I0 11 13 17 11546 15 12 EBRI EBRI I I Table of Contents Mr. Chairman, I am pleased to submit this statement on pension accruals 5 Table 3. EMPLOYMENT AND PENSION COVERAGE AMONG THE ELDERLY meets these criteria and is more than five years younger than the plan's CONCLUSIONS Aamsongat pennosi rmaoln pre arttirem iciepan nt ts abae, s aand whole, does 41notperce lonse t ebenef arn itmsore atshana $result 20,000. of Depending on the plan's provisions, an employee delaying retirement for would cost about 20 percent more for Tablean5.employee age 65 to 69 than for an athat ge. these Pensioncostscostcould s in ba e dlow efinedin -benefit the future. plan Labor may beforce up toparticip I0 times ation as among high Table 1. Background Table 6. 1 for employees over age 65. Statement on Sunmmry of statement by Sophie Korczyk Decrease in Lifetime Pension Benefits NOTES Plan Provisions for Post-65 EmploymentTable 2. 2 normal delaying retirement retirement. age has to be covered under a pension plan if his or her Of tRel heativel employed y feweldelderl erly,y 4choose 9 percentto wo hav rke after total agpeerson 65,alandincthis omes prfrom oportion all two years Rcese an arlose ch Asfrom sociate, 4 per Emcplo entyeetoBen23 efit percRese entarch of Ithe nstitvuate lue of accrued men emp forloyEmp ee has anloy em aees been speloyee 60wit declining to h atp6ens 4 aand io gen consistently about 60covearsage 25atpe who racent geat con 30. tall minue or1e ages, Exempting than to wofo rwith kr afte anemthe emplo ployers r agymost e ee 65afrom gdram suffer e 4a5tic the toa Employment and Pension Coverage Resulting From Delaying Retirement Full-time Participants in Private Pension How The Curren Employee t ProvisiBenefit ons AffeResearch ct ParticiInstitute pants (EBRI) was formed 4 in 1978 as a Earnings, Income, and Pension Benefits Pension Accruals for Older Workers Among the Elderly, 1983 Until Age 67 and 70 Employment and Pension Coverase AmongTabthe le 4E.lderly 8 employer offers Plansone. by Provi Of All Amo sthe Em ion npglo persons yfor Eees lderly Credit and meeting Emp Ellde for oye rly eSthese serv ,Empl ic 1983 eoy criteria, ee Afster Age0.5 65,million, or sources has beenthat declining exceed $20,000 steadily (tover able time. 6). ByIncomp 19a7ris 0, on, for only example, 9 perce 3.1 nt million of all lifetime While benef actuit ars, ial while adjustan mentemployee s keep delay the ing benefits retirement earnedforatfivaege years 65 from can requiremen significant t of reduct covio ering n inemth ploeyees lifetim ate orvane lue ar oretirement f pension be age nefits reducescompa plraed n costs with 4declines 9. 7 About occurring500,000 in the emlast plo(numbe yees decade rs ab in before e mill 65ions retirement. )or older Among are mencovere agedd 55 by to Under Alternative Plan Provisions ICosts AnnaofMC.ontinued RappaporMtAcc edium raua ndlsan Madtlcolm o(nu LaEmp rsmeber loMy.Firms, sersMin orrison, mi1ll 98i3ons) (in The peCosts rcents)of13EmDloyinK Older non-profit, non-partisan, public with Pen policy sion Cove research rage, or6anization to conduct Before the 6 Workers Prospects(Wash foring the ton,FutuD.C.: re EBRI and U.S. Senate Special Com14 mittee on Aging, 17 percent of all employed elderly by Fim_andSize, fewer1983 thaan 2 percent of all elderly, persons elderly persons or 15.4 reper porctenttotof al those incomesageover 65 $or 20,000. older reported that they were in lose eroding, up tthe o habenef lf ithe t earned value of doespension not refbenefits lect the acadded crued serv at icage e unless 65 (table post-3). 65 tho andseremoves availabplension-plan e at United age 65. costs States The as Ho nauumbe barrier ser ofofRep to pe rers hiring sons entatiaves ff older ectedempbloyees. y this issue is emp 59,loyer-sponsored labor force participation pension plans. dropped Available from i91.3 nformation percent on inpla1959 n provisions to 82.2 Plan Provision AKe at Retirement Conclusions 16 1984 Provision ), p. 76. (in percents Percent ) of Participants research and educational programs. EBRI is committed by charter to the Under current statutes Comittee and regu onlaEtducati ions, onemploy and eLab rs oroffering a pension plan Group Number Percent 67 70 report servi _ ceGrou that is p credited. they are covered CreditingbyNumber post-65 a pensionservi plan. ce Percen isSince tmost