13 2 11 21 318 22 I0 25 SUMMARY 7Z0 12 26 48 47 59 41 42 5Z7 Z5 33 3S 56 57 614 9 45 46 24 29 45 417 19 16 3O 28 15 38 44 54 8 32 3 401 CONTENTS TABLE i EBRI to accentuate the effects of women's TABLE increased 3 labor force attachment. increasingly 1977. earnings being overwhelmi deliberated Table This Little ng As and aeffecti 4 career majority lump-sum result sh empirical ows without v patterns. ethat of distribution oin fthe wpro evidence one-third the orkers informational viding benefit We k wh assumed is o phenomenon retirement of wavailable of othose uldthe gliches 5 beco percent over facts. -Ialso income mon e eighty eligible in the results inflation We the for relationship are had pension the for inconvinced no elderly. and undercounting added covered area tested between beon that nefits apolicy positions elderly possible more of dif provide ethe losses. S'_Yo qual feee erences Health i°.,*. most ethan .eobenefits eooMr. erecei oo during who The to ee One Ifrecent It Co oand ee500 Bot verage d ethe Chairman, at is .eet earlier vhad oo eooing eHuman fhours er omaternity conceivable eee at age mine maturing available the ..obeen eebenefits. ...o refers the et olt, hirt Services single of eanal o when with it y end service y of is breaks tsis oin statistics of th their m that a the workers o owill se st their asuggested pleasure during full pension would two frustrating oemployer vgather errespective whose workers career on twent a affect forthat splan recent ysuch stem yfor emplo -o the of ne with elements it y significant one information work ear y fort Employee is pension ers was y reached almost year leading as careers a y sponsor ears. defined ocombination for participation Benefit the identical that numbers more, to for isThen pensi ahigher for age the not pension Research 61.8 o,naccruing we of of first work so or 1recipienc workers, p can emplo percent olevels. large any licy plan. careers time. trace y o ya ther er it regulati end maternity not more totally granted the these operate of remainder o o yn ears 2.2 s.their Faster within pAs There Pri Second, been rior m ov rof illion ate-sector in these 1_ working paternity edited, /tenure of to v a is their estin vacuum Arthur this that nconsistent slightly o gt life fertile reported comparable decade. .sampled, time is lea eYoung m vfr e In to plo e more partly qy ument earn trends fyears. te act, on on and tly or Although ha than time the va because Company, released ethere grew pension. continue prop half, There perf 1979 series or o as participation sed, is med funding Current much were under since 54.5 a data toEven long but twenty evolve between approximately percent contract 1977. on Poplation of wo where history u pensi the ld, hin ours were the 1975 o pr today's a ns credit oto duc of pension changing o Sur wo f and the ebut tax 7.6 vm ser eycan en. little elderly Department v 1979 and ice there milli program and berole At oas nmatched f dela o is the rwomen itof yed, the is had of Changing employment of joint Break-In and experience surviv St_IARY Service or OF toward selecti QUALIFICATIONS Provisions onthe aend smaller ANDof TERNIINATIONS their problem normal thanworking it seems ages. on its Table 5 plans began liberalizing retirement and vesting provisions. By 1970 more than TABLE i0 TABLE 9 Number of N_mber of Net Number Increase in Net % WOMEN deliberations AND PENSIONS often CIVILIAN are colored Ft_d_J_ LABOR by misstated FORCE PARTICIPATION or misleadingRAinformation. TES For characteristics the firm range under number age of these S.19 Indus and real of policy trpension would pension y wage that cateliminate gro eg changes determined plan o w beneficiaries rth y establishment. also patterns. would the isthe ERISAbreak end imp on supply We o up rtan population assumed recei tHowever, or v in ing in availability eservice x that pl sur a ain inin vcash eys. retirement the g rules distribution. present pat of For terns pensions. for example benefits alegal oworker f , pensi and If the were oon n were Institute age working rates earnings pr unit This without although how is INTRODUCTION ocess still for participationg workers survey, of then that benefit women isthe A For to at highly less nu more dealing appear all with m facts, ................................................... example, matter. based ber between than of beyond under significant. alternative ofin the toda with on policy one proposals aconsider From ya these the .y1937. in oung pension sample theplan. five. deliberations EBRI the a insu elderl g career es The are Social Social fof plan ficient isyT in T ,households table his here included a patterns 1979. nonprofit, in Security Securit those can is1979 also will inbe an y fo Women in recentl rmati and representing equity shows abe fare S.19 and record calendar o nonpartisan, misleading y nmore who the that under and question reaching had owere the nrelati S.888 year, the which been the covered the co with younger pu vv that two which eered. T-15 retire with U.S. a tb olic rates plan the plans. analy m earnings may ent civilian 8 their policy are elderly potential zIn year eof beother worker age, raised or women shows The regulatory pension had necessar empl and with Labor, but in timethe oworked scontributions yer mostl u Social these the rvey in opre collected plan additi y ythe T per v Participation number ious he to will legislation t data because ohe Securit nal data work Department week, ultimately majority elicit eleven were of yprogram force that to retirement of fy orears historical a collected the up y that information indicates refers retirement