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Pensions in the health and retirement study /
Alan L. Gustman, Thomas L. Steinmeier, Nahid Tabatabai.
imprint
Cambridge, Mass. : Harvard University Press, 2010.
description
xxxii, 367 p.
ISBN
0674048660 (alk. paper), 9780674048669 (alk. paper)
format(s)
Book
Holdings
More Details
imprint
Cambridge, Mass. : Harvard University Press, 2010.
isbn
0674048660 (alk. paper)
9780674048669 (alk. paper)
contents note
Introduction -- Theories explaining pensions -- Employment and retirement in the health and retirement study -- Pension data in the health and retirement study -- Pension plan participation in the health and retirement study -- Pension plan type -- Imperfect knowledge of pension plan type -- Pension retirement ages -- Pension values -- Retirement incentives from defined benefit pensions -- Disposition of pensions upon leaving a job and pension incomes in retirement -- The changing role of pensions in total wealth -- Conclusions.
abstract
"This book presents a careful analysis of pension data collected by the Health and Retirement Study, a unique survey of people over the age of fifty conducted by the University of Michigan for the National Institute on Aging. The authors studied pensions as they evolve over individuals’ work lives and into retirement: how pension coverage and plans change over a lifetime, how many pensions workers have by the time they retire and what these pensions are worth, what pensions contribute to individual retirement incomes, and how trends and policy changes affect retirement plans. The book focuses on the major features of pensions, including plan type and participation, ages of eligibility for retirement, values of different pension types, how pension values are influenced by retirement age, how plans are settled when a worker leaves a firm, how well people understand their pensions, the importance of pensions in retirement saving and as a share of household wealth, and the vulnerability of the retirement age population to the current financial crisis. This book provides readers with an invaluable look at the crucial but ever-changing role of pensions in supporting retirees."--Publisher's website.
catalogue key
7098617
 
Includes bibliographical references and index.
A Look Inside
Reviews
Review Quotes
Pensions in the Health and Retirement Study will be of tremendous value to researchers. It is a thorough and competent statistical analysis and will be an indispensable reference.
This excellent book will become a standard reference and will be well-cited for years to come.
This item was reviewed in:
Reference & Research Book News, August 2010
To find out how to look for other reviews, please see our guides to finding book reviews in the Sciences or Social Sciences and Humanities.
Summaries
Bowker Data Service Summary
This work presents a careful analysis of pension data collected by the Health and Retirement Study, a unique survey of people over the age of 50 conducted by the University of Michigan for the National Institute on Aging.
Main Description
This book presents a careful analysis of pension data collected by the Health and Retirement Study, a unique survey of people over the age of fifty conducted by the University of Michigan for the National Institute on Aging. The authors studied pensions as they evolve over individualsrs" work lives and into retirement: how pension coverage and plans change over a lifetime, how many pensions workers have by the time they retire and what these pensions are worth, what pensions contribute to individual retirement incomes, and how trends and policy changes affect retirement plans.The book focuses on the major features of pensions, including plan type and participation, ages of eligibility for retirement, values of different pension types, how pension values are influenced by retirement age, how plans are settled when a worker leaves a firm, how well people understand their pensions, the importance of pensions in retirement saving and as a share of household wealth, and the vulnerability of the retirement age population to the current financial crisis.This book provides readers with an invaluable look at the crucial but ever-changing role of pensions in supporting retirees.
Main Description
This book presents a careful analysis of pension data collected by the Health and Retirement Study, a unique survey of people over the age of fifty conducted by the University of Michigan for the National Institute on Aging. The authors studied pensions as they evolve over individuals' work lives and into retirement: how pension coverage and plans change over a lifetime, how many pensions workers have by the time they retire and what these pensions are worth, what pensions contribute to individual retirement incomes, and how trends and policy changes affect retirement plans. The book focuses on the major features of pensions, including plan type and participation, ages of eligibility for retirement, values of different pension types, how pension values are influenced by retirement age, how plans are settled when a worker leaves a firm, how well people understand their pensions, the importance of pensions in retirement saving and as a share of household wealth, and the vulnerability of the retirement age population to the current financial crisis. This book provides readers with an invaluable look at the crucial but ever-changing role of pensions in supporting retirees.
