Retirement Choices by State and Local Public Sector Employees PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Retirement Choices by State and Local Public Sector Employees PDF full book. Access full book title Retirement Choices by State and Local Public Sector Employees by Leslie E. Papke. Download full books in PDF and EPUB format.
Author: Leslie E. Papke
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
I analyze the effects of state public pension parameters on the retirement of public employees. Using a panel data set of public sector workers from 12 waves of the Health and Retirement Study, I model the probability of retirement as a function of pension wealth at early and normal retirement eligibility and Social Security coverage in the public sector job. I find that becoming eligible for early retirement, or receiving an early-out offer, significantly increases the probability of retiring. I do not find any effect of retirement wealth levels; instead the findings are consistent with the literature on default options in defined contribution plans. These findings suggest that state legislative action to affect retirement decisions and reduce future pension costs may be most effective operating through plan eligibility rules and early-out incentives.
Author: Leslie E. Papke
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
I analyze the effects of state public pension parameters on the retirement of public employees. Using a panel data set of public sector workers from 12 waves of the Health and Retirement Study, I model the probability of retirement as a function of pension wealth at early and normal retirement eligibility and Social Security coverage in the public sector job. I find that becoming eligible for early retirement, or receiving an early-out offer, significantly increases the probability of retiring. I do not find any effect of retirement wealth levels; instead the findings are consistent with the literature on default options in defined contribution plans. These findings suggest that state legislative action to affect retirement decisions and reduce future pension costs may be most effective operating through plan eligibility rules and early-out incentives.
Author: Robert Louis Clark
Publisher:
ISBN:
Category : Civil service
Languages : en
Pages :
Get Book Here
Book Description
Studies examining pension distribution choices have found that the tendency of private-sector workers is to select lump sum distributions instead of life annuities. In the public sector, defined benefit pensions usually offer lump sum distributions equal to employee contributions, not the present value of the annuity. Using administrative data from the North Carolina state and local government retirement systems, we find that over two-thirds of public sector workers under age 50 separating prior to retirement from public plans in North Carolina left their accounts open and did not request a cash distribution from the pension system within one year of separation. Furthermore, the evidence suggests many separating workers, particularly those with short tenure, may be forgoing important benefits due to lack of knowledge, understanding, or accessibility of benefits. In contrast to prior research in the private sector, we find no evidence of a bias toward cash distributions for public employees in North Carolina.
Author: United States. Bureau of the Census
Publisher:
ISBN:
Category : Civil service
Languages : en
Pages : 12
Get Book Here
Book Description
Author: USA Government Accountability Office
Publisher: Nova Science Publishers
ISBN: 9781604566055
Category : Civil service
Languages : en
Pages : 0
Get Book Here
Book Description
Over the past half-century, the number of state and local government workers has grown significantly. In 2006, this sector accounted for about 12 percent of the nation's workforce. Since 1996, accounting standards calling for state and local governments to report their liabilities for future pension costs have been in place, but standards calling for similar treatment of the future costs of retiree health benefits have only recently been issued. It is unclear as yet, what actions state and local governments may take once the future costs of these benefits are known. However, future decisions about the appropriate levels of benefits for retirees will likely occur in a broader context of persistent fiscal challenges that state and local governments will face in the next decade. Hence, concerns have been raised about the public sector's capacity to meet the rising cost of providing its retirees with promised pension and other post-employment benefits, such as retiree health care. State and local retiree benefits are not subject, for the most part, to federal laws governing private sector retiree benefits. Nevertheless, there is a federal interest in ensuring that all Americans have a secure retirement, an interest that is reflected in preferential tax treatment for contributions and investment earnings associated with qualified pension plans in both the public and the private sectors. This is an excerpted and indexed edition.
