomes (poverty, asset poverty, home ownership, and pension ownership) at ages 54-64. Childhood disadvantage selected individuals into five distinct classes of work disability that differed in timing and stability. All of the disability trajectories were associated with an increased risk of economic insecurity in late midlife compared to the never work disabled. This study contributes to the aging literature through its incorporation of the early life origins of pathways of disability and their links to economic outcomes approaching retirement. Findings suggest work disability is anchored in early life disadvantage and is associated with economic insecurity later in life. © The Author 2017. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Pension vesting and preretirement lump sums among full-time private sector employees.

PubMed

Woods, J R

1993-01-01

Vesting among full-time private sector employees has increased dramatically over the past two decades. With further increases expected, it seems likely that almost all workers covered by a pension plan will eventually receive some kind of benefit. Coverage, however, remains a problem. According to the most recently available data, only 46 percent of full-time private employees in 1988 were covered by a pension plan on their current jobs, 35 percent were vested, and an additional 4 percent were vested from a previous job. Vesting rates would have been higher if some workers had not cashed out their retirement benefits when they left previous jobs, but the impact is slight; most lump-sum recipients were also vested or covered on their current jobs. Vesting is higher among older workers and among men, though the gender gap has narrowed appreciably over time. Based on trends in vesting and 1988 rates for all types of workers aged 50-59, the analysis suggests that pension receipt rates among the elderly will continue to increase over the next decade.

The impact of retirement on health: quasi-experimental methods using administrative data.

PubMed

Horner, Elizabeth Mokyr; Cullen, Mark R

2016-02-19

Is retirement good or bad for health? Disentangling causality is difficult. Much of the previous quasi-experimental research on the effect of health on retirement used self-reported health and relied upon discontinuities in public retirement incentives across Europe. The current study investigated the effect of retirement on health by exploiting discontinuities in private retirement incentives to test the effect of retirement on health using a quasi-experimental study design. Secondary data (1997-2009) on a cohort of male manufacturing workers in a United States setting. Health status was determined using claims data from private insurance and Medicare. Analyses used employer-based administrative and claims data and claim data from Medicare. Widely used selection on observables models overstate the negative impact of retirement due to the endogeneity of the decision to retire. In addition, health status as measured by administrative claims data provide some advantages over the more commonly used survey items. Using an instrument and administrative health records, we find null to positive effects from retirement on all fronts, with a possible exception of increased risk for diabetes. This study provides evidence that retirement is not detrimental and may be beneficial to health for a sample of manufacturing workers. In addition, it supports previous research indicating that quasi-experimental methodologies are necessary to evaluate the relationship between retirement and health, as any selection on observable model will overstate the negative relationship of retirement on health. Further, it provides a model for how such research could be implemented in countries like the United States that do not have a strong public pension program. Finally, it demonstrates that such research need-not rely upon survey data, which has certain shortcomings and is not always available for homogenous samples.

Financial woes of the Canada Pension Plan hold implications for physicians

PubMed Central

Gray, Charlotte

1995-01-01

Although it is unlikely that many Canadian physicians are relying on the Canada Pension Plan (CPP) for retirement security, a forecast that the program is in financial trouble has implications for the medical profession. One is the prospect of a generation of poverty-stricken seniors who could put undue stress on the health care system; another is that as the number of CPP disability claims continues to skyrocket, there may have to be more rigorous scrutiny of hard-to-define medical conditions.

Personal Values: Psychological Determinants of Retirement Preparation.

ERIC Educational Resources Information Center

Price, William F.

With the trend toward early retirement and the fact that people are living to an older average age, more years of an individual's life will be spent in retirement. To examine personal values as psychological determinants of the retirement preparation process, 206 classified university employees, between the ages of 50 and 65 years of age,…

Association of socio-demographic factors, sick-leave and health care patterns with the risk of being granted a disability pension among psychiatric outpatients with depression.

PubMed

Mittendorfer-Rutz, Ellenor; Härkänen, Tommi; Tiihonen, Jari; Haukka, Jari

2014-01-01

Depression ranges among the leading causes of early exit from the labor market worldwide. We aimed to investigate the associations of socio-demographic factors, sickness absence, health care and prescription patterns with the risk of being granted a disability pension in psychiatric outpatients with depression. All non-retired patients aged 18-60 years and living in Sweden 31.12.2005 with at least one psychiatric outpatient care visit due to a depressive episode during 2006 (N = 18,034): were followed from 01.01.2007 to 31.12.2010 with regard to granting of all-cause and diagnosis-specific disability pension. Uni- and multivariate Rate Ratios (RR) and 95% Confidence Intervals (CI) were estimated for the various risk markers by Poisson Regression. During the four years of follow-up, 3044 patients (16.8%) were granted a disability pension, the majority due to mental disorders (2558, 84%). In the multivariate analyses, being female, below 25 or above 45 years of age, with low educational level, living alone, residing outside big cities and being born outside Europe were predictive of a granted disability pension. Frequent in- and outpatient care due to mental disorders, prescription of antidepressants and long sickness absence spells were also associated with an increased risk of disability pension (range of RRs 1.10 to 5.26). Somatic health care was only predictive of disability pension due to somatic disorders. The risk of being granted a disability pension remained at the same level as at the start of follow-up for about 1.5 years, when it started to decrease and to level off at about 20% of the risk at the end of follow-up. Identified risk markers should be considered when monitoring individuals with depression and when designing intervention programs.

Association of Socio-Demographic Factors, Sick-Leave and Health Care Patterns with the Risk of Being Granted a Disability Pension among Psychiatric Outpatients with Depression

PubMed Central

Mittendorfer-Rutz, Ellenor; Härkänen, Tommi; Tiihonen, Jari; Haukka, Jari

2014-01-01

Background Depression ranges among the leading causes of early exit from the labor market worldwide. We aimed to investigate the associations of socio-demographic factors, sickness absence, health care and prescription patterns with the risk of being granted a disability pension in psychiatric outpatients with depression. Methods All non-retired patients aged 18–60 years and living in Sweden 31.12.2005 with at least one psychiatric outpatient care visit due to a depressive episode during 2006 (N = 18034): were followed from 01.01.2007 to 31.12.2010 with regard to granting of all-cause and diagnosis-specific disability pension. Uni- and multivariate Rate Ratios (RR) and 95% Confidence Intervals (CI) were estimated for the various risk markers by Poisson Regression. Results During the four years of follow-up, 3044 patients (16.8%) were granted a disability pension, the majority due to mental disorders (2558, 84%). In the multivariate analyses, being female, below 25 or above 45 years of age, with low educational level, living alone, residing outside big cities and being born outside Europe were predictive of a granted disability pension. Frequent in- and outpatient care due to mental disorders, prescription of antidepressants and long sickness absence spells were also associated with an increased risk of disability pension (range of RRs 1.10 to 5.26). Somatic health care was only predictive of disability pension due to somatic disorders. The risk of being granted a disability pension remained at the same level as at the start of follow-up for about 1.5 years, when it started to decrease and to level off at about 20% of the risk at the end of follow-up. Conclusions Identified risk markers should be considered when monitoring individuals with depression and when designing intervention programs. PMID:24963812

Hypothyroidism is a predictor of disability pension and loss of labor market income: a Danish register-based study.

PubMed

Thvilum, Marianne; Brandt, Frans; Brix, Thomas Heiberg; Hegedüs, Laszlo

2014-09-01

Hypothyroidism is associated with an increased somatic and psychiatric disease burden. Whether there are any socioeconomic consequences of hypothyroidism, such as early retirement or loss of income, remains unclarified. Our aim was to examine, compared with a matched control group, the risk of receiving disability pension (before the age of 60) and the effect on labor market income in patients diagnosed with hypothyroidism. This was an observational register-based cohort study. By record linkage between different Danish health registers, 1745 hypothyroid singletons diagnosed before the age of 60 were each matched with 4 non-hypothyroid controls and followed for a mean of 5 (range 1-31) years. Additionally, we included 277 same-sex twin pairs discordant for hypothyroidism. The risk of disability pension was evaluated by the Cox regression analysis. Changes in labor market income progression over 5 years were evaluated using a difference in difference model. With a hazard ratio of 2.24 (95% confidence interval = 1.73-2.89), individuals diagnosed with hypothyroidism had a significantly increased risk of disability pension. This remained significant when adjusting for educational level and comorbidity (hazard ratio = 1.89; 95% confidence interval = 1.42-2.51). In an analysis of labor market income, 2 years before compared with 2 years after the diagnosis of hypothyroidism, the hypothyroid individuals had on average a €1605 poorer increase than their euthyroid controls (P < .001). Essentially similar results were found in the twin population. A diagnosis of hypothyroidism before the age of 60 is associated with loss of labor market income and an 89% increased risk of receiving a disability pension.

Temporal changes in health within 5 years before and after disability pension-the HUNT Study.

PubMed

Vie, Gunnhild Åberge; Pape, Kristine; Krokstad, Steinar; Johnsen, Roar; Bjørngaard, Johan Håkon

2017-08-01

Health status has been reported to change before, during and after disability pension receipt. These associations might be subject to temporal changes according to changes in policy, incidence of disability pensions and other contextual factors. We compared the perceived health around time of disability retirement among persons receiving disability pension in the 1990 s and 2000 s in Norway. We linked data from two consecutive cross-sectional population based Norwegian health surveys, HUNT2 (1995-97) and HUNT3 (2006-08), to national registries, identifying those who received disability pension within 5 years before or after participation in the survey (HUNT2: n = 5362, HUNT3: n = 4649). We used logistic regression to assess associations of time from receiving a disability pension with self-rated health, insomnia, depression and anxiety symptoms and subsequently estimated adjusted prevalence over time. Prevalence of poor self-rated health peaked around time of receiving disability pension in both decades. For those aged 50+, prevalence the year before disability pension was slightly lower in 2006-08 (74%, 95% CI 70-79%) than in 1995-97 (83%, 95% CI 79-87%), whereas peak prevalence was similar between surveys for those younger than 50. Depression symptoms peaked more pronouncedly in 1995-97 than in 2006-08, whereas prevalence of anxiety symptoms was similar at time of receiving disability pension between surveys. We found no strong evidence of differences in health selection to disability pension in the 2000 s compared to the 1990 s. However, we found indication of less depression symptoms around time of disability pension in the 2000 s compared to the 1990 s. © The Author 2017. Published by Oxford University Press on behalf of the European Public Health Association. All rights reserved.

Commission on College Retirement: "Trouble in River City."

ERIC Educational Resources Information Center

Graebner, William

1984-01-01

A speech made to an early meeting of the newly formed Commission on College Retirement recommends that the commission abandon the approach to retirement as an instrument of educational and social reform and concentrate instead on making the Teachers Insurance and Annuity Association-College Retirement Equities Fund competitive and protecting…

Motives for early retirement of self-employed GPs in the Netherlands: a comparison of two time periods

PubMed Central

2012-01-01

Background The high cost of training and the relatively long period of training for physicians make it beneficial to stimulate physicians to retire later. Therefore, a better understanding of the link between the factors influencing the decision to retire and actual turnover would benefit policies designed to encourage later retirement. This study focuses on actual GP turnover and the determining factors for this in the Netherlands. The period 2003–2007 saw fewer GPs retiring from general practice than the period 1998–2002. In addition, GPs’ retirement age was higher in 2003–2007. For these two periods, we analysed work perception, objective workload and reasons for leaving, and related these with the probability that GPs would leave general practice at an early age. Methods In 2003, a first retrospective survey was sent to 520 self-employed GPs who had retired between 1998 and 2002. In 2008, the same survey was sent to 405 GPs who had retired between 2003 and 2007. The response rates were 60% and 54%, respectively. Analyses were done to compare work perception, objective workload, external factors and personal reasons for retiring. Results For both male and female GPs, work perception was different in the periods under scrutiny: both groups reported greater job satisfaction and a lower degree of emotional exhaustion in the later period, although there was no notable difference in subjective workload. The objective workload was lower in the second period. Moreover, most external factors and personal reasons that may contribute to the decision to retire were reported as less important in the second period. There was a stronger decrease in the probability that female GPs leave general practice within one year than for male GPs. This underscores the gender differences and the need for disaggregated data collection. Conclusions The results of this study suggest that the decrease in the probability of GPs leaving general practice within one year and the

Motives for early retirement of self-employed GPs in the Netherlands: a comparison of two time periods.