elderly consistentpersons with with the doThe the notIn labor pahrti aaddi vecipfor tto ant's ion ceacc(t rto uaelosses ble earnings ben4). efits Employment areInafnd lowes oth ratoem ttAm her pye loyees onaif gr,in The the cthe ome, who Elderly, elderl plac1no3ntin ypceredi urc made eenttto s upof wo both r3.9 kthaft eper addeecirmploy ent tional the edof suggests very The small Equal that , butabout Empthe loSub yment hco_ paolf tent ittee of Oipp alor these tunity olnosses Lab persons oroC-M f ommission anage lif maeti myent mbe e (cbene ERe overed EOl C)at fits iovoted nsbytopension thes on e Junepe plans rs26, ons 1984 that can percent in 1979, and among men aged 60 to 64, it dropped from 82.8 percent in 2No adjustment EBRI calculations based on data presen4t5ed in "Equal Employment premise that the nation is served positively in both social and economic terms plan's normal retirement age. The Congress is currently debating proposals to All elderly 25.2 I00.0 Benefits frozen at 65 8 19 to 23 41 to 47 Tables Pension deferred with no change in amount 45 Selected Years pension Op the All portunit labor elderly coverage y forCwcoork e. n_niing ssion are Infull- 1983, somewh Sta tifme fattheAnal less number ysislikely of on persons Propos to work al ageto after 65Reqor uiage rolder e 65 Pens hthan aidon inpersons Acc creased rual el goal derlyof arrepla e rcece ingivinga given a pension proportion benefit of frompre-retirement a previous jobincwhile ome. employ Half ed.of requ servi irecesuch and acc sarlary uals.increases for pension benefit determination. The employee to rescind Department of LSe abor ptemberegul r 5at ,ions 1984 affecting the treatment of mbe ake very some laarg dje. ustment The for Congre post-65 ss and serv theice. EEOC Based are now on conside the CPS, ringthewhethe average r pl waan ges 1959 to 61.8 percent in 1979. While many of those leaving the labor force Pension begins at age 65 a After Normal Retirement Age," Daily Labor Reporter, June 27, 1984. wit Fir hmpens Size ion coverage All 0.5 Employees Elderl I00.0 y Employee_ by the existence of employee benefit programs; they can be clearly shown to All employed elderly 2.9 11.5 Additional service credited only 14 to 19 30 to 41 Table 1 Full-time Participants in Private Pension without pension coverage, the availability of pension income seems discourage retir Tto his25.2 ing total at million 6d7oe,loses s no but t4 in the tocl8ude number per (ncupensi ent mbers ofoof n elderly inthe ben mill evfi aio lue tsns) persons of thaacc t rued in thethe ebene mployee lafbor its wh for migh ile cet hthe abe d Man par y ticiol pader nts emplo are ycees overed alread by pyensionreceive plans that accruals. credit post-65 More thserv an icehalfwith ofno employees continuing to work after age 65 and to issue new regulations in the fthat are or eld ill doerly not or disabled, workers offer acc with rnearly uals pension fhalf or se coverage of rvice thoseafte isaged rjust age 60under 65 or di over s$1 cr4i,m0who inate 00. areIf against not we assum in the the e Under I00Pleans mployees by Provision for 17 Cred .6it for Service32.9 3Pension AnnuThe al earnings sadjusted teady libactuarially eralization of early retirement provisions over the last 20 improve economic security. EBRI undertakes to provide the studies and the defined-benefit pension-plan participants in medium and large firms are by Elderly working more than Additional service and salary Pension deferred only 4 years is Adesc fterribed Age 65,Medium in Corporate and La Pension rge Firms, Plan 1983 Study: A Guide 3 for the 1980's labor-force $20,000 or less participation after 0.3 agea 65. This, however, 66.4 could be due to the coco ac dropped vetuarial ll red ecting bytopl infrom cans 2.9 rease. million that his or Nearly offhe or err 11.5 sall courr me ep of nadj er tcthese uent st emp ment loof ypersons er.all for Telderly se his re rvice ceive latte and afte rservi r2. toc7teaal, gper ecredits c65. hent oweveTh of r,under esethe is emplo summeryee ofretiring 1984. Rep. at 7M0arioloses Biaggi I0 to (D-N-Y) 18 per ofcent. this subcommi If the tteeplanhascredits introduconly ed elderly in a fashion prohibited under the Age Discrimination in Employment Act. th laabor t the force averareport ge costthatforthey pension are retired. plans is It aboutis 8possible