TY  - JOUR
AU  - Allen,Steven G.
AU  - Clark,Robert L.
AU  - McDermed,Ann A.
TI  - Why Do Pensions Reduce Mobility?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 2509
PY  - 1988
Y2  - February 1988
UR  - http://www.nber.org/papers/w2509
L1  - http://www.nber.org/papers/w2509.pdf
N1  - Author contact info:
Steven G. Allen
Jenkins Graduate School of Management
NC State University
2124 Nelson Hall
Raleigh, NC  27695-7229
Tel: 919/515-6941
Fax: 919/515-5073
E-Mail: STEVE_ALLEN@NCSU.EDU
AB  - Previous studies have found that workers who are covered by pensions are much less likely than other workers to leave their jobs, but the evidence on how specific pension characteristics affect turnover is inconclusive. This paper examines how mobility is affected by vesting standards, the compensation level, and the capital loss of pension wealth for job changers. In two different data sets, we find that the capital loss is strongly associated with lower turnover rates, whereas vesting and the compensation level have relatively little impact. Large capital losses are mainly associated with lower layoff rates rather than lower quit rates.
ER  -