PubMed

Van Greuningen, Malou; Heiligers, Phil J M; Van der Velden, Lud F J

2012-12-18

The high cost of training and the relatively long period of training for physicians make it beneficial to stimulate physicians to retire later. Therefore, a better understanding of the link between the factors influencing the decision to retire and actual turnover would benefit policies designed to encourage later retirement. This study focuses on actual GP turnover and the determining factors for this in the Netherlands. The period 2003-2007 saw fewer GPs retiring from general practice than the period 1998-2002. In addition, GPs' retirement age was higher in 2003-2007. For these two periods, we analysed work perception, objective workload and reasons for leaving, and related these with the probability that GPs would leave general practice at an early age. In 2003, a first retrospective survey was sent to 520 self-employed GPs who had retired between 1998 and 2002. In 2008, the same survey was sent to 405 GPs who had retired between 2003 and 2007. The response rates were 60% and 54%, respectively. Analyses were done to compare work perception, objective workload, external factors and personal reasons for retiring. For both male and female GPs, work perception was different in the periods under scrutiny: both groups reported greater job satisfaction and a lower degree of emotional exhaustion in the later period, although there was no notable difference in subjective workload. The objective workload was lower in the second period. Moreover, most external factors and personal reasons that may contribute to the decision to retire were reported as less important in the second period. There was a stronger decrease in the probability that female GPs leave general practice within one year than for male GPs. This underscores the gender differences and the need for disaggregated data collection. The results of this study suggest that the decrease in the probability of GPs leaving general practice within one year and the increasing retirement age are caused by a decrease in

Heterogeneity in spending change at retirement

PubMed Central

Hurd, Michael D.; Rohwedder, Susann

2014-01-01

The simple one-good model of life-cycle consumption requires that consumption be continuous over retirement; yet prior research based on partial measures of consumption or on synthetic panels indicates that spending drops at retirement, a result that has been called the retirement-consumption puzzle. Using panel data on total spending, nondurable spending and food spending, we find that spending declines at small rates at retirement, rates that could be explained by mechanisms such as the cessation of work-related expenses, unexpected retirement due to a health shock or by the substitution of time for spending. We find substantial heterogeneity in spending change at retirement: in the upper half of the wealth distribution spending increased. In the low-wealth population where spending did decline at higher rates, the main explanation for the decline appears to be early retirement due to poor health, possibly augmented by a short planning horizon by a minority of the population. PMID:24524026

Cohort Profile: the Health and Retirement Study (HRS)

PubMed Central

Sonnega, Amanda; Faul, Jessica D; Ofstedal, Mary Beth; Langa, Kenneth M; Phillips, John WR; Weir, David R

2014-01-01

The Health and Retirement Study (HRS) is a nationally representative longitudinal survey of more than 37 000 individuals over age 50 in 23 000 households in the USA. The survey, which has been fielded every 2 years since 1992, was established to provide a national resource for data on the changing health and economic circumstances associated with ageing at both individual and population levels. Its multidisciplinary approach is focused on four broad topics—income and wealth; health, cognition and use of healthcare services; work and retirement; and family connections. HRS data are also linked at the individual level to administrative records from Social Security and Medicare, Veteran’s Administration, the National Death Index and employer-provided pension plan information. Since 2006, data collection has expanded to include biomarkers and genetics as well as much greater depth in psychology and social context. This blend of economic, health and psychosocial information provides unprecedented potential to study increasingly complex questions about ageing and retirement. The HRS has been a leading force for rapid release of data while simultaneously protecting the confidentiality of respondents. Three categories of data—public, sensitive and restricted—can be accessed through procedures described on the HRS website (hrsonline.isr.umich.edu). PMID:24671021

The golden goose in the crosshairs: the transition to defined contribution pension plans in the public sector: unintended consequences.

PubMed

Johnson, Brian R

2013-01-01

State, county, and local governments are currently facing a myriad of economic issues, based on shrinking tax revenues combined with increased expenditures. Of these, the costs related to defined benefit pension plans are one of the most serious issues facing many public employers. Through a comprehensive review of the existing literature, this article examines how the shift from the defined benefit (DB) to defined contribution (DC) pension plan has the potential to enhance levels of labor unrest due to changes in union militancy, bargaining skills deficits, intra-organizational conflict, and issues related to economic trade-offs. Besides the capacity for immediate and deleterious ramifications in the collective bargaining process, the transition to the DC pension also presents some potentially negative consequences related to human resource management, including changes in the psychological contract, recruitment strategies, employee turnover, and changes in retirement patterns. Recommendations to improve labor relations and human resource management practices in the DC pension environment are also explored.

Retirement patterns and bridge jobs in the 1990s.

PubMed

Quinn, J F

1999-02-01

During most of the post-World War II period, American men have been leaving the labor force at earlier and earlier ages. Evidence suggests that this trend has been under way for more than a century. However, in the mid-1980s, this trend came to an abrupt halt. Male labor force participation rates have been flat since 1985, and have actually increased over the past several years. Understanding these issues is especially important given the looming increase in the Social Security normal retirement age to 67 and the possibility of even more increases in the ages of eligibility under Social Security and Medicare reform. Because of the influx of married women into the labor market in the post-World War II period, older women's participation rates did not decline as men's did. In contrast, their rates were relatively steady, rising or falling very slowly. Since the mid-1980s, however, older women's participation rates have increased significantly. Many more older men and women are working today than the pre-1986 trends would have suggested. Many older Americans leave the labor force gradually, utilizing "bridge jobs" between employment on a full-time career job and complete labor force withdrawal. These bridge jobs are often part-time, often in a new line of work, and sometimes involve a switch from wage and salary work to self-employment. Estimates suggest that between one-third and one-half of older Americans will work on a bridge job before retiring completely, and for these workers retirement is best viewed as a process, not as a single event. These changes in retirement behavior are consistent with societal changes that have altered the relative attractiveness of work and leisure late in life. Mandatory retirement has been outlawed for most American workers. Social Security has become more age-neutral, no longer penalizing the average worker who wants to continue working after age 65. An increasing proportion of employer pension coverage has been in defined

Small employers and the challenge of sponsoring a retirement plan: results of the 1998 Small Employer Retirement Survey.

PubMed

Yakoboski, P; Ostuw, P

1998-10-01

Forty-two million individuals work for small employers; 9 million are participating in an employment-based retirement plan, while 33 million are not participating in a plan. This Issue Brief examines the barriers that prevent small employers from sponsoring a retirement plan, their level of knowledge about plans, and changes that might lead to plan sponsorship. It also examines the motivations of small employers that sponsor retirement plans. Small employers identify three main reasons for not offering a plan: employees' preferences for wages and/or other benefits, administrative costs, and uncertain revenue that makes it difficult to commit to a plan. Small employers without plans report being familiar with 401(k) and profit-sharing plans, but little else. Forty-seven percent report never having heard of the savings incentive match plan for employees (SIMPLE), and 55 percent report never having heard of simplified employee pensions (SEPs). There is apparent misunderstanding about retirement plans among small employers that do not sponsor one, especially with regard to costs. For example, 35 percent do not know that a plan can be set up for less than $2,000. What changes would lead to serious consideration of retirement plan sponsorship? In order of reported importance: increased company profits (66 percent), a business tax credit (64 percent), reduced administrative requirements (50 percent), demand from employees (49 percent), allowing key executives to save more in the plan (49 percent), and easing, i.e., lengthening, of vesting requirements (40 percent). Many small employers that sponsor a retirement plan cite business reasons among their motivations. Sixty-eight percent cite a "positive effect on employee attitude and performance" as a major reason for offering a plan. Fifty-six percent cite a "competitive advantage in employee recruitment and retention" as a major reason. Small employers with a retirement plan report direct benefits from sponsorship, but many

The impact on pension liabilities of Malaysian government pension scheme from remarriage due to removal of pension clause

NASA Astrophysics Data System (ADS)

Ibrahim, Rose Irnawaty; Siri, Zailan

2014-12-01

In the event of death of any government employee, their monthly pension will be given to their widow and their child. The government will stop paying that pension when the widow died and when the widow chooses to remarry. However, in 1st January 2002, the remarriage clause has been removed from the regulations. This would allow all widows who remarried to receive pension as usual. In view of this, there are possibilities that those widows who are still young might remarried. If many of the widows choose to remarry, it will be a burden to the government as it would increase the pension liabilities. However, we do not know how many of the widow will remarry. In view of this, the purpose of the study is to assess the impact to pension liabilities of government pension schemes on individual life due to removal clause of the remarriage by determining the pension factor and to assess to what extent the pension liabilities of government pension schemes would be affected.

The welfare state, pensions, privatization: the case of Social Security in the United States.

PubMed

Du Boff, R B

1997-01-01

In all high-income nations, the welfare state is under challenge, with particular concern voiced about the burden of retirement pensions on the public fisc and on younger workers. The strongest drive against social insurance is taking place in the United States, which has less of it than other nations and appears to be in the best position to meet future entitlement claims. In this article, the author examines the liabilities that the U.S. Social Security system is likely to incur over the next 35 years and finds that there is little danger that the system will fall into insolvency. Privatizing Social Security is not necessary to assure the integrity of future pension benefits. Furthermore, the cost-benefit ratio of privatization appears to be unfavorable, as borne out by the mandatory private pension plan in effect in Chile. Some wealthy nations will face greater demographic strains than the United States, but all need to retain the welfare state as a foundation for future changes in the world of work.

The contribution of former work-related activity levels to predict physical activity and sedentary time during early retirement: moderating role of educational level and physical functioning.

PubMed

Van Dyck, Delfien; Cardon, Greet; Deforche, Benedicte; De Bourdeaudhuij, Ilse

2015-01-01

The transition to retirement introduces a decline in total physical activity and an increase in TV viewing time. Nonetheless, as more time becomes available, early retirement is an ideal stage to implement health interventions. Therefore, knowledge on specific determinants of physical activity and sedentary time is needed. Former work-related physical activity has been proposed as a potential determinant, but concrete evidence is lacking. The aim of this study was to examine if former work-related sitting, standing, walking or vigorous activities predict physical activity and sedentary time during early retirement. Additionally, moderating effects of educational level and physical functioning were examined. In total, 392 recently retired Belgian adults (>6 months, <5 years) completed the International Physical Activity Questionnaire, the SF-36 Health Survey and a questionnaire on sociodemographics and former work-related activities. Generalized linear regression analyses were conducted in R. Moderating effects were examined by adding cross-products to the models. More former work-related sitting was predictive of more screen time during retirement. Lower levels of former work-related vigorous activities and higher levels of former work-related walking were associated with respectively more cycling for transport and more walking for transport during retirement. None of the predictors significantly explained passive transportation, cycling and walking for recreation, and leisure-time moderate-to-vigorous physical activity during retirement. Several moderating effects were found, but the direction of the interactions was not univocal. Former-work related behaviors are of limited importance to explain physical activity during early retirement, so future studies should focus on other individual, social and environmental determinants. Nonetheless, adults who previously had a sedentary job had higher levels of screen time during retirement, so this is an important

26 CFR 1.401-14 - Inclusion of medical benefits for retired employees in qualified pension or annuity plans.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Inclusion of medical benefits for retired...-Sharing, Stock Bonus Plans, Etc. § 1.401-14 Inclusion of medical benefits for retired employees in... employer providing such medical benefits by reason of permanent disability. For purposes of the preceding...

Work-family conflict and retirement preferences.

PubMed

Raymo, James M; Sweeney, Megan M

2006-05-01

This study investigates relationships between retirement preferences and perceived levels of work-family conflict. Using the large sample of 52-54-year-old respondents to the 1992 Wisconsin Longitudinal Study, we estimated multinomial logistic regression models of preferences for partial and full retirement within the next 10 years. We examined the association between retirement preferences and perceived work-family conflict, evaluated the extent to which work-family conflict was a mediating mechanism between stressful work and family circumstances and preferences to retire, and explored potential gender differences in the association between work-family conflict and preferring retirement. Work-family conflict was positively related to preferences for both full and partial retirement. Yet work-family conflict did not appear to mediate relationships between stressful work and family environments and retirement preferences, nor did significant gender differences emerge in this association. Our analyses provide the first direct evidence of the role played by work-family conflict in the early stages of the retirement process, although we were not able to identify the sources of conflict underlying this relationship. Identifying the sources of this conflict and the psychological mechanisms linking work-family conflict to retirement preferences is an important task for future researchers.

Retrenchment, Retirement Benefits, and the Faculty Role.

ERIC Educational Resources Information Center

Lohmann, Christoph K.

1991-01-01

Indiana University's experiences with trying to cancel an increasingly expensive early retirement system illustrates some of the ways in which faculty retirement benefits are subject to attack and some of the potential and weaknesses of the traditional faculty governance mechanisms in trying to shape a response. (MSE)

78 FR 24235 - 166th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-24

... DEPARTMENT OF LABOR Employee Benefits Security Administration 166th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority contained in Section 512 of the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. 1142, the 166th open meeting of the Advisory Council on...

76 FR 36578 - 156th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-06-22

... DEPARTMENT OF LABOR Employee Benefits Security Administration 156th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority contained in Section 512 of the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. 1142, the 156th open meeting of the Advisory Council on...

77 FR 44676 - 162nd Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-07-30

... DEPARTMENT OF LABOR Employee Benefits Security Administration 162nd Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority contained in Section 512 of the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. 1142, the 162nd open meeting of the Advisory Council on...

75 FR 57063 - 153rd Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-09-17

... DEPARTMENT OF LABOR Employee Benefits Security Administration 153rd Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority contained in Section 512 of the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. 1142, the 153rd open meeting of the Advisory Council on...

76 FR 48903 - 157th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-09

... DEPARTMENT OF LABOR Employee Benefits Security Administration 157th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority contained in Section 512 of the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. 1142, the 157th open meeting of the Advisory Council on...

75 FR 47636 - 152nd Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-08-06

... DEPARTMENT OF LABOR Employee Benefits Security Administration 152nd Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority contained in Section 512 of the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. 1142, the 152nd open meeting of the Advisory Council on...

77 FR 28406 - 161st Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-14

... DEPARTMENT OF LABOR Employee Benefits Security Administration 161st Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority contained in Section 512 of the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. 1142, the 161st open meeting of the Advisory Council on...

78 FR 44600 - 167th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-07-24

... DEPARTMENT OF LABOR Employee Benefits Security Administration 167th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority contained in Section 512 of the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. 1142, the 167th open meeting of the Advisory Council on...

29 CFR 2520.102-3 - Contents of summary plan description.

Code of Federal Regulations, 2012 CFR

2012-07-01

... following statement: Your pension benefits under this plan are insured by the Pension Benefit Guaranty... disabled before the plan terminates; and (3) certain benefits for your survivors. The PBGC guarantee... in an early retirement monthly benefit greater than your monthly benefit at the plan's normal...

29 CFR 2520.102-3 - Contents of summary plan description.

Code of Federal Regulations, 2014 CFR

2014-07-01

... following statement: Your pension benefits under this plan are insured by the Pension Benefit Guaranty... disabled before the plan terminates; and (3) certain benefits for your survivors. The PBGC guarantee... in an early retirement monthly benefit greater than your monthly benefit at the plan's normal...

29 CFR 2520.102-3 - Contents of summary plan description.

Code of Federal Regulations, 2013 CFR

2013-07-01

... following statement: Your pension benefits under this plan are insured by the Pension Benefit Guaranty... disabled before the plan terminates; and (3) certain benefits for your survivors. The PBGC guarantee... in an early retirement monthly benefit greater than your monthly benefit at the plan's normal...