percent thof at pathese yroll, early the part-time a 1.3 5.2 increases credited 4 to 8 I0 to 18 Pension deferred and all service credited b 1 100 to 499 15.1 22.7 (New York: Bankers Trust Company, 1980), pp. 18 to 24. Over $20,000 0.2 a 33.6 statistics that will allow informed priority decisions to be made based upon adjustments may be in the form of actuarial adjustments to the benefit earned .....covered by a pension 0.5 2.0 total Service labor crfor edited ce. to maximum age or Table 2 All Employees and Elderly Employees with fact that elderly persons with pensions may have enough income to choose likely to be very small, since only one percent of pension participants are atathe addi age bill tpional l65 an's ,(H.cRr.ed regular servi i5346) ts cefor tformula. haand p tost-65 would not se About saalso rvi lary ce, require one-third inor crebaoses, th. these of athe these ccruals. parti persons cipant's receive losses credits can cost to employers of allowing post-65 pension accruals would be $280 million Post-retirement pension accruals allow the plan to replace a specified ..... retirements three years are or based more onwith the employee's comparison of his lifetime pension Actuarise alrvice adjustment made a0 0 Total assessment incomeof documented costs and benefits. 500 and over 67.2 44.5 4 EBRI tabu Pension lations CoveroafgeU.S. , by BFuirreau m Sizoef, th 1983 e Census Current Population 5 Survey, Sophie M. Korczyk, Ph.D. current employer 0.5 2.0 Ma leisure $20 rch ,000 , 1983. oars lmuch ess as the fact that 0.3 adelaying retirement 51.2 costs them significant The onl amount covyered absence Numerous totobysome 14of plto afns ac acc sptors 19 ercuals tihfper at iedhcaent ve acan llow maximum cof ontributed beResea tacc hcostly emrued rage ch to Ass benefi re to to orce ocolder ithis i yve eate tasrs ade retiring employees. pc of eline, nsiservi on at the cbenefi e.age De most ptend A67at ism and ing mapll aort ge 30 oannumber nt 6tthe 5o 41 if of proportion of pre-retirement income even if the employee continues to work per Our year.analyIf sis pens ofionthisaccissue ruals sugges for tsolderthatworkers it affecats re 20 veryto few 25 pper ersons. cent more For benefits with and without post-65 employment, but this is not likely. It is .....five years or more with CTab redit le 3forDecservice rease iwith n Lifet noime actuParial ension inc Bene rease fits 50 My statement today will cover four issues: SOURCE: Over $20,000 EBRI tabulations of EBRI-0.2 HHSa Pension Supplement 48.8 , May, 1983 U.S. Census plan's provisions, an employee delaying retirement for two years can lose from Employee Benefit Research Institute current employer 0.4 1.6 SOURCE: PensionEBRI deferca red lculations and increased based by on percent data presented in "Equal Employment 5 Statement Resultin ofg Sophie From DelM. ayingKorcz Ret ykiremon ent "Tax Incentives for Pensions and tforegone Bu heryeauconCu tinu retirem rrent e toePopulation ntworkbenefits. for tSurve he pl /.an sponsor. per re whcic ei cent hve isretir credits prob ing ablyabased t the age av on 70. ailabi a Ifformul lity benefits a of thac atare tuacisifrozen ally different redu at acge ed from 65andwitth fully- hatno uiservi sed ndexed cto e 4 percent to 23 percent of the value of accrued lifetime benefits, while an ex those pensivefew th persons an for whose youngerretirement workers, benefits this cost wouldwould be arise ffected, to $336 however, to $350 and after noznnal retirement age. The opportunity to continue working and not more likely that employees with adequate incomes are choosing leisure over Opportunity Commission Staff Analysis on Proposal to Require Pension Accrual Flexible for each Unti Complensation adAdgiti e 6o7naland Plans yea 70," r Unde offo rse rrAlte vice thernative crecord of3 the United States Senate Receiving a pension benefit Year o How do Elderly pension plansElderly currently treat % of older employees % of and what is the employee delaying retirement for five years can lose up to half the value of SOURCE: EBRI tabulations of EBRI-HHS Pension Supplement, May, 1983 U.S. Census After All Norm serPl avice lan Retire Pr crov edited imsenitonsbAge," Daily Labor Reporter29 , June 27, 1984. 