Social security and retirement timing: evidence from a national sample of teachers

Morrill, Melinda Sandler; Westall, John

doi:10.1017/s1474747218000422

Cited by 10 publications

(9 citation statements)

References 44 publications

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“…Such policies may well be preventing retired teachers and others from achieving their desired retirement income. And as Papke and Morrill and Westall (2019) show, many pension plans shape retirement ages by setting when workers become eligible to immediately receive a retirement benefit.…”

Section: Discussionmentioning

confidence: 99%

“…While other authors have examined how retirement responds to Social Security benefit levels at the intensive margin, Morrill and Westall (2019) are the first to evaluate whether retirement ages in the public sector are affected by eligibility for Social Security, on the extensive margin. The authors find that teachers do respond to the presence of Social Security.…”

Section: Retirement Transitions: Return To Work Policies Pensions Amentioning

confidence: 99%

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Incentives and limitations of employment policies on retirement transitions

Clark

Newhouse

2019

Journal of Pension Economics and Finance

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JEL Codes: J23; J26; J32As the population ages and life expectancy at older ages increase, it becomes more challenging for individuals, firms, and governments to finance adequate living standards in retirement. Working longer is an important option that must be considered if well-being in retirement is to be sustained. The papers in this Special Issue of the Journal of Pension Economics and Finance explore various aspects of the transition from career employment to complete retirement. The research covers a broad range of topics including comparing retirement transitions in the public and private sectors, individual incentives that influence retirement timing, return-to-work policies adopted by many public employers, and the management of wealth before and during retirement. The articles also consider how many individuals move from career jobs to new employment and then to complete retirement. In addition, the research focuses on work incentives of employer-provided pensions and health plans, Social Security, and government sponsored health plans, and also how provisions of these plans alter the transition to retirement.The articles are grouped into three areas. The first set of four articles examines the retirement transition and the importance of return-to-work policies, pension characteristics, and Social Security provisions influencing labor market behavior. Three of the studies focus on public school teachers and other public sector employees, while the fourth compares retirement transitions of private and public sector workers. The second set comprises two papers exploring changes in health insurance plans, how these plans are financed, and the impact of plan provisions on work and retirement decisions. The third set considers how financial market conditions influence economic well-being in retirement and contains three articles exploring how interest rates shape the choice of annuity options, saving decisions, and workers' ability to achieve their desired standard of living in retirement. These papers highlight the variety of paths that workers follow in transitioning from their full time career jobs to complete retirement, and they also show how these paths are influenced by employer retirement policies, Social Security, and financial market conditions.

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Section: Discussionmentioning

confidence: 99%

Section: Retirement Transitions: Return To Work Policies Pensions Amentioning

confidence: 99%

Incentives and limitations of employment policies on retirement transitions

Clark

Newhouse

2019

Journal of Pension Economics and Finance

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“…A high unemployment rate generally indicates challenging economic conditions, results in a smaller pool of pension contributors, and suggests a greater likelihood of pensionfunded problems. In such circumstances, both employers and employees are more resistant to paying payroll taxes (Morrill & Westall, 2018). To help account for macroeconomic conditions across the states over time, we include a control variable of the unemployment rate.…”

Section: Contextual Factorsmentioning

confidence: 99%

“…Although Social Security is a massive federal pension program, approximately 25% of public employees are not covered by it. Most of them are public safety employees and teachers (Morrill & Westall, 2018) who are covered by state and local public pension plans, which operate under additional constraints. A public pension plan whose beneficiaries do not pay into Social Security must meet the Internal Revenue Service's (IRS) "Safe Harbor" provision.…”

Section: Introductionmentioning

confidence: 99%

The Effect of Social Security Coverage on U.S. State and Local Government Public Pension Plan Funding

Perlman¹,

Ponomariov

Reddick

2022

Compensation & Benefits Review

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Approximately a quarter of U.S. state and local workers’ pension plans are not covered by Social Security. This is problematic and sometimes surprising for many public sector workers, who may receive limited or no Social Security benefits upon retirement due to insufficient or no contributions paid into the system throughout their careers. While non-covered public pension plans are legally obliged to provide a comparable degree of coverage, the lack of a de-facto partial federal guarantee on pension funding has interesting implications explored in this paper. We find that pension plans not covered by Social Security have lower funded ratios and are more volatile due to greater dependence on potentially more aggressive plan investments, assumptions, and performance. We also find that the funded ratio deteriorates over time for both types of plans, and this deterioration might be faster for Social Security covered plans.

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“…A special issue of the Journal of Pension Economics and Finance (October 2019) containing nine papers examined various aspects of labor force participation at older ages as well as the adequacy of retirement savings (Bronshtein et al, 2019;Clark et al, 2019;Coe 2019;Fitzpatrick, 2019;Horneff et al, 2019;Hsu et al, 2019;Morrill and Westall, 2019;Papke, 2019;Quinn et al, 2019). The set of six papers in this special issue continue to explore those topics, with four of them reporting results based on new survey data collected by the authors.…”

mentioning

confidence: 99%

Retirement decisions in a changing labor market

Clark

Newhouse

2021

Journal of Pension Economics and Finance

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The papers in this volume examine a series of important questions that influence the transition from full time employment to complete retirement. Retirement is shown to be a process as individuals move from career jobs to bridge jobs to being out of the labor force. The articles examine the characteristics of bridge jobs and the employment conditions that older workers prefer. Analysis provided by the authors show the importance of saving throughout work life and how pension plans and retirement saving plans influence the timing of retirement.

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Social security and retirement timing: evidence from a national sample of teachers

Cited by 10 publications

References 44 publications

Incentives and limitations of employment policies on retirement transitions

Incentives and limitations of employment policies on retirement transitions

The Effect of Social Security Coverage on U.S. State and Local Government Public Pension Plan Funding

Retirement decisions in a changing labor market

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