Planning for Retirement: Longitudinal Effect on Retirement Resources and Post-retirement Well-being

PubMed Central

Yeung, Dannii Y.; Zhou, Xiaoyu

2017-01-01

Retirement is a major life event, and a positive adjustment to retirement is essential for maintaining physical and psychological well-being in later life. Previous research demonstrates that pre-retirement planning predicts post-retirement well-being. This study further explores the underlying mechanism between planning activities and post-retirement well-being. By applying the resource-based dynamic model (Wang et al., 2011), the present longitudinal study examines whether pre-retirement planning activities can increase the total resources of retirees, including tangible, mental and social resources, and consequently contribute to better psychological and physical well-being 1 year after actual retirement. A total of 118 Hong Kong Chinese retirees completed three assessments: Time 1 assessment was conducted 6 months before retirement, and Times 2 and 3 assessments were carried out 6 and 12 months, respectively, after retirement. Latent growth models were employed to examine changes in retirement resources and post-retirement well-being over time. Consistent with the proposition of the resource-based dynamic model, positive changes in well-being were observed in the retirees with increases in retirement resources between pre- and post-retirement phases. The results of the latent growth mediation models also support our prediction: retirees with more preparatory activities before retirement acquire greater resources at the initial stage, which contribute to positive changes in post-retirement well-being over time. PMID:28798716

Planning for Retirement: Longitudinal Effect on Retirement Resources and Post-retirement Well-being.

PubMed

Yeung, Dannii Y; Zhou, Xiaoyu

2017-01-01

Retirement is a major life event, and a positive adjustment to retirement is essential for maintaining physical and psychological well-being in later life. Previous research demonstrates that pre-retirement planning predicts post-retirement well-being. This study further explores the underlying mechanism between planning activities and post-retirement well-being. By applying the resource-based dynamic model (Wang et al., 2011), the present longitudinal study examines whether pre-retirement planning activities can increase the total resources of retirees, including tangible, mental and social resources, and consequently contribute to better psychological and physical well-being 1 year after actual retirement. A total of 118 Hong Kong Chinese retirees completed three assessments: Time 1 assessment was conducted 6 months before retirement, and Times 2 and 3 assessments were carried out 6 and 12 months, respectively, after retirement. Latent growth models were employed to examine changes in retirement resources and post-retirement well-being over time. Consistent with the proposition of the resource-based dynamic model, positive changes in well-being were observed in the retirees with increases in retirement resources between pre- and post-retirement phases. The results of the latent growth mediation models also support our prediction: retirees with more preparatory activities before retirement acquire greater resources at the initial stage, which contribute to positive changes in post-retirement well-being over time.

Psychosocial work environment and retirement age: a prospective study of 1876 senior employees.

PubMed

Thorsen, Sannie Vester; Jensen, Per H; Bjørner, Jakob Bue

2016-08-01

Retention of senior employees is a challenge for most developed countries. We aimed to identify psychosocial work environment factors of importance for the retention of older employees by evaluating the association between the psychosocial work environment and voluntary early retirement in a longitudinal study. Data about work environment, health, and background factors came from the DANES 2008 questionnaire survey. We followed members of the Danish early retirement scheme for up to 4 years in national registers-focusing on the age range, 60-64 years, where early retirement was possible. We used Cox proportional hazard regression to analyze the rate of early retirement. The study included 16 psychosocial work environment factors. The following 10 psychosocial factors were significant predictors of early retirement in covariate adjusted analyses: Low job satisfaction, low influence in job, low possibilities for development, low role clarity, perceived age discrimination, low recognition from management, low workplace justice, poor trust in management, poor leadership quality, and poor predictability. No significant association with early retirement was found for work pace, quantitative demands, emotional demands, role conflicts, social community between colleagues, and trust between colleagues. Older employees with high job satisfaction, influence, possibilities for development, positive management relations, and jobs with no age discrimination remained longer at the labor market. However, we found no evidence that low demands or good relations between colleagues could influence older employees' decision on early retirement.

A Health Production Model with Endogenous Retirement

PubMed Central

Galama, Titus; Kapteyn, Arie; Fonseca, Raquel; Michaud, Pierre-Carl

2012-01-01

We formulate a stylized structural model of health, wealth accumulation and retirement decisions building on the human capital framework of health and derive analytic solutions for the time paths of consumption, health, health investment, savings and retirement. We argue that the literature has been unnecessarily restrictive in assuming that health is always at the “optimal” health level. Exploring the properties of corner solutions we find that advances in population health decrease the retirement age, while at the same time individuals retire when their health has deteriorated. This potentially explains why retirees point to deteriorating health as an important reason for early retirement, while retirement ages have continued to fall in the developed world, despite continued improvements in population health and mortality. In our model, workers with higher human capital invest more in health and because they stay healthier retire later than those with lower human capital whose health deteriorates faster. PMID:22888062

Occupational stress and its association with early retirement and subjective need for occupational rehabilitation in cancer patients.

PubMed

Böttcher, Hilke M; Steimann, Monika; Rotsch, Martin; Zurborn, Karl-Heinz; Koch, Uwe; Bergelt, Corinna

2013-08-01

Returning to work often plays an important role for cancer survivors. Occupational stress may hamper a successful return to work, so cancer survivors should be given the opportunity to address occupational stress issues before returning to work. We investigated the amount of occupational stress among cancer patients and whether it is associated with their well-being, their subjective need for occupational rehabilitation and elevations in their risk of early retirement. At the beginning of rehabilitation, we asked cancer patients to respond to occupation-related and health-related questionnaires. We used t-tests, chi-square tests, and logistic regression analyses to address our research questions. A total of 477 patients participated in the study. Of these, 19% were occupationally stressed, and 26% reported subjective need for occupational rehabilitation. Patients who reported work-related stress had a diminished quality of life, were more likely to report subjective need for occupational rehabilitation (OR = 2.16), and had a higher risk of early retirement (OR = 5.44). Furthermore, cancer patients reported deficits in both active coping abilities and mental stability at work. Because occupational stress is associated with a higher risk of early retirement, both patients and physicians should take work-related problems seriously. Screening patients for occupational stress may help physicians identify patients who are at risk of experiencing problematic work re-entries. Furthermore, the results of the study suggest that cancer patients might have problems maintaining confidence in their abilities to solve work-related problems. Therefore, facilitating the development of a perception of self-efficacy might be an important treatment goal. Copyright © 2012 John Wiley & Sons, Ltd.

Retirement and Cognition: A Life Course View.

PubMed

Denier, Nicole; Clouston, Sean A P; Richards, Marcus; Hofer, Scott M

2017-03-01

This study examines the relationship between retirement and cognitive aging. We build on previous research by exploring how different specifications of retirement that reflect diverse pathways out of the labor market, including reason for leaving the pre-retirement job and duration spent in retirement, impact three domains of cognitive functioning. We further assess how early-life factors, including adolescent cognition, and mid-life work experiences, condition these relationships. To do so, we draw on longitudinal data from the Wisconsin Longitudinal Study , a cohort study of Wisconsin high school graduates collected prospectively starting in 1957 until most recently in 2011 when individuals were aged 71. Results indicate that retirement, on average, is associated with improved abstract reasoning, but not with verbal memory or verbal fluency. Yet, when accounting for the reason individuals left their pre-retirement job, those who had retired for health reasons had both lower verbal memory and verbal fluency scores and those who had retired voluntarily or for family reasons had improved abstract memory scores. Together, the results suggest that retirement has an inconsistent effect on cognitive aging across cognitive domains and that the conditions surrounding the retirement decision are important to understanding cognitive functioning at older ages.

Changes in Sleep Difficulties During the Transition to Statutory Retirement.

PubMed

Myllyntausta, Saana; Salo, Paula; Kronholm, Erkki; Pentti, Jaana; Kivimäki, Mika; Vahtera, Jussi; Stenholm, Sari

2018-01-01

This study examined changes in sleep during the transition from full-time work to statutory retirement. Both the prevalence of any sleep difficulty and the prevalence of specific sleep difficulties, such as difficulties falling asleep, difficulties maintaining sleep, waking up too early in the morning, and nonrestorative sleep, were examined. Data from the Finnish Public Sector study were used. The study population consisted of 5,807 Finnish public sector employees who retired on statutory basis between 2000 and 2011. The participants responded on the Jenkins Sleep Problem Scale Questionnaire before and after retirement in surveys conducted every 4 years. At the last study wave before retirement, 30% of the participants had sleep difficulties. Prevalence of any sleep difficulty decreased during the retirement transition: the risk ratio (RR) for having sleep difficulties in the first study wave following retirement compared with the last study wave preceding retirement was 0.89 (95% confidence interval [CI] 0.85-0.94). During the retirement transition, both waking up too early in the morning (RR = 0.76, 95% CI 0.69-0.82) and nonrestorative sleep (RR = 0.47, 95% CI 0.42-0.53) decreased, whereas there was no change in difficulties falling asleep or difficulties maintaining sleep. The decreases in sleep difficulties occurred primarily among those with psychological distress, suboptimal self-rated health, short sleep duration, and job strain before retirement. These longitudinal data suggest that transition to statutory retirement is associated with a decrease in sleep difficulties, especially waking up too early in the morning and nonrestorative sleep. © Sleep Research Society 2017. Published by Oxford University Press on behalf of the Sleep Research Society. All rights reserved. For permissions, please e-mail journals.permissions@oup.com.

The Contribution of Former Work-Related Activity Levels to Predict Physical Activity and Sedentary Time during Early Retirement: Moderating Role of Educational Level and Physical Functioning

PubMed Central

Van Dyck, Delfien; Cardon, Greet; Deforche, Benedicte; De Bourdeaudhuij, Ilse

2015-01-01

Background The transition to retirement introduces a decline in total physical activity and an increase in TV viewing time. Nonetheless, as more time becomes available, early retirement is an ideal stage to implement health interventions. Therefore, knowledge on specific determinants of physical activity and sedentary time is needed. Former work-related physical activity has been proposed as a potential determinant, but concrete evidence is lacking. The aim of this study was to examine if former work-related sitting, standing, walking or vigorous activities predict physical activity and sedentary time during early retirement. Additionally, moderating effects of educational level and physical functioning were examined. Methods In total, 392 recently retired Belgian adults (>6 months, <5 years) completed the International Physical Activity Questionnaire, the SF-36 Health Survey and a questionnaire on sociodemographics and former work-related activities. Generalized linear regression analyses were conducted in R. Moderating effects were examined by adding cross-products to the models. Results More former work-related sitting was predictive of more screen time during retirement. Lower levels of former work-related vigorous activities and higher levels of former work-related walking were associated with respectively more cycling for transport and more walking for transport during retirement. None of the predictors significantly explained passive transportation, cycling and walking for recreation, and leisure-time moderate-to-vigorous physical activity during retirement. Several moderating effects were found, but the direction of the interactions was not univocal. Conclusions Former-work related behaviors are of limited importance to explain physical activity during early retirement, so future studies should focus on other individual, social and environmental determinants. Nonetheless, adults who previously had a sedentary job had higher levels of screen time during

Retirement | Alaska Division of Retirement and Benefits

Science.gov Websites

Comp All Other Programs Features Empower Retirement Account Info Online myRnB Member Services Seminars Benefits > Retirement Online Counselor Scheduler Empower Retirement Account Info Online myRnB Member Welcome to the Retirement Section News Empower Increases Participant Account Security Help What retirement

[The prognostic value of variables from the quality assurance program and of the rehabilitation-discharge report of the LVA Baden-Württemberg for early retirement: results of a retrospective cohort-study].

PubMed

Küpper-Nybelen, J; Rothenbacher, D; Jacobi, E; Brenner, H

2003-12-01

Since 1997 the LVA Baden-Württemberg pension insurance agency has implemented an instrument to measure the outcome quality of in-patient rehabilitation. The objective of this study was to evaluate the prognostic value of various short-term rehabilitation success markers and of variables of the quality assurance program and the rehab-discharge report of the LVA Baden-Württemberg on early retirement by means of a retrospective cohort study. The analysis was based on routinely registered data of patients who underwent in-hospital rehabilitation in a hospital accredited by the LVA Baden-Württemberg between June 1997 and June 1999. Baseline data included information from medical discharge reports and from the quality assurance programme. Follow-up information with regard to disability was collected until July 2000. The prognostic value of the quality assurance programme and of 4 standardized documented items from the medical discharge report was estimated by proportional hazards regression. In this analysis 6,823 patients aged 30-59 years who underwent an in-patient rehab programme between June 1997 and July 1999 in 5 of 6 LVA rehab clinics were included. During follow-up (mean duration: 1.8 years) 908 (13.3%) patients retired because of health-related disability. The variables with the strongest prognostic values were the evaluation of the patient health status by the physician and the patients themselves and the capacity to work. The variables with the highest prognostic value were the evaluation on a 1-6 visual analogue scale; a better assessment by one mark of the health status by physician and patient himself, respectively, was associated with a 53% and 40% reduced risk of disability. Fitness for work at discharge was the most prognostic variable from the discharge report. Patients who were able to work had a 78% reduced risk of disability compared to patients unable to work. Also of prognostic relevance were a positive performance and the duration of the

Wealth, income, and health before and after retirement.

PubMed

Geyer, Siegfried; Spreckelsen, Ove; von dem Knesebeck, Olaf

2014-11-01

It was supposed that associations of wealth and health might be higher after retirement than in the economically active periods of life, but no comparisons were available. Most studies on wealth were based on net worth, a measure combining several elements of wealth into an index. We examined associations between different elements of wealth and health by comparing retired women and men with economically active ones. Data were drawn from the German Socio-Economic Panel, a nationwide longitudinal survey project. Two waves (2002 and 2007) included indicators of wealth in addition to household income and education. Wealth was not depicted by an index. Instead, debts, property of life insurances, home ownership and assets were considered separately with their associations with self-rated health. Two data sets were used to examine whether the results were occasional, or whether they can be replicated. Associations of income and education emerged in respondents in their active periods of life. In most cases indicators of wealth were associated with subjective health. In retired respondents home ownership was the only indicator yielding consistent associations with health, but their sizes turned out as rather moderate. Contrary to expectation, the associations of wealth and health were inconsistent in the retired study population. These results were obtained in a country with national pension schemes, and it has to be examined whether the findings can be generalised to other countries. The inconsistent findings of indicators of wealth are calling the utility of net worth into question. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://group.bmj.com/group/rights-licensing/permissions.

