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来源类型Working Paper
规范类型报告
DOI10.3386/w12447
来源IDWorking Paper 12447
Employer Matching and 401(k) Saving: Evidence from the Health and Retirement Study
Gary V. Engelhardt; Anil Kumar
发表日期2006-08-17
出版年2006
语种英语
摘要Employer matching of employee 401(k) contributions can provide a powerful incentive to save for retirement and is a key component in pension-plan design in the United States. Using detailed administrative contribution, earnings, and pension-plan data from the Health and Retirement Study, this analysis formulates a life-cycle-consistent econometric specification of 401(k) saving and estimates the determinants of saving accounting for non-linearities in the household budget set induced by matching. The participation estimates indicate that an increase in the match rate by 25 cents per dollar of employee contribution raises 401(k) participation by 3.75 to 6 percentage points, and the estimated elasticity of participation with respect to matching ranges from 0.02-0.07. The parametric and semi-parametric estimates for saving indicate that an increase in the match rate by 25 cents per dollar of employee contribution raises 401(k) saving by $400-$700 (in 1991 dollars). The estimated elasticity of 401(k) saving to matching is also small and ranges from 0.09-0.12 overall, with just under half of this effect on the intensive margin. Overall, the analysis reveals that matching is a rather poor policy instrument with which to raise retirement saving.
主题Macroeconomics ; Consumption and Investment ; Public Economics ; Taxation ; Labor Economics ; Labor Compensation
URLhttps://www.nber.org/papers/w12447
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/570105
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Gary V. Engelhardt,Anil Kumar. Employer Matching and 401(k) Saving: Evidence from the Health and Retirement Study. 2006.
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