Main Description
This book presents a careful analysis of pension data collected by the Health and Retirement Study, a unique survey of people over the age of fifty conducted by the University of Michigan for the National Institute on Aging. The authors studied pensions as they evolve over individuals’ work lives and into retirement: how pension coverage and plans change over a lifetime, how many pensions workers have by the time they retire and what these pensions are worth, what pensions contribute to individual retirement incomes, and how trends and policy changes affect retirement plans. The book focuses on the major features of pensions, including plan type and participation, ages of eligibility for retirement, values of different pension types, how pension values are influenced by retirement age, how plans are settled when a worker leaves a firm, how well people understand their pensions, the importance of pensions in retirement saving and as a share of household wealth, and the vulnerability of the retirement age population to the current financial crisis. This book provides readers with an invaluable look at the crucial but ever-changing role of pensions in supporting retirees.
Main Description
This book presents a careful analysis of pension data collected by the Health and Retirement Study, a unique survey of people over the age of fifty conducted by the University of Michigan for the National Institute on Aging. The authors studied pensions as they evolve over individuals work lives and into retirement: how pension coverage and plans change over a lifetime, how many pensions workers have by the time they retire and what these pensions are worth, what pensions contribute to individual retirement incomes, and how trends and policy changes affect retirement plans. The book focuses on the major features of pensions, including plan type and participation, ages of eligibility for retirement, values of different pension types, how pension values are influenced by retirement age, how plans are settled when a worker leaves a firm, how well people understand their pensions, the importance of pensions in retirement saving and as a share of household wealth, and the vulnerability of the retirement age population to the current financial crisis. This book provides readers with an invaluable look at the crucial but ever-changing role of pensions in supporting retirees.
Table of Contents
List of Tables and Figuresp. xi
Prefacep. xxvii
List of Abbreviationsp. xxxi
Introductionp. 1
The HRS: A Tool for Studying Pensions and Retirement Policiesp. 3
An Introduction to Pensionsp. 5
Further Discussion of the Pension Information in the HRSp. 10
Trends in Pension Plan Typep. 13
Trends in Pension Plan Characteristicsp. 17
The Effects of a Changing Pension Environmentp. 19
Complexities of Pensions Lead to Imperfect Understandingp. 20
Outline of the Bookp. 21
Theories Explaining Pensionsp. 24
Explanations for Pensions from the 1970s, 1980s, and 1990sp. 24
Reconciling Recent Changes in Pensions with the Theory of Implicit Contractsp. 29
Recent Trends Raise Questions about Other Explanations for Pensionsp. 31
Implications of Imperfect Understanding of Pensions for Life Cycle Modelsp. 35
Employment and Retirement in the Health and Retirement Studyp. 41
The Structure of the HRSp. 41
Employment in the HRS over Time, by Cohort and Sexp. 44
Attrition in the HRS by Initial Labor Market and Pension Statusp. 55
Retirement Trends and Trends in Pensionsp. 57
Conclusionsp. 58
Pension Data in the Health and Retirement Studyp. 60
List of Pension Sequences in the Surveyp. 61
Information Obtained from Employer-Provided Pension Plan Descriptionsp. 63
Tracing Pensions in the Panelp. 64
Further Details on Matching Employer Pension Plan Descriptions with Respondentsp. 66
Identifying Plans When Respondents Report Having Both Plan Typesp. 68
Other Sources of Employer Plan Descriptions in the HRSp. 70
Other Sources of Pension Information in the Labor Section of the HRSp. 70
Pension Data in the Assets and Income Sectionp. 72
Pension Plan Participation in the Health and Retirement Studyp. 74
Pension Participation on Current Jobsp. 75
Turnover from Pension Jobsp. 81
History of Pension Participation over a Lifetime of Workp. 82
Participants with Current Pensionsp. 83
Participants with Dormant Pensionsp. 86
Total Number of Respondents with Participation in Either Dormant and/or Current Plansp. 88
Respondents with Plans in Pay Statusp. 88