Pension Reform in China.

PubMed

Liu, Tao; Sun, Li

2016-01-01

This article analyzes China's pension arrangement and notes that China has recently established a universal non-contributory pension plan covering urban non-employed workers and all rural residents, combined with the pension plan covering urban employees already in place. Further, in the latest reform, China has discontinued the special pension plan for civil servants and integrated this privileged welfare class into the urban old-age pension insurance program. With these steps, China has achieved a degree of universalism and integration of its pension arrangement unprecedented in the non-Western world. Despite this radical pension transformation strategy, we argue that the current Chinese pension arrangement represents a case of "incomplete" universalism. First, its benefit level is low. Moreover, the benefit level varies from region to region. Finally, universalism in rural China has been undermined due to the existence of the "policy bundle." Additionally, we argue that the 2015 pension reform has created a situation in which the stratification of Chinese pension arrangements has been "flattened," even though it remains stratified to some extent.

Racial and ethnic differences in the retirement prospects of divorced women in the Baby Boom and Generation X cohorts.

PubMed

Butrica, Barbara A; Smith, Karen E

2012-01-01

Blacks, Hispanics, and divorced women have historically experienced double-digit poverty rates in retirement, and divorce and other demographic trends will increase their representation in future retiree populations. For these reasons, we might expect an increase in the proportion of economically vulnerable divorced women in the future. This article uses the Social Security Administration's Modeling Income in the Near Term (version 6) to describe the likely characteristics, work experience, Social Security benefit status, and economic well-being of future divorced women at age 70 by race and ethnicity. Factors associated with higher retirement incomes include having a college degree; having a strong history of labor force attachment; receiving Social Security benefits; and having pensions, retirement accounts, or assets, regardless of race and ethnicity. However, because divorced black and Hispanic women are less likely than divorced white women to have these attributes, income sources, or assets, their projected average retirement incomes are lower than those of divorced white women.

Trump and the GOP agenda: implications for retirement policy.

PubMed

Madland, David; Rowell, Alex

2018-04-11

Policymakers need to act to protect Americans' retirement security. A significant portion of Americans are at risk of not being able to maintain their standard of living in retirement and research suggests that this percentage is likely to grow. This commentary provides background on the current state of American retirement, highlights recent efforts to reform retirement policy, and predicts what to expect under President Donald Trump. Retirement has not been a major focus of national policymakers in recent years. Early actions during the Trump administration to undo Obama administration policies may make it more difficult for individuals to save for retirement. While it is impossible to predict the future with any certainty, long standing trends and recent political developments suggest that major action will not be taken during the Trump presidency to boost retirement security.

Preferred Retirement Timing and Retirement Satisfaction in Women.

ERIC Educational Resources Information Center

Szinovacz, Maximiliane

1987-01-01

Explored retirement conditions affecting women's preferred retirement timing and retirement satisfaction in 115 women retirees. Revealed that women's life goals, sex role constancy over the years, the economic impact of retirement, and respondents' control over determination of retirement timing were relevant issues. (Author/KS)

38 CFR 3.3 - Pension.

Code of Federal Regulations, 2012 CFR

2012-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2012-07-01 2012-07-01 false Pension. 3.3 Section 3.3 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.3 Pension. (a) Pension for veterans—(1) Service...

38 CFR 3.3 - Pension.

Code of Federal Regulations, 2011 CFR

2011-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2011-07-01 2011-07-01 false Pension. 3.3 Section 3.3 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.3 Pension. (a) Pension for veterans—(1) Service...

38 CFR 3.3 - Pension.

Code of Federal Regulations, 2013 CFR

2013-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2013-07-01 2013-07-01 false Pension. 3.3 Section 3.3 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.3 Pension. (a) Pension for veterans—(1) Service...

38 CFR 3.3 - Pension.

Code of Federal Regulations, 2010 CFR

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Pension. 3.3 Section 3.3 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.3 Pension. (a) Pension for veterans—(1) Service...

38 CFR 3.3 - Pension.

Code of Federal Regulations, 2014 CFR

2014-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2014-07-01 2014-07-01 false Pension. 3.3 Section 3.3 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.3 Pension. (a) Pension for veterans—(1) Service...

[Who's afraid of retirement? Social factors influencing the attitude toward retirement].

PubMed

Gadourek, I; van Gelder, B A

1985-10-01

The four dimensions of the attitudes towards retirement (see Bela A. van Gelder in this journal) of 553 male older employees from the northern Netherlands were analyzed in relation to over 250 predictor-variables by means of stepwise regressions and other techniques of multivariate analysis. A simple recursive model of Palmore, George and Fillenbaum served as a theoretical guideline. It was tested by means of a path-analysis as applied to 20 variables (see figure I). Many of over 100 hypotheses derived from the model and from the literature pertaining to the matter were upheld by the findings: Single persons, widowers, or persons not happily married, appeared more afraid of retirement. If married, the spouse's judgment (as perceived by the interviewee) was another factor of importance. Age also affected the attitude: the closer one approaches retirement, the less positive the attitude (though age showed little variation in our sample). Social status affected the attitude indirectly: manual workers performing physically exacting (dirty, irregular, etc.) jobs, who have been working for the same firm (or: service) over a long period of time, who started earning money early in life--these were positive in their attitude towards retirement (needless to say that all these findings concern the attribute of lower status jobs). Finally, the pattern of and the attitude towards leisure played a decisive role: employees with strong work-involvement, with less intensive and rich leisure time, with intensive ties with people from their work-scene--these showed more negative attitudes towards retirement than their counterparts.

Devil in disguise: Does drinking lead to a disability pension?

PubMed

Böckerman, Petri; Hyytinen, Ari; Maczulskij, Terhi

2016-05-01

To examine whether alcohol consumption in adulthood is related to the incidence of receiving a disability pension later in life. Twin data for Finnish men and women born before 1958 were matched to register-based individual information on disability pensions. Twin differences were used to eliminate both shared environmental and genetic factors. The quantity of alcohol consumption was measured as the weekly average consumption using self-reported data from three surveys (1975, 1981 and 1990). The disability pension data were evaluated from 1990-2004. The models that account for shared environmental and genetic factors reveal that heavy drinkers are significantly more likely to receive a disability pension than moderate drinkers or constant abstainers. Heavy drinking that leads to passing out is also positively related to receiving a disability pension. The results were robust to the use of potential confounders that twins do not share, such as education years, the number of chronic diseases, physical activity at work and leisure, and stressful life events. Drinking profiles in early adulthood are an important predictor of receiving a disability pension later in life. Copyright © 2015 Elsevier Inc. All rights reserved.

Office of Inspector General report on special audit of pension plans for Department of Energy contract employees of the University of California

DOE Office of Scientific and Technical Information (OSTI.GOV)

NONE

1996-08-01

On May 15, 1996, the Department of Energy (DOE) announced its decision to extend and renegotiate its contracts with the University of California for the management and operation of the Los Alamos, Lawrence Berkeley, and Lawrence Livermore National Laboratories. Current contracts for the operation of these laboratories expire in 1997. The renegotiation process provides an opportunity for the Department to: (1) recover at least $620 million in excess assets from the pension plans it has funded for University of California employees who work at DOE`s laboratories; and (2) improve the Department`s ability to exercise prudent management of its interest inmore » those pension funds. According to Department records, as of July 1, 1995, the University of California Retirement Plan had between $620 million and $2.0 billion in excess assets that were attributable to the Department of Energy (emphasis supplied). The wide variation in excess assets is a function of the assumptions used in making these calculations. These are described in Appendix 1 to this report. It was concluded as a result of the audit that, as part of the contract renegotiation process, the Department should obtain the cooperation and assistance of the University of California in recovering excess pension plan assets in a manner that does not affect the defined retirement benefits of the contract employees. This could include jointly sponsoring legislation to modify any existing legal restrictions.« less

Social connectedness and the transition from work to retirement.

PubMed

Lancee, Bram; Radl, Jonas

2012-07-01

Although there are numerous studies on the role of social connections in early working life, research that examines how social connectedness matters in the later stages of a career is scarce. The present study analyzes to what extent social connectedness affects the timing of the transition from work to retirement. We draw on data from the German Socioeconomic Panel Study (GSOEP) from the years 1985-2009 (N = 10,225), and we apply techniques of event history analysis. Social connectedness includes social gatherings with friends, relatives, and neighbors (informal participation) as well as engagement in voluntary and civic associations and local politics (formal participation). The findings demonstrate that social connectedness matters for the transition from work to retirement, but its impact depends on the type of participation. Whereas informal participation results in earlier retirement, formal participation delays labor force withdrawal. The findings suggest a trade-off between informal participation and work in later life, which leads people with frequent social contacts to opt for early retirement. By contrast, the fact that formal participation is associated with postponed retirement points to employment benefits of volunteering and civic engagement among older workers.

Determinants of working until retirement compared to a transition to early retirement among older workers with and without chronic diseases: Results from a Dutch prospective cohort study.

PubMed

Sewdas, Ranu; van der Beek, Allard J; de Wind, Astrid; van der Zwaan, Lennart G L; Boot, Cécile R L

2018-05-01

The ageing society and recent policy changes may lead to an increase of older workers with chronic diseases in the workforce. To date, it is unclear whether workers with chronic diseases have specific needs while employed. The aim of this study is to explore the differences in determinants of working until retirement compared to a reference group who have transitioned to early retirement among workers with and without chronic diseases. Dutch workers aged 57-62 years ( n = 2445) were selected from an existing prospective cohort study, 'STREAM'. The potential determinants were categorized into: individual, health, work-related and social factors. Logistic regression analyses were performed to determine the associations between these determinants and working until retirement - once for workers with and once for those without chronic diseases. To test differences, we included an interaction term between the determinant and the covariate 'having a chronic disease yes/no' in the analyses of the total population. In total, 1652 (68%) persons were employed from 2011 to 2013. The majority of the determinants appeared to be similar for workers with or without a chronic disease; the interaction terms for these determinants and the covariate 'having a chronic disease' showed a p-value higher than 0.05, except for one individual factor (i.e. mastery) and one work-related factor (i.e. autonomy), which showed a p-value below 0.05. Higher mastery and higher autonomy were statistically significantly associated with working until retirement for those with chronic diseases, whereas they were not for those without chronic diseases. Differences between workers with and without chronic diseases may exist for working until a statutory retirement age. Interventions aimed at encouraging work participation of older workers should make a distinction between the two groups. Autonomy at work and mastery were found to be factors that may promote work participation until higher age, specifically

Retired Adults: Perceptions on Successful Retirement

ERIC Educational Resources Information Center

Rausch, Suzanne

2013-01-01

This dissertation is an examination of the perceptions offered by adults who self-identify as being successfully retired. The increase in the percentage of the retiring population in the United States in the immediate future alerts us to the need to identify strategies that have been reported by retirees to successfully transition into retirement.…

Joint associations of smoking and physical activity with disability retirement: a register-linked cohort study.

PubMed

Lallukka, Tea; Rahkonen, Ossi; Lahelma, Eero; Lahti, Jouni

2015-07-29

We examined the risk of disability retirement by smoking and physical activity, and particularly whether the risk due to smoking is affected by the level of physical activity. Additionally, the contribution of baseline health, sociodemographic and work-related factors to the joint associations of smoking and physical activity with disability retirement was considered. Cohort study. Helsinki, Finland. Employees of the City of Helsinki, aged 40-60 years at baseline in 2000-2002, were followed up using complete register data from the Finnish Centre of Pensions until the end of 2010 (n=6390, with a consent to register linkage from 74%). All-cause disability retirement (ICD-10). Altogether, 608 employees (9.5%) retired due to disability during the follow-up. Cox regression models were fitted to examine the joint associations of smoking and physical activity with subsequent disability retirement. Never-smokers, ex-smokers and moderate smokers who were inactive or moderately active had an increased risk of disability retirement, but if they were vigorously active, they had no excess risk. Instead, all heavy smokers (15 or more cigarettes per day among women, and 20 or more among men), irrespective of physical activity, had an increased risk of disability retirement. The examined associations attenuated but remained for ex-smokers and heavy smokers after adjustments for gender, age, socioeconomic position, mental and physical workload, problem drinking, body mass index and self-rated health. No gender interactions were found. Vigorous physical activity might help prevent disability retirement not only among never-smokers, but even among ex-smokers and moderate smokers. However, among heavy smokers, physical activity is not sufficient to eliminate the adverse effects of smoking on health and work ability. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://group.bmj.com/group/rights-licensing/permissions.

Divorced women at retirement: projections of economic well-being in the near future.

PubMed

Butrica, B A; Iams, H M

2000-01-01

The Modeling Income in the Near Term (MINT) data system projects retirement income for persons retiring in the 1990s through 2020. Using those data, we examine the economic well-being of divorced women at retirement. The MINT data system improves upon previous estimates of Social Security benefits by: Measuring and projecting years of marriage to determine if the 10-year requirement has been met, Projecting lifetime earnings until retirement and eligibility for Social Security retirement benefits, and Estimating lifetime earnings of former spouses. MINT also makes independent projections of each retiree's income from pensions, assets, and earnings (for working beneficiaries). As a result of changes in marital patterns, MINT projects that the proportion of women who are divorced will increase. At the same time, the proportion of those women who are eligible for auxiliary benefits is projected to decrease, for two main reasons. First, changes in women's earnings and work patterns result in more women receiving retired-worker benefits based on their own earnings. Second, an increased number of divorced women will not meet the 10-year marriage requirement for auxiliary benefits. Despite the projected decrease over time in eligibility rates for auxiliary benefits, the level of Social Security benefits is projected to change little between the older and younger birth cohorts of divorced women entering retirement. According to the MINT data, the most vulnerable of divorced women will be those who have not met the 10-year marriage requirement. Poverty rates will be higher for them than for all other divorced women. This group of divorced women is projected to grow as more and more women divorce from shorter marriages. With more women divorcing and with fewer divorced women meeting the 10-year marriage requirement, the proportion of economically vulnerable aged women will increase when the baby boom retires. Further research is warranted on this long neglected subject

Reinventing Military Retirement.