7 Co COSTS Yes mmittee OF CONTINUED on FinanceACC , RUALS Subcommi TOttee EMPLOYERS 0.1 on Taxation and13.8 Debt Management, July 26, cSo aalcciulate aNe Detail larly Secpre-6 urall imty ay 5 employees benefits bnenefi ot tadd s. awho tto age have I0062.pe pension rcent This de dcoverage ue clineto haro sappear undin taken g. to plabe cTeotals working in the exclude fa for ce pens credits ion bene and fits Popul noacc at ac rion utu edariaat l aEmployees gad e j65. ustments, Labor the paForce rticipantElderly can lose 19 to 23 suffer erosion of pension benefits could encourage older workers to remain in million for continued theirperemployment. emplo year. yers, If the more imolder pacts workers could be choose large.to continue Accordingly, employment this aissue fter Bureau Current Population Survey. Neffect o Service of this credited treatment? to maximum age 0.4 1886.2 27, and 30, 1984. respondents who did not know the size of their employin8 firm. Service credited to maximum years of T19a7ble 0 4 Employmen 20.1 t Among The 3.1Elderly, Selected 3.9 Years 15.4 9 their career employer. Nearly all have worked for their current employer more pof ercstead ent Unless yof im total pension provembenef ent bene its infiobje retiring ts ctive are at me adajusted 6sures 7 and o41 factua the to r4ia 7elderly's lly percent to retir heraef lth liect ngasatde well l7a0. yed as Labor force participation amonS the elderly is declining. Relatively few adeserves tge he Wh65, ille aborthe this mostforce careful cost particlonger ip csould carutiny nts. risein this This further. medium committee couland d However, mlis ak arge egiving bfirms oth theit.in ore lcder reased ceive employees some tendenpension cy anof d a More Thethfuture an I000costs hoursofper these yearaccruals also depend on whether or not employers service a 6 EBRI tabulations of U.S. Bureau of the Census Current Population Survey, 1980o Who are 25.7the employees 3.0affected by 3.0 this issue? 11.7 elderly choose to work after age 65, and this proportion has been declining b Working more than I000 hours per year and at least one year with current Ma Tarble ch, 51983. Employment and Pension Coverage Among than 1983 three years 25.2 and 80 percent 2.9 have worked 2.9 for their 11.5 current employer more r PLA steady So etur Nircee: PROVISIONS ment inEBRI s, creases em tab plFOR uolin yat eePOST ions slife who 65ex ofpcontinue EMPLOYMENT ecEBRI-HH tancy.S toPension The worktrend afSu tepplemen rin aem geptloyer 65tosuff Mplans aey, r so 19to m83 e steadily eCurrent rosion steadi defined-benefit adjustment lThese y overca for lctul ipme. ost-65 apension tionsLibe servi pl crom aali ns pcare e, zedexpensive the the earlelderl yvalue rtet yoirret eme are ofanin. ta socc mewh prued roIn avtisits iobenefits more ns debates ilikel n the yatover th Sdela o ancial this ythe ed employees to retire at age 62 or younger suggests that the availability of continue to use early retirements as a way to manage their labor needs during employer. the Elderly, 1983 I0 Source: o What U.S.would Depacontinued rtment ofpension Labor,accruals Bureau cost of employers? Labor Statistics, Employee Population Survey. Security program as well as in employer-sponsored plans appear to have 7Benefits Anna M. in Medium Rappaporand t and LargeMalc Firms, olm M. 1983, MorrAugust ison, , The 1983,Costs p. 52. of Employin_ Older core than nttri irement bufive ted tyears. oagethiswith tThis rend. thelatter lifetime groupbenefits are those thatmostwould likely be to received be continuin if theK in lo SOURCES: wer the ealrly ifeti Data retirement me for value1960 oages f through thei and r acc the 1980 rued inabil from pension ityU.S. ofbene Bureau many fitspensi . of oThe ntherpeafor rtiec,ipaeven nts to if labor force as a whole to be employed in smaller firms. Nearly one-third of pissue, ost-65 The the issue pension Congress of acc post-65 ruawill ls acc would haruals ve to notaffe babe lcatsnclikel e onlthe yy pto aadv rtien acntages ipan courtasge to in workers older defined-benefit to emplo remain yees periods of economic retrenchment. In recent years, employers have offered Workers Table 6 (Earnings, Washington,IncD.C.: ome, aEB ndRIPens and ionU.S. Benefits Senate Special Con_nittee on Aging, o Is the issue of post-retirement accruals l likely to become more or less Census, Statistical Abstract of the United States 1984, tables 1984), AppAmong endix EEld xher ibly it EAmployees, -1. 