全球智库信息集成服务系统(G2TT): Lessons for Public Pensions from Utah\u2019s Move to Pension Choice

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21385
来源ID	Working Paper 21385
	Lessons for Public Pensions from Utah\u2019s Move to Pension Choice
	Robert L. Clark; Emma Hanson; Olivia S. Mitchell
发表日期	2015-07-20
出版年	2015
语种	英语
摘要	We explore what happened when the state of Utah moved away from its traditional defined benefit pension. In its place, it offered new hires a choice between a conventional defined contribution plan and a hybrid plan option, where the latter has both a guaranteed benefit component and a defined contribution plan where employees bear investment risk. We show that around 60 percent of new hires failed to make any active choice and, as a result, were automatically defaulted into the hybrid plan. Slightly more than half of those who made an active choice elected the hybrid plan. Post-reform, employees who failed to actively elect a primary retirement plan were also far less likely to enroll in a supplemental retirement account, compared to new hires who actively selected a plan. We also find that employees hired following the reform were more likely to leave public employment, resulting in higher separation rates. This could reflect a reduction in the desirability of public employment under the new pension design and an improving economic climate in the state. Our results imply that public pension reformers must consider employee responses in addition to potential cost savings, when developing and enacting major pension plan changes.
主题	Public Economics ; National Fiscal Issues ; Subnational Fiscal Issues ; Labor Economics ; Labor Supply and Demand ; Labor Compensation
URL	https://www.nber.org/papers/w21385
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/579058
推荐引用方式 GB/T 7714	Robert L. Clark,Emma Hanson,Olivia S. Mitchell. Lessons for Public Pensions from Utah\u2019s Move to Pension Choice. 2015.