DTIC Science & Technology

1995-12-01

private sector retirement plan principles to the military retirement system. The increasing cost and generosity of military retirement coupled with political pressures to reduce federal spending have focused attention on reforming the military retirement system. Previous studies of the military retirement system are addressed and critiqued. Private retirement options are reviewed and a 401(k) plan is proposed to replace the current military retirement system. The new retirement system would eventually reduce federal outlays for military retirement by 66 percent while

I Do... Want to Save: Marriage and Retirement Savings in Young Households

ERIC Educational Resources Information Center

Knoll, Melissa A. Z.; Tamborini, Christopher R.; Whitman, Kevin

2012-01-01

Increased policy and academic attention has been placed on promoting retirement savings early in the life course. This study investigates the extent to which retirement savings behavior among young persons, a population for which retirement savings is important but typically low, differs by marital status. We draw national survey data on young…

Retirement as Meaningful: Positive Retirement Stereotypes Associated with Longevity

PubMed Central

Ng, Reuben; Allore, Heather G.; Monin, Joan K.; Levy, Becca R.

2016-01-01

Studies examining the association between retirement and health have produced mixed results. This may be due to previous studies treating retirement as merely a change in job status rather than a transition associated with stereotypes or societal beliefs (e.g., retirement is a time of mental decline or retirement is a time of growth). To examine whether these stereotypes are associated with health, we studied retirement stereotypes and survival over a 23-year period among 1,011 older adults. As predicted by stereotype embodiment theory, it was found that positive stereotypes about physical health during retirement showed a survival advantage of 4.5 years (hazard ratio = 0.88, p = .022) and positive stereotypes about mental health during retirement tended to show a survival advantage of 2.5 years (hazard ratio = 0.87, p = .034). Models adjusted for relevant covariates such as age, gender, race, employment status, functional health, and self-rated health. These results suggest that retirement preparation could benefit from considering retirement stereotypes. PMID:27346893

Mind the gap: the distributional effects of raising the early eligibility age and full retirement age.

PubMed

Olsen, Anya

2012-01-01

Policymakers have proposed increases to the early eligibility age (EEA) and/or full retirement age (FRA) to address increasing life expectancy and Social Security solvency issues. This analysis uses the Social Security Administration's Modeling Income in the Near Term, version 6 (MINT6) model to compare three retirement-age increases suggested by the Social Security Advisory Board: increase the gap between the EEA and FRA by raising only the FRA, increase both the EEA and FRA to maintain a 4-year gap between them, and increase both the EEA and FRA to maintain a 5-year gap between them. Although all three options would improve system solvency by similar proportions, their effect on individual beneficiaries in the future would vary. Benefit reductions are greater under the proposals with more months between the EEA and FRA, while the option that maintains a 4-year gap results in benefit increases for some beneficiaries compared with current law.

Job strain and the risk of disability pension due to musculoskeletal disorders, depression or coronary heart disease: a prospective cohort study of 69,842 employees.

PubMed

Mäntyniemi, Anne; Oksanen, Tuula; Salo, Paula; Virtanen, Marianna; Sjösten, Noora; Pentti, Jaana; Kivimäki, Mika; Vahtera, Jussi

2012-08-01

Observational studies suggest that high job strain is a risk factor for retirement on health grounds, but few studies have analysed specific diagnoses. We examined job strain's association with all-cause and cause-specific disability pensions. Survey responses to questions about job strain from 48,598 (response rate, 68%) public sector employees in Finland from 2000 to 2002 were used to determine work unit- and occupation-based scores. These job strain scores were assigned to all the 69,842 employees in the same work units or occupations. All participants were linked to the disability pension register of the Finnish Centre of Pensions with no loss to follow-up. Cox proportional hazard models were used to calculate HRs and their 95% CIs for disability pensions adjusted by demographic, work unit characteristics and baseline health in analyses stratified by sex and socioeconomic position. During a mean follow-up of 4.6 years, 2572 participants (4%) were granted a disability pension. A one-unit increase in job strain was associated with a 1.3- to 2.4-fold risk of requiring a disability pension due to musculoskeletal diseases in men, women and manual workers, depending on the measure of job strain (work unit or occupation based). The risk of disability pension due to cardiovascular diseases was increased in men with high job strain but not in women nor in any socioeconomic group. No consistent pattern was found for disability pension due to depression. High job strain is a risk factor for disability pension due to musculoskeletal diseases.

Is poor mental health a risk factor for retirement? Findings from a longitudinal population survey.

PubMed

Olesen, Sarah C; Butterworth, Peter; Rodgers, Bryan

2012-05-01

Poor mental health may influence people's decisions about, and ability to, keep working into later adulthood. The identification of factors that drive retirement provides valuable information for policymakers attempting to mitigate the effects of population ageing. This study examined whether mental health predicts subsequent retirement in a general population sample, and whether this association varied with the timing of retirement. Longitudinal data from 2,803 people aged 45-75 years were drawn from five waves of the Household Income and Labour Dynamics in Australia (HILDA) survey. Discrete-time survival analyses were used to estimate the association between mental health and retirement. Mental health was measured using the Mental Health Index (MHI-5). The relative influences of other health, social, financial, and work-related predictors of retirement were considered to determine the unique contribution of mental health to retirement behaviour. Poor mental health was associated with higher rates of retirement in men (hazard rate ratio, HRR 1.19, 95% CI 1.01-1.29), and workforce exit more generally in women (HRR 1.14, 95% CI 1.07-1.22). These associations varied with the timing of retirement and were driven by early retirees specifically. Physical functioning, income, social activity, job conditions (including job stress for women and job control for men), and aspects of job satisfaction also predicted subsequent retirement. Poor mental and physical health predict workforce departure in mid-to-late adulthood, particularly early retirement. Strategies to accommodate health conditions in the workplace may reduce rates of early retirement and encourage people to remain at work into later adulthood.

The Canadian National Retirement Risk Index: employing statistics Canada's LifePaths to measure the financial security of future Canadian seniors.

PubMed

MacDonald, Bonnie-Jeanne; Moore, Kevin D; Chen, He; Brown, Robert L

2011-01-01

This article measures a Canadian National Retirement Risk Index (NRRI). Originally developed by the Center for Retirement Research at Boston College, the NRRI is a forward-looking measure that evaluates the proportion of working-aged individuals who are at risk of not maintaining their standard of living in retirement. The Canadian retirement income system has been very effective in reducing elderly poverty, but our results suggest that it has been much less successful in maintaining the living standards of Canadians after retirement. Since the earlier years of the new millennium, we find that approximately one-third of retiring Canadians have been unable to maintain their working-age consumption after retirement—a trend that is projected to worsen significantly for future Canadian retirees. The release of the Canadian NRRI is timely given the widespread concern that the current Canadian retirement income system is inadequate. Many proposals have recently emerged to extend and/or enhance Canadian public pensions, and the NRRI is a tool to test their merit. The methodology underlying the Canadian NRRI is uniquely sophisticated and comprehensive on account of our employment of Statistics Canada’s LifePaths, a state-of-the-art stochastic microsimulation model of the Canadian population. For instance, the Canadian NRRI is novel in that it models all of the relevant sources of consumption before and after retirement, while accounting for important features that are typically neglected in retirement adequacy studies such as family size, the variation of consumption over a person’s lifetime, and the heterogeneity among the life courses of individuals.

Women and Private Pensions.

ERIC Educational Resources Information Center

Benson, Helene A.

This speech focuses on women and private pension plans, such as private pension coverage and smaller benefit amounts. Pension issues affecting women as employees include participation in plans, vesting, break-in service, benefit accruals, integration with Social Security, sex-based actuarial tables, portability, inflation, and individual…

The value of adaptive regret management in retirement.

PubMed

Farquhar, Jamie C; Wrosch, Carsten; Pushkar, Dolores; Li, Karen Z H

2013-01-01

This 3-year longitudinal study examined the associations between regret management, everyday activities, and retirement satisfaction among recent retirees. We hypothesized that the regulation of a severe life regret can facilitate activity engagement and retirement satisfaction, but only if retirees manage their regrets adaptively by either increasing effort and commitment when possessing favorable opportunities or disengaging when opportunity is unfavorable. Cross-sectional analyses demonstrated that the highest baseline levels of activity (e.g., volunteering, traveling) and retirement satisfaction were observed among participants who perceived favorable opportunities for addressing their life regrets and had high levels of engagement. Longitudinal analyses showed that this pattern was also associated with increases in activity engagement. In contrast, disengagement protected individuals with unfavorable opportunity from 3-year declines in retirement satisfaction. These findings indicate that adaptive regulation of regrets can both contribute to gains and prevent losses in the early stages of retirement, which may have lasting consequences on retirees' quality of life.

The relationships between public and private pension schemes: an introductory overview.

PubMed

Horlick, M

1987-07-01

Only recently have social insurance and private pensions, collectively, come to be thought of in terms of a total social security benefit package. The economic problems brought on by the 1974 oil crisis initially triggered consideration of a common, integrated role for the two systems. The second oil crisis reinforced the relative expansion in private pension programs, as a supplement to social security. Before these events, private and public pension programs interacted in only a limited number of ways, confined to relatively few countries. These interactions were largely confined to collective bargaining, whereby private pensions were gradually extended to nearly all employees in France and Sweden; mandating, or legally requiring private supplementation of social security, debated in several countries in the early 1970's, but postponed by the 1974 oil crisis; and contracting out, or covering a part of the social security benefit under a private plan, as in the United Kingdom. Overall, the tradition of private pensions was not very strong or broadbased. The current debate centers on which public/private pension mix is desirable from the point of view of an old-age income-maintenance program. A new element is the rising support for a "third pillar"--individual tax-encouraged savings--not only as a supplement, but as an alternative to social insurance.

An explorative, population-based study of female disability pensioners: the role of childhood conditions and alcohol abuse/dependence.

PubMed

Upmark, Marianne; Thundal, Kajsa-Lena

2002-01-01

This study investigates the association in women between conditions during childhood and adolescence and alcohol dependence or abuse in adulthood on the one hand, and disability pensions and long-term sickness absence on the other. A stratified population-based sample of women in Göteborg was interviewed. For analyses in this study the following variables were selected from the interview protocol: childhood and adolescence, education, employment, social class, self-rated physical health and alcohol dependence or abuse (ADA), with diagnoses assessed according to DSM-III-R. Information on disability pension and sickness absence was obtained from the local Social Insurance Office. Unfavourable conditions during childhood and adolescence and school difficulties as well as early deviant behaviours predicted disability pension and long-term sickness absence in adulthood. For most risk factors ADA could explain only a minor part of the odds ratios found in crude and age-adjusted analyses. It is concluded that conditions early in life are predictors in women of disability pension and long-term incapacity to work. There are similarities in the pattern of early risk factors for later alcohol dependence or abuse and for disability pension/long-term sickness absence.

Longevity and survival analysis for a cohort of retired airline pilots.

DOT National Transportation Integrated Search

1995-02-01

There is a popular belief in the aviation industry that retired pilots die at a younger age than the general population. If this belief is in fact, correct, research into the factors or events precipitating an early mortality among retired airline cr...

A Pension Primer

ERIC Educational Resources Information Center

Simon, Barry

1973-01-01

Intended for employees as well as library administrators, this background article describes pension plan provisions, Social Security and so-called tax-sheltered annuities. Comments on the future of pension plans are included. (Author/KE)

38 CFR 3.16 - Service pension.

Code of Federal Regulations, 2012 CFR

2012-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2012-07-01 2012-07-01 false Service pension. 3.16 Section 3.16 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.16 Service pension. In computing the 70 or...

38 CFR 3.16 - Service pension.

Code of Federal Regulations, 2011 CFR

2011-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2011-07-01 2011-07-01 false Service pension. 3.16 Section 3.16 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.16 Service pension. In computing the 70 or...

38 CFR 3.16 - Service pension.

Code of Federal Regulations, 2010 CFR

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Service pension. 3.16 Section 3.16 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.16 Service pension. In computing the 70 or...

38 CFR 3.16 - Service pension.

Code of Federal Regulations, 2014 CFR

2014-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2014-07-01 2014-07-01 false Service pension. 3.16 Section 3.16 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.16 Service pension. In computing the 70 or...

38 CFR 3.16 - Service pension.

Code of Federal Regulations, 2013 CFR

2013-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2013-07-01 2013-07-01 false Service pension. 3.16 Section 3.16 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.16 Service pension. In computing the 70 or...

Retirement and Marital Decision Making: Effects on Retirement Satisfaction

ERIC Educational Resources Information Center

Szinovacz, Maximiliane E.; Davey, Adam

2005-01-01

This study explores how partner's employment and pre-retirement decision-making structures affect retirement satisfaction, using pooled data from Waves 1 to 4 of the Health and Retirement Surveys. Based on resource theory, the analyses indicate that retired husbands are least satisfied if their wives remain employed and had more say in decisions…

Honest Labor Bears a Lovely Face: Will Late-Life Unemployment Impact Health and Satisfaction in Retirement?

