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Research ArticleArticles

Teacher Pension Plan Incentives, Retirement Decisions, and Workforce Quality

Shawn Ni, Michael Podgursky and Xiqian Wang
Journal of Human Resources, January 2022, 57 (1) 272-303; DOI: https://doi.org/10.3368/jhr.57.1.1218-9912R2
Shawn Ni
Shawn Ni is a Professor of Economics in the Department of Economics, University of Missouri–Columbia.
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Michael Podgursky
Michael Podgursky is Chancellor’s Professor of Economics in the Department of Economics, University of Missouri–Columbia and Director, Sinquefield Center for Applied Economic Research, Saint Louis University.
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  • For correspondence: [email protected]
Xiqian Wang
Xiqian Wang is an Assistant Professor in the School of Economics and Management, Beijing University of Technology.
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Abstract

We analyze late-career teacher turnover induced by pension incentives. Using longitudinal data on Tennessee teachers, we find high-quality teachers less likely to retire conditional on age and experience. We estimate a structural model for retirement that allows high- and lower-quality teachers to have different work–retirement preferences and use it to simulate the effect of alternative pension plan designs. Enhancements to traditional plans accelerate teacher retirement and reduce average teacher quality, whereas defined contribution (DC) plans have the opposite effect. Under the current plan, targeted retention bonuses would delay retirement of high-quality teachers at relatively modest cost.

JEL Classification:
  • J26
  • J45
  • J24
  • Received December 2018.
  • Accepted September 2019.

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Journal of Human Resources: 57 (1)
Journal of Human Resources
Vol. 57, Issue 1
1 Jan 2022
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Teacher Pension Plan Incentives, Retirement Decisions, and Workforce Quality
Shawn Ni, Michael Podgursky, Xiqian Wang
Journal of Human Resources Jan 2022, 57 (1) 272-303; DOI: 10.3368/jhr.57.1.1218-9912R2

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Teacher Pension Plan Incentives, Retirement Decisions, and Workforce Quality
Shawn Ni, Michael Podgursky, Xiqian Wang
Journal of Human Resources Jan 2022, 57 (1) 272-303; DOI: 10.3368/jhr.57.1.1218-9912R2
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Keywords

  • J26
  • J45
  • J24
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