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Finance and Economics Discussion Series: Data for paper 201382 ♣

Cost Shifting and the Freezing of Corporate Pension Plans

Joshua Rauh, Irina Stefanescu, and Stephen Zeldes

Figure 1 Data: Histogram of the estimated benefit factor

Bin Frequency
0 308
0.001 129
0.002 170
0.003 197
0.004 229
0.005 225
0.006 277
0.007 314
0.008 263
0.009 232
0.01 293
0.011 324
0.012 323
0.013 347
0.014 239
0.015 272
0.016 233
0.017 199
0.018 158
0.019 142
0.02 143
0.021 96
0.022 85
0.023 57
0.024 53
0.025 49
0.026 65
0.027 39
0.028 25
0.029 12
0.03 28
0.031 18
0.032 28
0.033 27
0.034 23
0.035 21
0.036 17
0.037 25
0.038 26
More 78
Return to Figure 1

Figure 2a Data Upper Left Panel: Projected Benefit Accrual relative to Payroll by age groups (freeze plans)

Years Ahead Age group: 20-34 Age group: 35-49 Age group: 50-65
1 0.003 0.022 0.034
2 0.006 0.043 0.067
3 0.009 0.065 0.097
4 0.012 0.086 0.125
5 0.015 0.109 0.157
6 0.019 0.133 0.184
7 0.022 0.155 0.206
8 0.025 0.177 0.226
9 0.029 0.199 0.243
10 0.032 0.221 0.258
Return to Figure 2a

Figure 2b Data Upper Right Panel: Projected Benefit Accrual Minus the increase in the 401(k) contribution relative to Payroll by age groups (freeze plans)

Years Ahead Age group: 20-34 Age group: 35-49 Age group: 50-65
1 0.003 0.022 0.034
2 0.006 0.043 0.067
3 0.009 0.065 0.097
4 0.012 0.086 0.125
5 0.015 0.109 0.157
6 0.019 0.133 0.184
7 0.022 0.155 0.206
8 0.025 0.177 0.226
9 0.029 0.199 0.243
10 0.032 0.221 0.258
Return to Figure 2b

Figure 2c Data Lower Left Panel: Projected Benefit Accrual relative to Total Assets by age groups (freeze plans)

Years Ahead Age group: 20-34 Age group: 35-49 Age group: 50-65
1 0.000 0.002 0.002
2 0.000 0.003 0.005
3 0.001 0.005 0.007
4 0.001 0.006 0.008
5 0.001 0.008 0.011
6 0.001 0.009 0.012
7 0.001 0.011 0.013
8 0.002 0.012 0.015
9 0.002 0.013 0.016
10 0.002 0.015 0.017
Return to Figure 2c

Figure 2d Data Lower Right Panel: Projected Benefit Accrual Minus the increase in the 401(k) contribution relative to Total Assets by age groups (freeze plans)

Years Ahead Age group: 20-34 Age group: 35-49 Age group: 50-65
1 0.0001 0.0013 0.0021
2 0.0002 0.0025 0.0040
3 0.0003 0.0038 0.0058
4 0.0004 0.0050 0.0074
5 0.0005 0.0062 0.0092
6 0.0007 0.0077 0.0109
7 0.0008 0.0089 0.0121
8 0.0009 0.0101 0.0131
9 0.0011 0.0113 0.0139
10 0.0012 0.0125 0.0145
Return to Figure 2d

Figure 3a Data Upper Left Panel: Projected Benefit Accrual relative to Total Assets

Years Ahead Age group: 20-34 Age group: 35-49 Age group: 50-65
1 0.0041 0.0026 0.0022
2 0.0081 0.0052 0.0044
3 0.0119 0.0077 0.0065
4 0.0153 0.0101 0.0086
5 0.0191 0.0129 0.0111
6 0.0228 0.0154 0.0131
7 0.0258 0.0177 0.0151
8 0.0286 0.0199 0.017
9 0.0312 0.022 0.0189
10 0.0335 0.0239 0.0206
Return to Figure 3a

Figure 3b Data Upper Right Panel: Projected Benefit Accrual relative to Payroll

Years Ahead Age group: 20-34 Age group: 35-49 Age group: 50-65
1 0.0593 0.0652 0.0594
2 0.117 0.1294 0.118
3 0.1724 0.1924 0.1756
4 0.226 0.254 0.2327
5 0.2857 0.323 0.298
6 0.3409 0.3862 0.3551
7 0.3886 0.4437 0.4093
8 0.4344 0.4996 0.4621
9 0.4772 0.5529 0.5127
10 0.5162 0.6025 0.5602
Return to Figure 3b