PubMed

Voss, Maren Wright; Birmingham, Wendy Church; Wadsworth, Lori; Chen, Wei; Bounsanga, Jerry; Gu, Yushan; Hung, Man

2017-02-01

Unemployment among older adults during recessionary cycles has been tied to early retirement decisions and negative health outcomes. This study explored episodes of unemployment experienced between age 50 and retirement as predictors of retirement age and health outcomes. A total of 1540 participants from the U.S. Health and Retirement Study aged 50 years and older who transitioned from workforce to retirement were analyzed with descriptive statistics and multiple regression controlling for unemployment, demographics, and health status. Late-life unemployment significantly related to earlier retirement age and lowered life satisfaction, independent of income effects. We found no main effect for late-life unemployment on physical health status. Potential improvements in future life satisfaction might be gained if job search obstacles are removed for older unemployed adults, reducing reliance on involuntary early retirement as an income source.

38 CFR 3.460 - Death pension.

Code of Federal Regulations, 2010 CFR

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Death pension. 3.460..., Compensation, and Dependency and Indemnity Compensation Apportionments § 3.460 Death pension. Death pension... individual case in accordance with § 3.451. (b) Section 306 and old-law death pension. Appointment of...

Who Benefits--Or Does not--From South Africa's Old Age Pension? Evidence from Characteristics of Rural Pensioners and Non-Pensioners.

PubMed

Ralston, Margaret; Schatz, Enid; Menken, Jane; Gómez-Olivé, Francesc Xavier; Tollman, Stephen

2015-12-25

Social protection grants play a critical role in survival and livelihoods of elderly individuals in South Africa. Rarely is it possible to assess how well a social program reaches its target population. Using a 2010 survey and Agincourt Health Demographic Surveillance System census data we conduct multivariate logistic regression to predict pension receipt in rural South Africa. We find only 80% of age-eligible individuals report pension receipt. Pension non-recipients tend to be male, have poor socio-economic status, live in smaller households, be of Mozambican origin, and have poorer physical function; while older persons living in households receiving other grants are more likely to report pension receipt. We conclude that a reservoir of older persons exists who meet eligibility criteria but who are not yet receiving pensions. Ensuring that they and their households are properly linked to all available social services--whether for child or old-age social grants--is likely to have beneficial and synergistic effects.

Work and retirement among a cohort of older men in the United States, 1966-1983.

PubMed

Hayward, M D; Grady, W R

1990-08-01

Multivariate increment-decrement working life tables are estimated for a cohort of older men in the United States for the period 1966-1983. The approach taken allows multiple processes to be simultaneously incorporated into a single model, resulting in a more realistic portrayal of a cohort's late-life labor force behavior. In addition, because the life table model is developed from multivariate hazard equations, we identify the effects of sociodemographic characteristics on the potentially complex process by which the labor force career is ended. In contrast to the assumed homogeneity of previous working life table analyses, the present study shows marked differences in labor force mobility and working and nonworking life expectancy according to occupation, class of worker, education, race, and marital status. We briefly discuss the implications of these findings for inequities of access to retirement, private and public pension consumption, and future changes in the retirement process.

Australian baby boomers talk about the global financial crisis.

PubMed

Humpel, Nancy; O'Loughlin, Kate; Snoke, Martin; Kendig, Hal

2010-09-01

The aim of this qualitative study was to explore baby boomers' views and plans in the early days of the global financial crisis (GFC) in 2008. Informants from National Seniors Australia were interviewed in 15 focus groups conducted nationally. Transcripts were analysed by themes from semi-structured questions. The GFC was found to shake the confidence and plans of boomers. Many workers decided to delay retirement and save longer following losses in superannuation. Those retired on market-linked superannuation felt forced to reduce expenses and restrain lifestyles. Those on full pensions were relatively unaffected. The GFC called into question boomers' expectations for retirement. While financial markets are showing signs of recovery, the GFC had precipitated a decision to work longer and to draw conservatively on retirement savings that may take many years to recover. The volatility of financial and employment markets underscores the value of the Age pension.

Incentive Early Retirement Programs for Faculty: Innovative Responses to a Changing Environment. ASHE-ERIC Higher Education Report No. 1, 1987.

ERIC Educational Resources Information Center

Chronister, Jay L.; Kepple, Thomas R., Jr.

The literature on incentive early retirement for faculty members is reviewed, including the findings of studies that have assessed the effectiveness of such programs. In addition to describing different types of programs and the incentives offered, attention is directed to legal issues, costs and benefits, assessing whether a program is feasible,…

Transition from the labor market: older workers and retirement.

PubMed

Peterson, Chris L; Murphy, Greg

2010-01-01

The new millennium has seen the projected growth of older populations as a source of many problems, not the least of which is how to sustain this increasingly aging population. Some decades ago, early retirement from work posed few problems for governments, but most nations are now trying to ensure that workers remain in the workforce longer. In this context, the role played by older employees can be affected by at least two factors: their productivity (or perceived productivity) and their acceptance by younger workers and management. If the goal of maintaining employees into older age is to be achieved and sustained, opportunities must be provided, for example, for more flexible work arrangements and more possibilities to pursue bridge employment (work after formal retirement). The retirement experience varies, depending on people's circumstances. Some people, for example, have retirement forced upon them by illness or injury at work, by ill-health (such as chronic illnesses), or by downsizing and associated redundancies. This article focuses on the problems and opportunities associated with working to an older age or leaving the workforce early, particularly due to factors beyond one's control.

Impact of 9/11-related chronic conditions and PTSD comorbidity on early retirement and job loss among World Trade Center disaster rescue and recovery workers.

PubMed

Yu, Shengchao; Brackbill, Robert M; Locke, Sean; Stellman, Steven D; Gargano, Lisa M

2016-09-01

The economic impact of the 9/11 terrorist attacks has rarely been studied. We examined the association between 9/11-related chronic health conditions with or without post-traumatic stress disorder (PTSD) and one important aspect of the economic impact, retirement, and job loss before age 60. A total of 7,662 workers who participated in the World Trade Center Health Registry surveys were studied. Logistic regression models examined the association of 9/11-related health and labor force exit. Workers with chronic conditions were more likely to experience early retirement and job loss, and the association was stronger in the presence of PTSD comorbidity: the odds ratios for reporting early retirement or job loss were increased considerably when chronic conditions were comorbid with PTSD. Disaster-related health burden directly impacts premature labor force exit and income. Future evaluation of disaster outcome should include its long-term impact on labor force. Am. J. Ind. Med. 59:731-741, 2016. © 2016 Wiley Periodicals, Inc. © 2016 Wiley Periodicals, Inc.

The relation between self-determination and retirement satisfaction among active retired individuals.

PubMed

Stephan, Yannick; Fouquereau, Evelyne; Fernandez, Anne

2008-01-01

Little is known about the motivational forces leading retired individuals to engage in post-retirement activities and how they could be related to satisfaction with retirement. Using the self-determination framework, the purpose of the present exploratory study was to examine the nature of active retirees' motivation and its impact on satisfaction with life in retirement. The Global Motivation Scale and measures of satisfaction with retirement were administered to 150 active retired individuals engaged in organized post-retirement activities in a University-based organization. Results revealed that these individuals were mainly characterized by higher levels of intrinsic motivation for knowledge, stimulation and accomplishment, rather than extrinsic dimensions. Regression analysis further demonstrated that intrinsic motivation for both accomplishment and stimulation were positively related to satisfaction with retirement, over and above the significant contribution of time since retirement, anticipated satisfaction with retirement, and subjective health. This exploratory study highlights the motivational mechanisms through which post-retirement behaviors could positively influence satisfaction with life in retirement among active retirees.

Who Benefits—Or Does not—From South Africa’s Old Age Pension? Evidence from Characteristics of Rural Pensioners and Non-Pensioners

PubMed Central

Ralston, Margaret; Schatz, Enid; Menken, Jane; Gómez-Olivé, Francesc Xavier; Tollman, Stephen

2015-01-01

Social protection grants play a critical role in survival and livelihoods of elderly individuals in South Africa. Rarely is it possible to assess how well a social program reaches its target population. Using a 2010 survey and Agincourt Health Demographic Surveillance System census data we conduct multivariate logistic regression to predict pension receipt in rural South Africa. We find only 80% of age-eligible individuals report pension receipt. Pension non-recipients tend to be male, have poor socio-economic status, live in smaller households, be of Mozambican origin, and have poorer physical function; while older persons living in households receiving other grants are more likely to report pension receipt. We conclude that a reservoir of older persons exists who meet eligibility criteria but who are not yet receiving pensions. Ensuring that they and their households are properly linked to all available social services—whether for child or old-age social grants—is likely to have beneficial and synergistic effects. PMID:26712777

Comparing replacement rates under private and federal retirement systems.

PubMed

Martin, Patricia P

(100 percent) high earners (160 percent), and maximum earners (earnings at the taxable maximum amount). Overall, this analysis found that: Excluding Social Security benefits and TSP and defined contribution annuities, CSRS retirees have a higher pre-retirement salary replacement rate than either FERS or private-sector retirees. Private-sector retirees, however, have higher replacement rate than their FERS counterparts. Including Social Security benefits but not TSP and defined contribution plan annuities, CSRS retirees who are maximum earners have a higher pre-retirement salary replacement rate (despite receiving no Social Security benefits) than FERS retirees with the same earnings. Private-sector retirees in all earnings categories have a higher replacement rate than federal retirees with the same earnings. Including Social Security and TSP and defined contribution plan annuities, private-sector retirees in all earnings categories have a higher replacement rate than federal retirees, but their rate is close to that of FERS retirees. The rate is higher for FERS retirees than for CSRS retirees in all earnings categories. This analysis shows that replacement creates could exceed 100 percent for FERS employees who contribute who contribute 6 percent of earnings to the TSP over full working career. Private-sector replacement rates were quite similar for those with both a defined benefit and a defined contribution pension plan. Social Security replacement rates make up the highest proportion of benefits for th private sector's lowest income quartile group. The replacement rate for 401(k) plans and the TSP account for a higher proportion of benefits than does Social Security for all other income groups, assuming the absence of a defined benefit plan.

"But the Pension Fund Was Just Sitting There..."--The Politics of Teacher Retirement Plans. Conference Paper 2009-09

ERIC Educational Resources Information Center

Hess, Frederick M.; Squire, Juliet P.

2009-01-01

The tension at the heart of pension politics is the incentive to address today's claimants and focus on the here-and-now at the expense of long-term concerns and more dispersed constituencies. In the private sector, rules and regulations seek to tame corner-cutting and short-sighted behavior. In the public sector, the primary safeguard is the…

Risk markers of all-cause and diagnosis-specific disability pension--a prospective cohort study of individuals sickness absent due to stress-related mental disorders.

PubMed

Ishtiak-Ahmed, Kazi; Perski, Aleksander; Mittendorfer-Rutz, Ellenor

2014-08-07

Stress-related mental disorders rank among the leading causes of sickness absence in several European countries. The aim of this study was to investigate predictors of all-cause and diagnosis-specific disability pension in sickness absentees with stress-related mental disorders. A cohort of 36304 non-retired individuals aged 16-64 years at 31.12.2004 with at-least one sickness absence spell due to stress-related mental disorders (SRMD) initiated in 2005 in Sweden was followed-up with regard to disability pension (2006-2010) by linkage of registers. Uni- and multivariate Hazard ratios (HR) with 95% Confidence Intervals, CI, were estimated using Cox regression for several risk markers. During the follow-up period, 2735 individuals (7.5%) were granted a disability pension, predominantly due to mental diagnoses (n = 2004, 73.3%). In the multivariate analyses, female sex, age exceeding 35 years, low educational level, being born in a country outside EU25 and Northern Europe, residing outside big cities, living alone, having had a long duration of the first spell due to SRMD (>90 days); mental disorders necessitating frequent specialised health care as well as comorbid somatic disorders were found to be predictive of granting disability pension. Some different patterns emerged for risk factors related to diagnosis-specific disability pension and for younger and older individuals. Several predictors could be identified as risk markers for disability pension. The variation in the effect of risk markers with regard to age and diagnosis of disability pension speaks in favour of the importance of a person-centered approach in treatment and rehabilitation.

48 CFR 1837.170 - Pension portability.

Code of Federal Regulations, 2010 CFR

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Pension portability. 1837... ADMINISTRATION SPECIAL CATEGORIES OF CONTRACTING SERVICE CONTRACTING Service Contracts-General 1837.170 Pension portability. (a) It is NASA's policy not to require pension portability in service contracts. However, pension...

Are the Chinese Saving for Old Age?: The Relationship between Future Pension Benefits of 45-60 Years Old Chinese and Current Household Expenditures.

PubMed

van Dullemen, C E; Nagel, I; de Bruijn, J M G

2017-01-01

Worldwide, older people's support used to be the adult children's responsibility. In China, two generations after introducing the one-child policy in the late 70-ies, this becomes an increasingly demanding obligation. The Chinese government took the responsibility to mitigating old- age poverty risks and realized unprecedented progress in pension coverage. At the same time, the household savings increased to about 30 % of disposable income. Built on previous research on the politics of ageing, this study analyses households responses to the established governmental and firm pension programs as well as to the New Rural Pension Scheme (NRPS), introduced in 2009. The central question is: will participation in the established and new pension programs lead to higher current Chinese household expenditures and therefore to lower savings? The China Health and Retirement Longitudinal Study (CHARLS) dataset of 2011 offered the opportunity to study the influence of the recently introduced NRPS. We find that Chinese households with members between 45 and 60 years who expect future benefits of NRPS do not have higher expenditures than those not covered by NRPS. For the participants in the established, mostly urban pension programs a correlation was found with higher current expenditures (28 % more spending on basic needs, 80 % more on luxury) However, further analysis shows that this correlation cannot be interpreted as a causal relationship. This implies that coverage by pensions, be it in urban or rural programs, does not determine higher current expenditures and lower savings.

Final rules relating to use of electronic communication and recordkeeping technologies by employee pension and welfare benefit plans. Notice of final rulemaking.

PubMed

2002-04-09

This document contains final rules under Title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA), concerning the disclosure of certain employee benefit plan information through electronic media, and the maintenance and retention of employee benefit plan records in electronic form. The rules establish a safe harbor pursuant to which all pension and welfare benefit plans covered by Title I of ERISA may use electronic media to satisfy disclosure obligations under Title I of ERISA. The rules also provide standards concerning the use of electronic media in the maintenance and retention of records required by sections 107 and 209 of ERISA. The rules affect employee pension and welfare benefit plans, including group health plans, plan sponsors, administrators and fiduciaries, and plan participants and beneficiaries.

