Abstract: Because employer-provided pensions represent an important source of
income during retirement, accurate information on pension coverage
would seem to be crucial for making sound decisions on retirement
timing, saving, and portfolio allocation. However, previous research
suggests that workers' knowledge of their pension provisions is often
incomplete or incorrect. This paper reexamines workers' knowledge
of their pension coverage, using matched employer-employee data from
the Federal Reserve Board's Survey of Consumer Finances. We find that,
while most workers in our sample accurately reported the general
features of their pension coverage, their knowledge of the detailed
features was often fairly limited.
Keywords: Pensions, saving, household behavior
Full paper (44 KB PDF)
| Full paper (109 KB Postscript)
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Last update: March 2, 1999
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