Evaluating Pension Policies in a Model with Endogeous Contributions
Alan L. Gustman
Thomas L. Steinmeier
A model of the firm and its pension plan is used to simulate the first
round effects of pension policies. Pension policies create an imbalance in
the pension fund which affects the level of pension contributions and
ultimately wages. Changes in the differential between compensation and
productivity for individual workers alter the distributions of compensation
and of incentives for retirement, mobility and effort. Policies
investigated include those regulating vesting, pension calculations for
early leavers, early retirees and late retirees, maximum service credits,
liabilities at termination, and funding practices.
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