38 CFR 3.460 - Death pension.

Code of Federal Regulations, 2011 CFR

2011-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2011-07-01 2011-07-01 false Death pension. 3.460..., Compensation, and Dependency and Indemnity Compensation Apportionments § 3.460 Death pension. Death pension... surviving spouse. Where the surviving spouse's rate is in excess of $70 monthly because of having been the...

38 CFR 3.460 - Death pension.

Code of Federal Regulations, 2014 CFR

2014-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2014-07-01 2014-07-01 false Death pension. 3.460..., Compensation, and Dependency and Indemnity Compensation Apportionments § 3.460 Death pension. Death pension... surviving spouse. Where the surviving spouse's rate is in excess of $70 monthly because of having been the...

38 CFR 3.460 - Death pension.

Code of Federal Regulations, 2013 CFR

2013-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2013-07-01 2013-07-01 false Death pension. 3.460..., Compensation, and Dependency and Indemnity Compensation Apportionments § 3.460 Death pension. Death pension... surviving spouse. Where the surviving spouse's rate is in excess of $70 monthly because of having been the...

38 CFR 3.460 - Death pension.

Code of Federal Regulations, 2012 CFR

2012-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2012-07-01 2012-07-01 false Death pension. 3.460..., Compensation, and Dependency and Indemnity Compensation Apportionments § 3.460 Death pension. Death pension... surviving spouse. Where the surviving spouse's rate is in excess of $70 monthly because of having been the...

38 CFR 3.803 - Naval pension.

Code of Federal Regulations, 2010 CFR

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Naval pension. 3.803..., Compensation, and Dependency and Indemnity Compensation Special Benefits § 3.803 Naval pension. (a) Payment of naval pension will be authorized on the basis of a certification by the Secretary of the Navy...

38 CFR 3.803 - Naval pension.

Code of Federal Regulations, 2011 CFR

2011-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2011-07-01 2011-07-01 false Naval pension. 3.803..., Compensation, and Dependency and Indemnity Compensation Special Benefits § 3.803 Naval pension. (a) Payment of naval pension will be authorized on the basis of a certification by the Secretary of the Navy...

Retiring Lives

ERIC Educational Resources Information Center

Carnell, Eileen, Ed.; Lodge, Caroline, Ed.

2009-01-01

"Retiring Lives" presents fourteen personal real life stories from people at various stages of retiring. Each author recounts their own story about retiring, bringing together many aspects of the experiences: the social, psychological and practical. These inspirational and illustrated stories will encourage the reader to hold up these…

Old Age Income Security in Canada

PubMed Central

Willard, J. W.

1965-01-01

The position of older people in modern industrial society is markedly removed from the early industrial norm of continued participation in gainful employment until the end of life. Acceptance of a retirement age some 13 years before the end of average male life expectancy has brought with it serious social problems. At the same time, however, an increasingly productive economy has provided both the willingness and ability to complement the retirement provisions of individual initiative with public programs of old age income maintenance. This public support began in Canada with the voluntary approach embodied in the government annuities plan. A program of “public assistance” followed. These were succeeded, first, by the “universal payment” under the Old Age Security Act and, more recently, by the social insurance approach of the Canada Pension Plan. Along with improved public support, the role of occupational pension plans and of individually initiated retirement provisions continues to be substantial. Current interest in, and in some cases legislation on, such problems as vesting and solvency are leading to improvements in private pension programs. PMID:5828720

Old age income security in Canada.

PubMed

Willard, J W

1965-10-09

The position of older people in modern industrial society is markedly removed from the early industrial norm of continued participation in gainful employment until the end of life. Acceptance of a retirement age some 13 years before the end of average male life expectancy has brought with it serious social problems. At the same time, however, an increasingly productive economy has provided both the willingness and ability to complement the retirement provisions of individual initiative with public programs of old age income maintenance. This public support began in Canada with the voluntary approach embodied in the government annuities plan. A program of "public assistance" followed. These were succeeded, first, by the "universal payment" under the Old Age Security Act and, more recently, by the social insurance approach of the Canada Pension Plan. Along with improved public support, the role of occupational pension plans and of individually initiated retirement provisions continues to be substantial. Current interest in, and in some cases legislation on, such problems as vesting and solvency are leading to improvements in private pension programs.

Endogenous coresidence and program incidence: South Africa's Old Age Pension.

PubMed

Hamoudi, Amar; Thomas, Duncan

2014-07-01

We investigate whether living arrangements respond to an arguably exogenous shift in the distribution of power in family economic decision-making. In the early 1990s, the South African Old Age Pension was expanded to cover most black South Africans above a sex-specific age cut-off resulting in a substantial increase in the income of older South Africans and potentially their say in the economic decisions of their families. Beneficiaries of the program are more likely to coreside with adults who have less human capital as measured by height and education. Since height and education are fixed for adults, this cannot be an effect of the pension income but reflects selective changes in living arrangements resulting from the pension. The findings highlight the endogeneity of living arrangements and illustrate the potential value of moving beyond theory and data that are confined to a spatially determined definition of the household.

[A review of pension status quo in China and domestic and overseas pension models].

PubMed

Si, J H; Li, L M

2016-10-10

With the aging of population and progressive decline of traditional pension model, the problems in the aged supporting have caused serious social concern in China. Since 1980' s, different opinions about pension models have been suggested in many research papers. This paper summarizes the characteristics of different pension model used in both China and abroad in terms of the financial sources of the aged supporting, life style and the combination with medical service, suggesting to establish a pension model with Chinese characteristics to provide multiple and personalized services on the basis of China' s national situation and successful experiences of other countries.

The long term financial impacts of CVD: living standards in retirement.

PubMed

Schofield, Deborah; Kelly, Simon; Shrestha, Rupendra; Passey, Megan; Callander, Emily; Percival, Richard

2012-03-22

Cardiovascular disease (CVD) has significant economic costs, however these are generally estimated for the present-time and little consideration is given to the long term economic consequences. This study estimates the value of savings those who retire early due to CVD will have accumulated by the time they reach the traditional retirement age of 65 years, and how much lower the value of these savings are compared to those who remained healthy and in the workforce. Using Health&WealthMOD - a microsimulation model of Australians aged 45 to 64 years, regression models were used to analyse the differences between the projected savings and the retirement incomes of people by the time they reach age 65 for those currently working with no chronic condition, and people not in the labour force due to CVD. Over 99% of individuals who are employed full-time will have accumulated some savings at age 65; whereas only 77% of those who are out of the labour force due to CVD will have done so. Those who retire early due to CVD will have a median value of total savings by the time they are 65 of $1833. This is far lower than the expected median value of savings for those who remained in the labour force full-time, who will have $281841 of savings. Not only will early retirement due to cardiovascular disease limit the immediate income and wealth available to individuals, but also reduce their long term financial capacity by reducing their savings. Copyright © 2010 Elsevier Ireland Ltd. All rights reserved.

The Cornell Staff Retirement Incentive Program

ERIC Educational Resources Information Center

Whelan, Kenneth T.; Ehrenberg, Ronald G.; Hallock, Kevin F.; Seeber, Ronald L.

2011-01-01

We evaluate potential determinants of enrollment in an early retirement incentive program for non-tenure-track employees at a large university. Using administrative records on the eligible, population of employees not covered by collective bargaining agreements, historical employee count and layoff data by budget units, and public information on…

A Worry-Free Retirement in Korea: Effectiveness of Retirement Coaching Education

ERIC Educational Resources Information Center

Cho, Hyejin; Suh, Wookyung; Lee, Jiyoung; Jang, Younju; Kim, Minjung

2016-01-01

This study investigated a retirement coaching educational program using the mixed method research design. A structured survey was distributed to 48 financial planners who had undergone 50-hour retirement education including retirement coaching. The coaching was conducted in two sessions in 2015. Results revealed that first, the retirement coaching…

Work and Retirement.

ERIC Educational Resources Information Center

Foner, Anne; Schwab, Karen

Much research data are available on work and retirement which discounts the image of retirement as an affliction imposed on older workers. These findings indicate that increasing numbers of workers choose to retire before any mandatory age, few wish to return to work, and most are content with their retirement lives; however, negative views about…

Survival Analysis Of The Modernized Retirement System For The United States Marine Corps

DTIC Science & Technology

2016-03-01

November 2015 to begin as early as 2018. This online survey will assist the Marine Corps in determining the retention impacts of the new retirement...thesis determines if the Modernized Retirement System is likely to affect manpower levels. A survey was conducted within the active component of the U.S...2016. Specifically, this thesis determines if the Modernized Retirement System is likely to affect manpower levels. A survey was conducted within

Gender and pensions: an analysis of factors affecting women's private pension scheme membership in the United Kingdom.

PubMed

Foster, Liam; Smetherham, Jon

2013-01-01

There has been considerable debate about the future sustainability of pension provision and, in particular, the precarious position of many female pensioners. The reasons for women's lower participation rates in private pensions than men's require greater investigation. Using the General Lifestyle Survey (GLF) 2008, this article examines the impact of various characteristics on the likelihood of contributing to a private pension, such as educational attainments, income, occupational group, full-time/part-time status, and whether an individual has any dependent children. It shows that these characteristics play an important role in access to private pensions. Finally, it suggests that strategies to alleviate disadvantages must take into account the complex circumstances that individuals experience throughout the life course, which result in gendered pension provision.

38 CFR 3.711 - Improved pension elections.

Code of Federal Regulations, 2010 CFR

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Improved pension elections. 3.711 Section 3.711 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Concurrent Benefits and Elections...

Women and retirement.

PubMed

Richardson, V E

1999-01-01

A feminist analysis of retirement is presented by questioning the applicability of traditional definitions and theories of retirement to retired women. The effects of marriage, caregiving and other family obligations on women's retirement are examined within the context of salient social, psychological and economic factors. An empowerment-oriented perspective that considers interactions and connections between family and work roles, public and private and personal and political levels are recommended to alleviate the high poverty rates among older women, to promote parity among men and women during retirement and to emancipate women from substantial involvement in unpaid work, specifically, caregiving and home labor.

GASB to Issue Proposals on Pensions.

ERIC Educational Resources Information Center

Gauthier, Stephen

1994-01-01

The Governmental Accounting Standards Board has released three exposure drafts addressing the proper accounting and financial reporting for pensions. If approved, the new guidance would affect both pension plans and employers offering pension benefits to their employees. (Author)

Management and operating contractors' pension plans

DOE Office of Scientific and Technical Information (OSTI.GOV)

None

1987-06-01

This report concerns the management of 28 M and O contractor pension plans with assets exceeding $2.6 billion in 1983. At the end of 1983, these pension plans were overfunded by $600 million. The Department could have saved $94 million in 1983 had the contractors been required to limit their pension plan contributions to the Government-established minimum level. Since 1979, the Department has continually reimbursed these contractors for contributions to pension plans that were already overfunded and we estimate that these plans are currently overfunded in excess of $1 billion. Additional annual savings of about $548,000 could be realized ifmore » the Department obtained waivers for M and O contractors participating in the Pension Benefit Guaranty Corporation's (PBGC) insurance program. Management and Administration, which has overall responsibility for controlling such costs, indicated it did not agree that contractors should fund pension plans at only the minimum required level. General agreement was indicated with the need to obtain waivers from PBGC premiums and better protect the Department's interest in contractor excess pension assets.« less

38 CFR 3.454 - Veterans disability pension.

Code of Federal Regulations, 2010 CFR

2010-07-01

... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Veterans disability pension. 3.454 Section 3.454 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Apportionments § 3.454 Veterans...

Pre-Retirement Rehearsal Project: A Healthy Retirement.

ERIC Educational Resources Information Center

Ellenberg, Donna

This fourth in a series of six packages of instructional materials developed by the Pre-Retirement Rehearsal Project contains a student's pre-retirement booklet specifically intended for adults with limited reading ability and teacher's guide, which consider these topics: dietary requirements, nutrition, facts and fallacies about health, foods and…

Rehabilitation time before disability pension.

PubMed

Støver, Morten; Pape, Kristine; Johnsen, Roar; Fleten, Nils; Sund, Erik R; Claussen, Bjørgulf; Ose, Solveig Osborg; Bjørngaard, Johan Håkon

2012-10-30

The decision to grant a disability pension is usually the end of a long process of medical examinations, treatment and rehabilitation attempts. This study investigates to what extent the time spent on rehabilitation time prior to disability pension is associated with characteristics of the individual or the local employment and welfare office, measured as municipality variance. A study of 2,533 40 to 42 year olds who received disability pension over a period of 18 years. The logarithm of the rehabilitation time before granting a disability pension was analysed with multilevel regression. The rehabilitation time before a disability pension was granted ranged from 30 to 5,508 days. Baseline health characteristics were only moderately associated with rehabilitation time. Younger people and people with unemployment periods had longer rehabilitation time before a disability pension was granted. There were only minor differences in rehabilitation time between men and women and between different levels of education. Approximately 2% of the total variance in rehabilitation time could be attributed to the municipality of residence. There is a higher threshold for granting a disability pension to younger persons and those who are expecting periods of unemployment, which is reflected in the extended rehabilitation requirements for these groups. The longer rehabilitation period for persons with psychiatric disorders might reflect a lack of common knowledge on the working capacity of and the fitted rehabilitation programs for people with psychiatric disorders.