1983 12 employment with the same employer they worked for before age 65. Those who al s33 alfeguard and empl6oy 71. ers or Dwe ain ta rcerefor raequ se 1983 ired their from to continue retirement EBRI tabul acc ations rbenefits uals of forMar by the ch, sworking e 1983 employees longe , cthe ha net ve The the paarti availabilit elderl Ncum ipant bers y retired ayre of em oper fployed sapensions on t sageinare 65. firms seems presente Ifwithe th todpfewer enco lanaur sis age thradesigned onunde early I00 d emplo tto retirement. otyaees, ls, replacwh ecompared ile a spe Elper de cirl fied with cen y t emplo fromyed. requiring accruals against these potential disadvantages. and target benefit plans. Defined-contribution plans do not impose higher attractive early retirement packages as an alternative to laying off a Less than 1 percent. important in the future? breakdowns are calculated before rounding. perand sonsMay, with1983 pensi U.S. on cBure overaauge ofaretheless Census likely Current to wor Population k after age 65 than 3 bcontributed Credit comp toute this d untrend der the as well. plan's benefit formula. have 8 Waworked yne Vrless oman,thanEmplo fivyement years Termination for their current Benefits employer in the are likely U.S. Econom to have y 17.6 percent of the working population as a whole (table 2). This difference peaddition pa PrSurve ROSPECTS srt onsy.of with toFOR othe upensi t THE pensi pa onrti FUTURE occosts nipant's cove worualgde. pre-ret be This less irement , than howeve the in r,ccost ome, coulsdait vin begscdue ould to tthe oinste the plan adfact from be costs for older workers and thus are subject to the same ERISA eligibility employees. While such "buyouts" may leave the employee with more retirement BACKGROUND (W c ashCiredit ngton, coD.C.: mputedEBRI by, 1a983) me,thod pp. th 15a0t-151is . not part of the plan's benefit that elderly persons with pensions may have enough income to retire formula. changed But how jobs im atport orantafter are age pension 65. cCurrent onsiderations discussions in theover retirement this issue decis doion? not comfortably as much as the fact that delaying retirement costs them cdelayed requirements onsideredretipa rerti tmhents. atcipaffe antsctHoweve lose allr,other notemponl lo emye pylo rsyaees. sh woaure ld of still thehave benefits higheracccash rued out atlays age The meansviews It this atexp diffi weressed cknow ult somewhat itn o pred this ictless statement theabout futureathe reimpact fe sol atures elyof th requ of oseiprension inof g the pens plans ion authocacc rovering ruals and income, they probably still save the employer money compared with the The issue before this committee concerns the impact of requiring employers significant foregone retirement benefits. should not be attributed to the Employee Benefit Research Institute, its comtemplate that employers offer defined-benefit pension coverage to new About elderly 29employees percent of thanpersons we knowage about 65 or theolde labor r reported force asreaceivin whole.g pension income 65, to rebut flectalso thethe added benefit contributi accruoans ls for theypowould st-65 re emplo ceive yees. if they Theseworked added the outlsame ays officerMore s, tth ruastees n ha,lf spof onsodefined-benef rs or otheir t staff. pension-plan participants in medium and past the normal retirement age. On the one hand, it would appear that as the alternative of laying off younger, lower-cost, and possibly more productive offering pension plans to accrue benefits for employees continuing to work Elderly employees with pension coverage are better off than other elderly but HOW CURRENT PROVISIONS AFFECT PARTICIPANTS employees hired at or after age 65. Of those seeking new employment at not number can in as1983.4 bewell of estimated, off yeIn ars ascontrast, the atthoworkin_ aughyounger the fewer pop smul aage. ll ation thannumbe If 20 asrsbenefits aperowhole. cfent employees of avaielderly lable affected atempalo means geyees65 that aare re Drlpo .arge pul Soaphie tion firmsKor ages, cz are yk icis novered crea asing research by numbers plansassociate th ofat empoffer lo atyees thesome Empl willoy adee jbe ustment aBenefit ffectedforResea and post-65 rch that employees. If post-65 accruals are mandated, these early retirement packages after the plan's normal retirement age. Under