TY  - JOUR
AU  - Lumsdaine,Robin L.
AU  - Stock,James H.
AU  - Wise,David A.
TI  - Pension Plan Provisions and Retirement: Men & Women, Medicare, and Models
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4201
PY  - 1992
Y2  - October 1992
UR  - http://www.nber.org/papers/w4201
L1  - http://www.nber.org/papers/w4201.pdf
N1  - Author contact info:
Robin L. Lumsdaine
Kogod School of Business
American University
4400 Massachusetts Avenue NW
Washington, DC 20016
Tel: 202/885-1964
E-Mail: robin.lumsdaine@american.edu

James H. Stock
Department of Economics
Harvard University
Littauer Center M27
Cambridge, MA 02138
Tel: 617/496-0502
Fax: 617/495-7730
E-Mail: James_Stock@harvard.edu

David A. Wise
Harvard Kennedy School
79 John F. Kennedy
Cambridge, MA   02138
E-Mail: dwise@nber.org
AB  - The ongoing analysis of the effects of pension plan provisions on retirement is pursued in this paper. A primary objective of this paper is to test the validity of models previously developed and estimated with data from a Fortune 500 company, here using data from a second large company. The evidence confirms that changes in the retirement rates by age correspond closely to provisions of the firm pension plan. There is essentially no difference in the retirement behavior of men and women. As in previous work, it is found that simpler "option value model" of retirement yields very similar results to the considerably more complex stochastic dynamic programming specification. Both fit the data well and predict rather well the effect on retirement of a special retirement window plan, Some consideration is also given to the effects of firm health insurance and median coverage on retirement.
ER  -