The retirement behavior of workers covered by union and nonunion pension plans |
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Authors: | Jay Stewart |
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Institution: | (1) Bureau of Labor Statistics, 20212 Washington, DC |
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Abstract: | Previous authors have noted that there are significant differences between the provisions of union and nonunion pension plans.
I present evidence that sheds light on two hypotheses. The first (Parsons, 1983) posits that union pensions should encourage
earlier retirement because productivity falls as workers age, but union rules prohibit firms from lowering wages. The second
(Freeman, 1985) argues that union pension plans reflect the preferences of older, more senior workers. I find some support
for both hypotheses.
I conducted some of the research for this paper as an economist with Unicon Research Corporation. I thank the National Institute
on Aging for funding (grant number 5 RO1 AG06133-03). I also thank Fran Horvath, Mark Kennet, Mark Loewenstein, Bob McIntire,
Tom Plewes, Bill Wiatrowski, and three anonymous referees for useful comments. All views and opinions expressed herein are
the author's and do not necessarily reflect those of the Bureau of Labor Statistics, the National Institute on Aging, or Unicon
Research Corporation. |
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