the Employee Retirement Income Institute, a non-profit, non-partisan public policy research organization. retirement age, therefore, only those participating in defined-contribution act covered uarially by pin ens creased ions. toOfrefle thect25.2 delay million ed retipersons rement and who ifwere post-65 65 years servicold e and or Req the uiring estimate accrsualsarecould verybrink sensitive both _ains to and altern losses. ative El assumpt derly ions employeabout es woupld lan Bef servi orePension ce,joining whether accru EBRaIls in she theforwas form empolo nofyees the actuastaff ri con altinuing oafdjustments the toCongress workto iafter ona thel benefit Bage udget65earned Office do not at employer costs for providing such benefit accruals could be very high in the may have to be even more attractive in order to outweigh the added retirement Security Act of 1974 (ERISA), a defined-benefit plan and a target-benefit plan benefit significantly if service after 65 were credited for pension purposes. and also held university resesrch and teaching positions. plans characte would ristics be, eligible and wages forofpension affectedcover emaplo ge.yees. Requ solder alary iringininscu1983, reases ch acc2.9 rual are s, million, ahlso oweveror c,red11.5 icted ould per disc for cent, oubene ragereported fitsomepurposes, emplo in ye the rs aMnafrom y,ind1983 hiiri vidu ngCaPS l increase pension costs for employers if an actuarial benefit adjustment is not age future65, ascredits well. for As tphe ost-65 work servi forcece,ages, or iboth ncreasing (table numbers I). About of curren 5 per t cen workers t of benefits an employee could earn by continuing employment. In addition, may exclude certain older individuals from participation when first employed. older workers and from maintaining defined-benefit pension plans. thatThose they elderly received individuals earnings in who1983 work (tmore able th 5). an part-time Fewer thanandhalf haveofpension these retiring at age 67 would have 17 to 25 percent higher lifetime benefits than also Itoffered. has beenRather, estimated the most that cfor ostlya de recpr ision esentative an emplo deyee fined-benefit can make from pensithe on plan participants in these firms receive actuarially adjusted pensions for will be covered by pensions and will have to choose between pension benefits employers may choose to enforce mandatory retirement at age 70, may decide not Employers have also been able to discontinue making contributions under these pe cov rsons, erage aor re 1.2 relatmillion, ively welworked l--off Stateco I000 memp ntared or Follo with more ws--thours he elder during ly popu the latiyear on bu and t les hads paltana,geco65 ntinued and anbeniendi fitviduacc alruals retiring combined at age with70an would actuahraia vel benefits benefit adjust 47 permcent ent poin delayed t of retirement. view of plan Ifcosts the iac stuari to alretireadjustment at age 65. fully Even refleif cts a pl the an redu offers ced and continued employment at age 65. to hire workers at or near retirement, or may pay older workers less than they plans for employees continuing to work after the plan's normal retirement 2 well off than the working population as a whole. Thirty-three percent of the worked to 76 per atcent least higher. one year for their current employer. In general, the Employee accruals based on continued service, salary increases, or both, these accruals period of pension recipiency, the participant receives the same lifetime While increasing pension coverage rates combined with increased lonsevity would have otherwise to make up for the added cash outlays required to finance working elderly have annual earnings from employment over $20,000 (table 6). Retirement Income Security Act of 1974 (ERISA) provides that an employee who do their not benefit offset accruals. the decline in the present discounted value of pension benefits bene could fitsmake(sapmost-65 e present pension discounted accrualsvalue costloyf, bene there fits) areat also the de relaasons yed to retir believe ement that results from EMPLOYEE a decreased BENEFIT period of RESEARCH benefit recipienINSTITUTE cy. EMPLOYEE BENEFIT RESEARCH INSTITUTE 2121 K Street, NW /Suite 860 / Washington, DC 20037/Telephone (202) 659-0670 2121 K Street, NW/Suite 860/Washington, DC 20037/Telephone (202) 659-0670