Figure 3c Data Lower Left Panel: Projected CB Accrual relative to Total assets

Years Ahead Age group: 20-34 Age group: 35-49 Age group: 50-65
1 0.0319 0.0329 0.03
2 0.064 0.0714 0.0658
3 0.096 0.1098 0.1015
4 0.1274 0.1473 0.1362
5 0.1583 0.1841 0.17
6 0.1894 0.2213 0.2041
7 0.2201 0.2577 0.2372
8 0.2503 0.2935 0.2697
9 0.2801 0.3287 0.3015
10 0.3097 0.3685 0.338
Return to Figure 3c

Figure 3d Data Lower Right Panel: Projected CB Accrual relative to Payroll

Years Ahead Age group: 20-34 Age group: 35-49 Age group: 50-65
1 0.0026 0.0018 0.0019
2 0.0051 0.0037 0.0039
3 0.0076 0.0055 0.0059
4 0.0102 0.0073 0.0078
5 0.0126 0.0091 0.0097
6 0.0151 0.0109 0.0115
7 0.0175 0.0126 0.0134
8 0.0199 0.0143 0.0152
9 0.0223 0.016 0.0169
10 0.0247 0.0177 0.0187
Return to Figure 3d

Figure 4a Upper left panel Data: Age distribution of freeze plans relative to non-freeze plans (equally weighted)

age group Freezes Non-freezes
1 0.0001 0.0000
2 0.0311 0.0358
3 0.0716 0.0726
4 0.0977 0.0966
5 0.1293 0.1239
6 0.1569 0.1429
7 0.1687 0.1543
8 0.1567 0.1507
9 0.1141 0.1377
10 0.0561 0.0681
11 0.0124 0.0141
12 0.0053 0.0032
13 0.0000 0.0000
Return to Figure 4a

Figure 4b Upper right panel Data: Age distribution of freeze plans relative to propensity score controls (equally weighted)

age group Freezes Propensity Score Controls
1 0.0001 0.0000
2 0.0335 0.0380
3 0.0724 0.0740
4 0.0954 0.0969
5 0.1215 0.1233
6 0.1489 0.1432
7 0.1734 0.1521
8 0.1617 0.1490
9 0.1185 0.1413
10 0.0567 0.0672
11 0.0129 0.0116
12 0.0051 0.0035
Return to Figure 4b

Figure 4c Lower left panel Data: Service distribution of freeze plans relative to non freeze plans (equally weighted)

age group Freezes Non-freezes
1 0.0329177 0.026281
2 0.257583 0.3000064
3 0.2228578 0.2059242
4 0.1428703 0.1402513
5 0.1164461 0.1030089
6 0.0953823 0.064956
7 0.0675724 0.0623807
8 0.0411689 0.0513157
9 0.0182955 0.0346789
10 0.0045494 0.0111969
11 0.0003566 0
12 0 0
13 0.0000 0.0000
Return to Figure 4c

Figure 4d Lower right panel Data: Service distribution of freeze plans relative to propensity score controls (equally weighted)

age group Freezes Propensity score controls
1 0.0471107 0.0270946
2 0.2659436 0.2913359
3 0.2241776 0.2141073
4 0.1254534 0.133341
5 0.1177968 0.1072755
6 0.0854703 0.0632342
7 0.0716246 0.0604349
8 0.0399155 0.0516565
9 0.0186638 0.0383878
10 0.0038437 0.0131324
11 0 0
12 0 0
Return to Figure 4d

Figure 5a data upper panel: Age service distribution (freeze plans). Age and service groups are at the base of the graph

age group\service group 1 2 3 4 5 6 7 8 9 10 11 12
1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2 0.46% 2.92% 0.21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
3 0.40% 4.75% 1.93% 0.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
4 0.35% 4.45% 3.21% 1.45% 0.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5 0.35% 4.38% 3.40% 2.70% 1.40% 0.17% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
6 0.33% 4.12% 3.45% 2.56% 2.30% 1.30% 0.23% 0.00% 0.00% 0.00% 0.00% 0.00%
7 0.28% 3.60% 3.07% 2.47% 2.29% 1.85% 1.66% 0.21% 0.00% 0.00% 0.00% 0.00%
8 0.21% 2.76% 2.28% 1.90% 2.01% 1.59% 2.24% 1.87% 0.21% 0.00% 0.00% 0.00%
9 0.15% 1.83% 1.74% 1.44% 1.34% 1.01% 1.45% 2.32% 2.24% 0.25% 0.00% 0.00%
10 0.07% 0.85% 0.97% 0.89% 0.59% 0.46% 0.55% 0.65% 0.97% 0.80% 0.00% 0.00%
11 0.02% 0.28% 0.25% 0.36% 0.14% 0.11% 0.09% 0.07% 0.04% 0.05% 0.00% 0.00%
12 0.01% 0.07% 0.07% 0.08% 0.04% 0.02% 0.01% 0.01% 0.00% 0.01% 0.00% 0.00%
13 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return to Figure 5a