Rehabilitation time before disability pension

PubMed Central

2012-01-01

Background The decision to grant a disability pension is usually the end of a long process of medical examinations, treatment and rehabilitation attempts. This study investigates to what extent the time spent on rehabilitation time prior to disability pension is associated with characteristics of the individual or the local employment and welfare office, measured as municipality variance. Methods A study of 2,533 40 to 42 year olds who received disability pension over a period of 18 years. The logarithm of the rehabilitation time before granting a disability pension was analysed with multilevel regression. Results The rehabilitation time before a disability pension was granted ranged from 30 to 5,508 days. Baseline health characteristics were only moderately associated with rehabilitation time. Younger people and people with unemployment periods had longer rehabilitation time before a disability pension was granted. There were only minor differences in rehabilitation time between men and women and between different levels of education. Approximately 2% of the total variance in rehabilitation time could be attributed to the municipality of residence. Conclusions There is a higher threshold for granting a disability pension to younger persons and those who are expecting periods of unemployment, which is reflected in the extended rehabilitation requirements for these groups. The longer rehabilitation period for persons with psychiatric disorders might reflect a lack of common knowledge on the working capacity of and the fitted rehabilitation programs for people with psychiatric disorders. PMID:23110397

Who in Europe Works beyond the State Pension Age and under which Conditions? Results from SHARE.

PubMed

Wahrendorf, Morten; Akinwale, Bola; Landy, Rebecca; Matthews, Katey; Blane, David

2017-01-01

There is much research about those who exit the labour market prematurely, however, comparatively little is known about people working longer and about their employment and working conditions. In this paper, we describe the employment and working conditions of men and women working between 65 and 80 years, and compare them with previous conditions of those retired in the same age group. Analyses are based on wave 4 data from the Survey of Health, Ageing and Retirement in Europe (SHARE) with information collected between 2009 and 2011 from 17,625 older men and women across 16 European countries. Besides socio-demographic and health-related factors (physical and mental health), the focus lies on employment conditions (e.g. employment status, occupational position and working hours) and on stressful working conditions, measured in terms of low control at work and effort-reward imbalance. In case of retired people, information on working conditions refer to the last job before retirement. Following descriptive analyses, we then conduct multivariable analyses and investigate how working conditions and poor health are related to labour market participation (i.e. random intercept models accounting for country affiliation and adjusted for potential confounders). Results illustrate that people working between the ages of 65 and 80 are more likely to be self-employed (either with or without employees) and work in advantaged occupational positions. Furthermore, findings reveal that psychosocial working conditions are generally better than the conditions retired respondents had in their last job. Finally, in contrast to those who work, health tends to be worse among retired people. In conclusion, findings deliver empirical evidence that paid employment beyond age 65 is more common among self-employed workers throughout Europe, in advantaged occupations and under-favourable psychosocial circumstances, and that this group of workers are in considerably good mental and physical

Measuring Years of Inactivity, Years in Retirement, Time to Retirement, and Age at Retirement Within the Markov Model

PubMed Central

SKOOG, GARY R.; CIECKA, JAMES E.

2010-01-01

Retirement-related concepts are treated as random variables within Markov process models that capture multiple labor force entries and exits. The expected number of years spent outside of the labor force, expected years in retirement, and expected age at retirement are computed—all of which are of immense policy interest but have been heretofore reported with less precisely measured proxies. Expected age at retirement varies directly with a person’s age; but even younger people can expect to retire at ages substantially older than those commonly associated with retirement, such as age 60, 62, or 65. Between 1970 and 2003, men allocated most of their increase in life expectancy to increased time in retirement, but women allocated most of their increased life expectancy to labor force activity. Although people can exit and reenter the labor force at older ages, most 65-year-old men who are active in the labor force will not reenter after they eventually exit. At age 65, the probability that those who are inactive will reenter the labor force at some future time is .38 for men and .27 for women. Life expectancy at exact ages is decomposed into the sum of the expected time spent active and inactive in the labor force, and also as the sum of the expected time to labor force separation and time in retirement. PMID:20879680

48 CFR 1852.237-71 - Pension portability.

Code of Federal Regulations, 2010 CFR

2010-10-01

... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Pension portability. 1852... 1852.237-71 Pension portability. As prescribed at 1837.110-70(b), insert the following clause: Pension Portability (JAN 1997) (a) In order for pension costs attributable to employees assigned to this contract to...

26 CFR 1.1471-0 - Outline of regulation provisions for sections 1471 through 1474.

Code of Federal Regulations, 2014 CFR

2014-04-01

...) Exceptions. (i) Certain savings accounts. (A) Retirement and pension accounts. (B) Non-retirement savings.... (A) In general. (B) Nonfinancial group. (C) Holding company. (D) Treasury center. (E) Captive finance...) Investment vehicles exclusively for retirement funds. (6) Pension fund of an exempt beneficial owner. (7...

26 CFR 1.1471-0 - Outline of regulation provisions for sections 1471 through 1474.

Code of Federal Regulations, 2013 CFR

2013-04-01

... savings accounts. (A) Retirement and pension accounts. (B) Non-retirement savings accounts. (C) Rollovers.... (A) In general. (B) Nonfinancial group. (C) Holding company. (D) Treasury center. (E) Captive finance...) Investment vehicles exclusively for retirement funds. (6) Pension fund of an exempt beneficial owner. (7...

To Retire or Not to Retire? That Is the Question

ERIC Educational Resources Information Center

Matthews, Janet R.

2013-01-01

During the 1960s, there was extensive hiring of college and university faculty members. This large group of professors are now at or nearing retirement age. Concerns about the economy, the availability of good health insurance, increased life expectancy, and removal of mandatory retirement laws may influence decisions about when to retire.…

ERISA failures and the erosion of workers' rights: the urgent need to protect private & public workers' pension and benefits.

PubMed

Allen, James P; Bales, Richard A

On March 11, 2011, Governor Scott Walker of Wisconsin signed into law a bill that eliminated most collective bargaining rights for the state's public-sector workers. Many other cash-strapped states followed Wisconsin's lead and introduced or enacted similar restraints on the rights of their workers. Thousands of public workers, whose only means of protecting their rights rested in their ability to collectively bargain, suddenly found their retirement benefits in jeopardy. This truth highlighted the lack of protections for public worker benefits similar to those of the private sector. However, the Employee Retirement Income Security Act, enacted for that purpose, has failed to secure these benefits. This article seeks to provide a broad overview of the crisis facing the pension and benefits system in the United States and offers some possible solutions. More importantly, the goal is to spur discourse on the urgent need to protect the benefits of all workers, public and private.

Analysis of the Effectiveness of the Retire Tool When Deciding Between High 36 Retirement and Blended TSP Retirement

DTIC Science & Technology

2016-12-01

based on life expectancy and the TSP account selected. The TSP Growth and Annuity Element also estimates how taxes will increase at the time the service...the BRS. 14. SUBJECT TERMS military retirement, blended retirement, HIGH-36, thrift savings plan, investment risk, retirement taxes , net present...20 2. Tax Impacts

Alternative Retirement Plans.

ERIC Educational Resources Information Center

Hogan, John D.

1984-01-01

Alternative college retirement programs and features of a desirable retirement program are discussed. The historical, social, and economic forces that prompt institutions to consider alternative programs are identified. The present position of college faculty in terms of retirement options is also addressed. Since its inception, the Teachers…

A post-crisis assessment of retirement income adequacy for Baby Boomers and Gen Xers.

PubMed

VanDerhei, Jack

2011-02-01

DETERMINING THOSE "AT RISK" OF INSUFFICIENT RETIREMENT INCOME: The analysis in this paper was designed to answer two questions: 1) What percentage of U.S. households became "at risk" of insufficient retirement income as a result of the financial market and real estate crisis in 2008 and 2009? 2) Of those who are at risk, what additional savings do they need to make each year until retirement age to make up for their losses from the crisis? The results are from the 2010 EBRI Retirement Security Projection Model by the Employee Benefit Research Institute. Range at risk: The percentage of households that would not have been "at risk" without the 2008-2009 crisis but that ended up "at risk" varies from a low of 3.8 percent to a high of 14.3 percent. 50-50 chance of adequacy: Looking at all Early Boomer households that would need to save an additional amount (over and above the savings already factored into the baseline model), the median percentage of additional compensation for these households desiring a 50 percent probability of retirement income adequacy would be 3.0 percent of compensation each year until retirement age to account for the financial and housing market crisis in 2008 and 2009. 90 percent chance of adequacy: Looking at all Early Boomer households that would need to save an additional amount (over and above the savings already factored into the baseline model), the median percentage of additional compensation for these households desiring a 90 percent probability of retirement income adequacy would be 4.3 percent of compensation. Range of adequacy: Looking only at Early Boomer households that would need to save an additional amount (over and above the savings already factored into the baseline model), that had account balances in defined contribution plans and IRAs as well as exposure to the real estate crisis in 2008 and 2009 shows a median percentage for of 5.6 percent for a 50 percent probability and 6.7 percent for a 90 percent probability of

Affiliation to the work market after curative treatment of head-and-neck cancer: a population-based study from the DAHANCA database.

PubMed

Kjær, Trille; Bøje, Charlotte Rotbøl; Olsen, Maja Halgren; Overgaard, Jens; Johansen, Jørgen; Ibfelt, Else; Steding-Jessen, Marianne; Johansen, Christoffer; Dalton, Susanne O

2013-02-01

Survivors of squamous cell carcinoma of the head and neck (HNSCC) are more severely affected in regard to affiliation to the work market than other cancer survivors. Few studies have investigated associations between socioeconomic and disease-related factors and work market affiliation after curative treatment of HNSCC. We investigated the factors for early retirement pension due to disability and unemployment in patients who had been available for work one year before diagnosis. In a nationwide, population-based cohort study, data on 2436 HNSCC patients treated curatively in 1992-2008 were obtained from the Danish Head and Neck Cancer Group database and linked to Danish administrative population-based registries to obtain demographic and socioeconomic variables. We used multivariate logistic regression models to assess associations between socioeconomic factors (education, income and cohabitating status), cancer-specific variables such as tumour site and stage, comorbidity, early retirement pension and unemployment, with adjustment for age, gender and year of diagnosis. Short education [odds ratio (OR) 4.8; 95% confidence interval (CI) 2.2-10.4], low income (OR 3.2; 95% CI 1.8-5.8), living alone (OR 3.0; 95% CI 2.1-4.4) and having a Charlson comorbidity index score of 3 or more (OR 5.9; 95% CI 3.1-11) were significantly associated with early retirement overall and in all site groups. For the subgroup of patients who were employed before diagnosis, the risk pattern was similar. Tumour stage was not associated with early retirement or unemployment. Cancer-related factors were less strongly associated with early retirement and unemployment than socioeconomic factors and comorbidity. Clinicians treating HNSCC patients should be aware of the socioeconomic factors related to work market affiliation in order to provide more intensive social support or targeted rehabilitation for this patient group.

Which psychological, social and physical environmental characteristics predict changes in physical activity and sedentary behaviors during early retirement? A longitudinal study

PubMed Central

Van Dyck, Delfien; Cardon, Greet

2017-01-01

Background In the context of healthy ageing, it is necessary to identify opportunities to implement health interventions in order to develop an active lifestyle with sufficient physical activity and limited sedentary time in middle-aged and older adults. The transition to retirement is such an opportunity, as individuals tend to establish new routines at the start of retirement. Before health interventions can be developed, the psychological, social and physical environmental determinants of physical activity and sedentary behaviors during early retirement should be identified, ideally with longitudinal studies. The aim of this paper was first to examine whether psychological, social and physical environmental factors at the start of retirement predict longitudinal changes in physical activity and sedentary behaviors during the first years of retirement. Second, moderating effects of gender and educational levels were examined. Methods This longitudinal study was conducted in Flanders, Belgium. In total, 180 recently retired (>1 month, <2 years at baseline) adults completed a postal questionnaire twice (in 2012–2013 and two years later in 2014–2015). The validated questionnaire assessed socio-demographic information, physical activity, sedentary behaviors, and psychological, social and physical environmental characteristics. Multiple moderated hierarchic regression analyses were conducted in SPSS 22.0. Results Higher perceived residential density (p < 0.001) and lower aesthetics (p = 0.08) predicted an increase in active transportation (adjusted R2 = 0.18). Higher baseline self-efficacy was associated with an increase in leisure-time physical activity (p = 0.001, adjusted R2 = 0.13). A more positive perception of old age (p = 0.04) and perceiving less street connectivity (p = 0.001) were associated with an increase in screen time (adjusted R2 = 0.06). Finally, higher baseline levels of modeling from friends (p = 0.06) and lower perceived land

12 CFR 563.47 - Pension plans.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Pension plans. 563.47 Section 563.47 Banks and... and Structure § 563.47 Pension plans. (a) General. No savings association or service corporation thereof shall sponsor an employee pension plan which, because of unreasonable costs or any other reason...

Predictors of disability retirement.

PubMed

Krause, N; Lynch, J; Kaplan, G A; Cohen, R D; Goldberg, D E; Salonen, J T

1997-12-01

Disability retirement may increase as the work force ages, but there is little information on factors associated with retirement because of disability. This is the first prospective population-based study of predictors of disability retirement including information on workplace, socioeconomic, behavioral, and health-related factors. The subjects were 1038 Finnish men who were enrolled in the Kuopio Ischemic Heart Disease Risk Factor Study, who were 42, 48, 54, or 60 years of age at the beginning of the study, and who participated in a 4-year follow-up medical examination. Various job characteristics predicted disability retirement. Heavy work, work in uncomfortable positions, long workhours, noise at work, physical job strain, musculoskeletal strain, repetitive or continuous muscle strain, mental job strain, and job dissatisfaction were all significantly associated with the incidence of disability retirement. The ability to communicate with fellow workers and social support from supervisors tended to reduce the risk of disability retirement. The relationships persisted after control for socioeconomic factors, prevalent disease, and health behavior, which were also associated with disability retirement. The strong associations found between workplace factors and the incidence of disability retirement link the problem of disability retirement to the problem of poor work conditions.

Retirement Planning Program.

ERIC Educational Resources Information Center

Edison State Community Coll., Piqua, OH.

This curriculum guide was developed for use in Edison State Community College's (ESCC's) Community Pre-Retirement Training Program. The first of the guide's seven modules provides a brief look at retirement, retirement planning, and the ESCC program. The second module focuses on relationships, considering issues such as communication, finances,…