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Pension Plan Choice in the Public Sector: The Case of Michigan State Employees

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  • Papke, Leslie E.

Abstract

In 1997, the State of Michigan closed its DB pension plan to new state employees. New employees are automatically enrolled in a 401(k) plan with a mandatory state contribution. Existing employees chose between staying in the DB plan, or transferring the present value of their vested pension benefits to a DC plan. This paper surveys the event and analyzes the choice made by corrections workers, about 25 percent of Michigan public employment. An analysis of the switch to individual accounts may inform Federal estimates of take–up rates in a possible privatization of Social Security.

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  • Papke, Leslie E., 2004. "Pension Plan Choice in the Public Sector: The Case of Michigan State Employees," National Tax Journal, National Tax Association;National Tax Journal, vol. 57(2), pages 329-339, June.
    • Handle: RePEc:ntj:journl:v:57:y:2004:i:2:p:329-39
    DOI: 10.17310/ntj.2004.2.10
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    Cited by:

    1. Jeffrey R. Brown & Scott J. Weisbenner, 2009. "Who Chooses Defined Contribution Plans?," NBER Chapters, in: Social Security Policy in a Changing Environment, pages 131-161, National Bureau of Economic Research, Inc.
    2. Clark, Robert L. & Morrill, Melinda Sandler & Vanderweide, David, 2014. "Defined benefit pension plan distribution decisions by public sector employees," Journal of Public Economics, Elsevier, vol. 116(C), pages 73-88.
    3. Robert L. Clark & Linda S. Ghent & Ann A. McDermed, 2006. "Pension Plan Choice among University Faculty," Southern Economic Journal, John Wiley & Sons, vol. 72(3), pages 560-577, January.
    4. Gopi Shah Goda & Colleen Flaherty Manchester, 2013. "Incorporating Employee Heterogeneity into Default Rules for Retirement Plan Selection," Journal of Human Resources, University of Wisconsin Press, vol. 48(1), pages 198-235.
    5. Shlomo Benartzi & Richard Thaler, 2007. "Heuristics and Biases in Retirement Savings Behavior," Journal of Economic Perspectives, American Economic Association, vol. 21(3), pages 81-104, Summer.
    6. Ebrahim, M. Shahid & Mathur, Ike & ap Gwilym, Rhys, 2014. "Integrating corporate ownership and pension fund structures: A general equilibrium approach," Journal of Banking & Finance, Elsevier, vol. 49(C), pages 553-569.
    7. Habibah TOLOS & Peijie WANG & Miao ZHANG & Rory SHAND, 2014. "Retirement systems and pension reform: A Malaysian perspective," International Labour Review, International Labour Organization, vol. 153(3), pages 489-502, September.

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