Figure 5b data middle panel: Age service distribution (non freeze plans). Age and service groups are at the base of the graph

age group\service group 1 2 3 4 5 6 7 8 9 10 11 12
1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2 0.49% 2.40% 0.21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
3 0.51% 4.49% 2.04% 0.12% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
4 0.47% 4.05% 3.73% 1.42% 0.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5 0.46% 3.77% 3.81% 3.01% 1.69% 0.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
6 0.43% 3.49% 3.67% 2.89% 2.96% 2.05% 0.20% 0.00% 0.00% 0.00% 0.01% 0.00%
7 0.37% 3.00% 3.19% 2.49% 2.56% 2.96% 2.05% 0.24% 0.00% 0.00% 0.01% 0.00%
8 0.27% 2.18% 2.58% 1.96% 2.08% 2.17% 2.49% 1.74% 0.19% 0.00% 0.01% 0.00%
9 0.16% 1.42% 1.74% 1.38% 1.38% 1.36% 1.36% 1.53% 0.98% 0.08% 0.00% 0.00%
10 0.08% 0.63% 0.94% 0.73% 0.68% 0.67% 0.55% 0.50% 0.57% 0.26% 0.00% 0.00%
11 0.02% 0.18% 0.25% 0.21% 0.15% 0.12% 0.08% 0.08% 0.07% 0.09% 0.00% 0.00%
12 0.01% 0.14% 0.13% 0.08% 0.05% 0.04% 0.03% 0.02% 0.02% 0.02% 0.00% 0.00%
13 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return to Figure 5b

Figure 5c data lower panel: Difference between the age service distribution of freeze plans and non-freeze plans. Age and service groups are at the base of the graph

age group\service group 1 2 3 4 5 6 7 8 9 10 11 12
1 -0.00% -0.00% -0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2 -0.04% 0.51% -0.00% 0.00% -0.00% -0.00% -0.00% -0.00% -0.00% -0.00% -0.00% 0.00%
3 -0.11% 0.26% -0.11% 0.06% -0.00% -0.00% -0.00% -0.00% -0.00% -0.00% -0.00% 0.00%
4 -0.13% 0.40% -0.51% 0.03% 0.10% 0.00% -0.00% -0.00% -0.00% -0.00% -0.00% 0.00%
5 -0.12% 0.60% -0.41% -0.31% -0.29% -0.01% -0.00% -0.00% -0.00% -0.00% -0.00% 0.00%
6 -0.10% 0.63% -0.22% -0.33% -0.66% -0.74% 0.03% -0.00% -0.00% -0.00% -0.01% 0.00%
7 -0.09% 0.60% -0.12% -0.03% -0.27% -1.11% -0.39% -0.04% -0.00% -0.00% -0.01% 0.00%
8 -0.06% 0.58% -0.30% -0.06% -0.07% -0.59% -0.24% 0.13% 0.01% -0.00% -0.01% 0.00%
9 -0.01% 0.41% -0.00% 0.06% -0.05% -0.35% 0.08% 0.79% 1.26% 0.17% -0.00% 0.00%
10 -0.01% 0.22% 0.04% 0.16% -0.09% -0.21% 0.01% 0.15% 0.41% 0.54% -0.00% 0.00%
11 -0.00% 0.09% -0.00% 0.15% -0.01% -0.00% 0.01% -0.01% -0.02% -0.03% -0.00% 0.00%
12 -0.00% -0.07% -0.05% -0.00% -0.01% -0.02% -0.01% -0.01% -0.01% -0.01% -0.00% 0.00%
13 -0.00% 0.00% -0.00% -0.00% -0.00% -0.00% -0.00% -0.00% -0.00% -0.00% 0.00% 0.00%
Return to Figure 5c

Figure 6a Data Upper Panel: Projected Benefit Accrual relative to Total Assets (freeze plans minus control plans)

Years Ahead Age group: 20-34 Age group: 35-49 Age group: 50-65
1 0.0001 0.0008 0.001
2 0.0002 0.0014 0.002
3 0.0002 0.0021 0.0029
4 0.0003 0.0027 0.0038
5 0.0003 0.0032 0.0044
6 0.0003 0.004 0.0054
7 0.0003 0.0044 0.0059
8 0.0003 0.0049 0.0063
9 0.0003 0.0053 0.0067
10 0.0003 0.0057 0.007
Return to Figure 6a

Figure 6b Data lower panel: Projected Benefit Accrual relative to Total Payroll (freeze plans minus control plans)

Years Ahead Age group: 20-34 Age group: 35-49 Age group: 50-65
1 -0.0004 -0.0005 0.0000
2 -0.0006 -0.0004 0.0002
3 -0.0005 0.0006 0.0008
4 -0.0002 0.0027 0.0017
5 0.0005 0.0040 0.0032
6 0.0011 0.0062 0.0028
7 0.0022 0.0083 0.0042
8 0.0036 0.0103 0.0055
9 0.0052 0.0116 0.0066
10 0.0069 0.0129 0.0076
Return to Figure 6b
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Last update: May 5, 2014