Pension plan characteristics and framing effects in employee savings behavior:
In this paper we document the importance of framing effects in the retirement savings decisions of college professors. Pensions in many post-secondary institutions are funded by a combination of an employer contribution and a mandatory employee contribution. Employees can also make tax-deferred cont...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13275 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | In this paper we document the importance of framing effects in the retirement savings decisions of college professors. Pensions in many post-secondary institutions are funded by a combination of an employer contribution and a mandatory employee contribution. Employees can also make tax-deferred contributions to a supplemental savings account. A standard lifecycle savings model predicts a "dollar-for-dollar" tradeoff between supplemental savings and the combined regular pension contributions made on behalf of an employee. Contrary to this prediction, we estimate that each additional dollar of employee contributions leads to a 70 cent reduction in supplemental savings, whereas each dollar of employer contributions generates only a 30 cent reduction. The asymmetry - which is consistent with different "mental accounts" for employer and employee contributions - provides further evidence of the sensitivity of individual savings decisions to the precise details of their pension plan. |
| Beschreibung: | Literaturverz. S. 21 - 23 |
| Beschreibung: | 23, [5] S. 22 cm |
Internformat
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 13275 | |
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| 520 | 8 | |a In this paper we document the importance of framing effects in the retirement savings decisions of college professors. Pensions in many post-secondary institutions are funded by a combination of an employer contribution and a mandatory employee contribution. Employees can also make tax-deferred contributions to a supplemental savings account. A standard lifecycle savings model predicts a "dollar-for-dollar" tradeoff between supplemental savings and the combined regular pension contributions made on behalf of an employee. Contrary to this prediction, we estimate that each additional dollar of employee contributions leads to a 70 cent reduction in supplemental savings, whereas each dollar of employer contributions generates only a 30 cent reduction. The asymmetry - which is consistent with different "mental accounts" for employer and employee contributions - provides further evidence of the sensitivity of individual savings decisions to the precise details of their pension plan. | |
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| illustrated | Not Illustrated |
| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
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| language | English |
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| spelling | Card, David E. 1956- Verfasser (DE-588)124526586 aut Pension plan characteristics and framing effects in employee savings behavior David Card ; Michael Ransom Cambridge, Mass. National Bureau of Economic Research 2007 23, [5] S. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13275 Literaturverz. S. 21 - 23 In this paper we document the importance of framing effects in the retirement savings decisions of college professors. Pensions in many post-secondary institutions are funded by a combination of an employer contribution and a mandatory employee contribution. Employees can also make tax-deferred contributions to a supplemental savings account. A standard lifecycle savings model predicts a "dollar-for-dollar" tradeoff between supplemental savings and the combined regular pension contributions made on behalf of an employee. Contrary to this prediction, we estimate that each additional dollar of employee contributions leads to a 70 cent reduction in supplemental savings, whereas each dollar of employer contributions generates only a 30 cent reduction. The asymmetry - which is consistent with different "mental accounts" for employer and employee contributions - provides further evidence of the sensitivity of individual savings decisions to the precise details of their pension plan. Ransom, Michael R. Verfasser (DE-588)133564800 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13275 (DE-604)BV002801238 13275 http://papers.nber.org/papers/w13275.pdf kostenfrei Volltext |
| spellingShingle | Card, David E. 1956- Ransom, Michael R. Pension plan characteristics and framing effects in employee savings behavior |
| title | Pension plan characteristics and framing effects in employee savings behavior |
| title_auth | Pension plan characteristics and framing effects in employee savings behavior |
| title_exact_search | Pension plan characteristics and framing effects in employee savings behavior |
| title_exact_search_txtP | Pension plan characteristics and framing effects in employee savings behavior |
| title_full | Pension plan characteristics and framing effects in employee savings behavior David Card ; Michael Ransom |
| title_fullStr | Pension plan characteristics and framing effects in employee savings behavior David Card ; Michael Ransom |
| title_full_unstemmed | Pension plan characteristics and framing effects in employee savings behavior David Card ; Michael Ransom |
| title_short | Pension plan characteristics and framing effects in employee savings behavior |
| title_sort | pension plan characteristics and framing effects in employee savings behavior |
| url | http://papers.nber.org/papers/w13275.pdf |
| volume_link | (DE-604)BV002801238 |
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