Pension Participation in a Live Planp. 90
Weighing the Importance of Pension Participation over the Lifetimep. 90
Coverage through a Spousep. 96
Pension Plan Typep. 97
Pension Plan Type by Cohort, Demographic Group, and Job Characteristicsp. 97
Changes in Plan Typep. 102
Tenure on the Job and in Pension Plans by Plan Typep. 103
Pension Changes Experienced by Those Holding the Same Jobp. 109
Transitions to Cash Balance Plans Are Infrequently Reported in HRS Datap. 112
Implications of Pension Changes for Workers' Decisionsp. 113
Imperfect Knowledge of Pension Plan Typep. 115
Reasons for Differences between Firm and Respondent Reportsp. 118
Consistency between Employer and Respondent Reportsp. 120
Difference in the Panel in Respondent and Firm Reports among Those Reporting No Change in Their Pensionsp. 130
Comparison with Watson Wyatt Payroll Datap. 137
Plan Type in the Full Respondent Panelp. 140
Reliability of Respondent Reports before Retirement and at Retirementp. 146
Evidence of Imperfect Information from Interview Tapes and Pension Modulep. 148
Effects of Asking Questions Pertaining to the Wrong Plan Typep. 151
Summary and Conclusionsp. 153
Pension Retirement Agesp. 157
Respondents' Expected Early Retirement Agep. 158
Respondents' Expected Normal Retirement Agep. 162
Comparing Respondent and Employer Reports of Early and Normal Retirement Agep. 162
Age at which Pension-Covered Workers Expect to Start Receiving Benefitsp. 167
Respondents' Retirement Plansp. 171
Expected versus Actual Age of Benefit Receiptp. 175
Comparing Estimates of Early and Normal Retirement Age and Expected and Actual Ages of Benefit Receiptp. 178
Conclusionsp. 179
Sensitivity of Early and Normal Retirement Dates to Date of Hirep. 181
Detailed Descriptions of Covered Samples Underlying Tables in Chapter 8p. 183
Pension Valuesp. 186
Different Measures of Pension Valuep. 187
Respondent Reports of Annual Expected Benefits from Their Most Important DB Plan on Their Current Jobp. 189
Effects of Increasing Labor Force Participation of Women on Trends in DB Pension Valuesp. 191
Respondent Reports of DC Account Balances from All Plans on Their Current Jobsp. 193
Effects of Increasing Labor Force Participation of Women on Trends in DC Pension Valuesp. 195
The Present Value of Defined Benefit Plans—Current Plan, Respondent Datap. 198
Prorated Value of DB Pension Wealth, Respondent Datap. 200
Pension Values Disaggregated by Demographic and Labor Market Characteristics, Respondent Reportsp. 205
Pension Values of DB Plans from Employer-Provided Pension Plan Descriptionsp. 208
Comparing Benefits at Early, Normal, and Expected Retirement Agesp. 209
Comparing Self-Reports with Employer Reports for DB Plansp. 210
Results with Imputed Valuesp. 219
Total Value of Pensions from Current, Last, and Previous Jobsp. 222
Conclusionsp. 232
Detailed Descriptions of Covered Samples Underlying Tables in Chapter 9p. 234
Findings with Imputationsp. 241
Retirement Incentives from Defined Benefit Pensionsp. 245
Ages of Eligibility for Retirement Benefitsp. 247
Pension Wealth Values by Age and Cohortp. 247
Benefit Accrual Profilesp. 251
Cohort Differences in Rates of Benefit Accrualp. 254
Differences in Benefit Accruals between Men and Womenp. 255
Changes in Benefit Accrual Experienced by Individuals over Timep. 258
Conclusionsp. 260
Disposition of Pensions upon Leaving a Job and Pension Incomes in Retirementp. 262
Disposition of Pensions from Last or Previous Jobsp. 263
Disposition of Pensions from Jobs Held in Previous Wavesp. 269
Effects of Bracketingp. 274
Pension Incomes in Retirementp. 275
Conclusionsp. 278
Year-by-Year Measures of the Disposition of Pensions during the Course of the Surveyp. 279
The Changing Role of Pensions in Total Wealthp. 283
Baseline Resultsp. 284
Trends in Pensions and Other Components of Retirement Wealthp. 286
Trends in Wealth by Household Demographic Structurep. 289
Wealth Differences between Households with and without Pensionsp. 290
Pensions, Social Security, and the Distribution of Retirement Wealthp. 293
Conclusionsp. 298
Differences in the Composition of Wealth between Households with and without Pensionsp. 299
Conclusionsp. 303
The HRS Paints an Extraordinarily Rich Picture of Pensionsp. 303
Some Areas of Policy Concernp. 305
A Word to Pension Data Usersp. 314
Appendix: Constructed Filesp. 317
Notesp. 321
Referencesp. 347
Indexp. 359
Table of Contents provided by Ingram. All Rights Reserved.

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