Author: Peter Thomann
Publisher:
ISBN: 9780692814888
Category : Business & Economics
Languages : en
Pages : 222
Get Book Here
Book Description
The majority of tax and retirement planning websites, books, newsletters, financial magazines, etc. review tax and retirement planning topics for the private sector employee and retiree. The Tax & Retirement Planning Guide -Strategies for State/County/City Employees and Retirees is an indispensable resource to navigating the various tax issues and retirement planning decisions facing retiring and retired government workers. The Tax & Retirement Planning Guide imparts a working knowledge of tax and retirement planning strategies using easy to follow -real-world- examples and case studies. Topics include: pension plan contributions removed at retirement, after-tax funds distributed from a pension plan, Governmental Defined Contribution Plans, state taxation of pensions, rollover choices, advanced strategies, Roth IRA, tax planning and the accidental disability retiree, and Defending Public Safety Employees' Retirement Act.
Author: David A. Wise
Publisher: University of Chicago Press
ISBN: 0226903222
Category : Political Science
Languages : en
Pages : 428
Get Book Here
Book Description
The Economics of Aging presents results from an ongoing National Bureau of Economic Research project. Contributors consider the housing mobility and living arrangements of the elderly, their labor force participation and retirement, the economics of their health care, and their financial status. The goal of the research is to further our understanding both of the factors that determine the well-being of the elderly and of the consequences that follow from an increasingly older population with longer individual life spans. Each paper is accompanied by critical commentary.
Author: Robert L. Clark
Publisher: Edward Elgar Publishing
ISBN: 0857930591
Category : Business & Economics
Languages : en
Pages : 241
Get Book Here
Book Description
State and Local Retirement Plans in the United States explains how economic and political events have shaped the development of pension plans in the last century, and it argues that changes in the structure and generosity of these plans will continue to shape policy and funding in the future. It also brings to bear a new rationale to the policies behind public sector pension plans. The authors use the history of how early public pension plans were established, how they matured and how they have grown in generosity to analyze what changes may be expected in years to come. Unique in its scope, this comprehensive history of the development of public sector pension plans in the United States during the twentieth century expands upon current ideas relating to the changing economic environment, the passage and evolution of social security, and the expansion of the public sector. With the exception of military pension plans, which date from the eighteenth century, the first public sector plans, dating from the late nineteenth century, were established to cover teachers, police officers and fire fighters in large cities. Over time, these retirement plans were extended to other public sector workers and the local plans were often merged with plans for state workers; all of these date from the twentieth century. Here, the authors show just how pension coverage for public sector workers expanded steadily, through the first half of the twentieth century, so that by the 1960s the vast majority of public sector workers were covered by a plan. This analysis demonstrates how economic events and shifts in public policy at the federal, state, and local levels helped to shape public sector retirement plans. The authors also compare public plans with private sector plans, and the final chapter focuses on recent changes in public pensions in response to the 'Great Recession', concurrent sharp declines in equity markets and the aging of the public workforce.
Author: National Research Council
Publisher: National Academies Press
ISBN: 0309261961
Category : Social Science
Languages : en
Pages : 230
Get Book Here
Book Description
The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Author: Eileen Norcross
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
This study focuses on public sector benefits costs in the state of New Jersey. Along with several other states, New Jersey's pension system is badly underfunded and health care and other benefits for public sector workers (known as Other Post Employment Benefits, or OPEB) are entirely unfunded. The purpose of this study of New Jersey state and local employee compensation costs is not to determine if public sector workers are paid too much or to establish criteria for governmental efficiency. The focus is solely on whether governments are accounting for personnel costs in a way that enables governments to make informed policy choices that ensure retirement security for public servants, and a service-tax mix that reflects the demands of voters. The policy implications of the increasing costs of public sector employees' benefits are most keenly felt locally where vital services such as police and firefighters, safety services, road maintenance, and sanitation are delivered. By failing to fully account for and fund the cost of employee benefits, governments are increasingly faced with difficult budgetary choices.
Author: Robert Louis Clark
Publisher: University of Pennsylvania Press
ISBN: 9780812237146
Category : History
Languages : en
Pages : 280
Get Book Here
Book Description
From the Wharton School, offering a comprehensive assessment of the political and financial dimensions of public-sector pensions from the colonial period until the emergence of modern retirement plans in the twentieth century.