ears. had is acquire ofdata older high togoing Labor defin not fifty-tw inc to from Most e there turnover women done oa earnings me. a workers to paid pension, ostock similar th on aexpose of esample were so the Arthur in First, pension weeks. the portfolio since rates 1977 data. who prevalence slightly maturation them new participation of Young ha beca had the among v environment. workers roughly Where eWe to use worked pcould satisfied athe more and checked ssage younger and S.19 in phenomenon. pension were 400 Co. end than when defined level alone w ofprivate public the ou yup workers. age oung Historicall ld ERISA 39the with of system frequency is and eliminate million benefit ylump not people funds were Among pension and yextremel ser , to vice many sum between women to plans all with a who the this much had y surface. Increasing the tax deductibility limits on employer provided life Periodthree-fourths Qualification of pension Teminations plan participants of Plans were Ntmlberin of plans Plans with Annual regular vesting WORKERSAGED 21 TO BY 24 AGE IN 1979 FORWITH SELECTED THEIR YEARS EMPLOYERSLBSS THAN ONE Ending WORKI_S RulingsAGED to Bate 21 TO 24 to Date IN 1979 in effect NOT PARTICIPATING Over Previous PeriodIN THEIR Growth I_PLOYERS' Census economic INTRODUCTIO YEAR Bureau's environment, AND N IN annual THEIR the March EMPLOYERS' newIncome business PENSIONS 1950- Supplement failure 1979 PLANS to rate their BYsuggests HOURS Current WORKED it Population isAND impractical SEX research intended not example, that theseindexed, ill-advised cash organization to The requirements Senator distributions enhance law an assumption explicitly or Mark the ineffectual which in O. potential at Hatifeld are sponsors that prohibits least rolled had but of one in research no expensive into benefit his discrimination retirement practical remarks IRAs receipt. andpolicies then educational plan. effect introducing some against The will Although on small data the be programs women S.918 but accrual the exists total marginal in on ultimate pension toMarch in the 24, words, coverage pattern should break women work environment by ctwelve urrent requiring force, the .were in be consecutive in po Where c The ser licies "facts" recei oIn an llect considerably vhas ice estimated yworker v pa service ing speci r Table tresulted data o fprovided o rt frhis ic months. pensions alternative who a and 6othat n w reflects results attained more enters oin rker accrual retirement to outside aNo than likely the fairl onbenefit these from o changing year y pti maternity credits Senator the oagriculture, ns. inc to the consistent plans old of ohave me accrues different age exposure for for elderly. Tand fr o atworked ois m a periods his an certain paternity during thus pattern 68.3 over early speech of industry than In determinable. women not percent 60the 0, fact extent age the of 000 were worked leave period pension by and turnover during older of retirees. off a the fleaves oall great during rof by elderly world plan 1979, upcivilian rates the 148 deal tafter o.of break Itone m work iso ten re maternity participation Because defined the distributions las which greater were different sufficient THE employer plans tages PROCESS worked just during consecuti of the bene degree of and Again for eretirement the m fto it m fifty-one back barking OF vopaternity e1978 fiand st from assure vparticipation than ACQUIRING e turning plans meaningful PENSION in recipiency with years years retirement earlier on the accruals the and with leave aapproximately to with 1950s orPLANS A career. receipt sixt the more more PENSION accruals cohorts among and for noyor merely plans analysis .BY were than earnings vesting 60s up of Among TENURE, Nearl ............................. the and to benefits. of are 100 when selected because 600,000 yelderly. women. one of those the provisions at particpants 58 (i.e., HOURS there the year; later disposal percent beneficiaries. they over because 1979 The were WORKED aTable S.888 ages break reached eight expansion surve in ofof fewer ineach when most would 2AND y the y 19 these inshows only 77 data retirement women SEX pension ser spurt earnings plans The continue of that vassets. ice) that about the data the had inthe had plans. numbers 8worker pension exceeded are one age from been actual been toItin awith is the set are ten working schedules. insurance in might the Ninety United go percent further States were in according proin viding plans toretirement with the vesting, same survey. income early securit Soretirement we y are for talking or Dec. 31, 1982 884,936 144,963 765,881 70,200 10.1 Dec. 31, 1981 816,924 133,644 695,681 68,095 10.9 Dec.in 31,service. 1980 741,387 TOTA 120,202 L 627,586 M_N56,063 9.8 WOMEN Excessive for 1983 inf eno hancement rmati many stated: on The young labor exists of accrual "In firms mobili retireme £act, than ty of to nt any offer is onl interferes income br y meaningful o21 ught pensions percent security with to bear work before the ofwould women orelated n more they analysis result workers enduring have benefit o from become f are emplo the requires such covered rele established. yee-employer vant a combi abypo npension licy ation pro Sur plans. according women. maternity outside patterns. result. vide vey gathers aYet Putting the sound participation the This to and Finally, women ho the richest mresult paternity information infor easide M Table have m arch ation we kn ends Tfor o 1980 Otraditionally 7 assumed sometimes wn TAL leave. reflects the up on basis so Current urce harming the moment aWhile for 7 refers pre o the fpercent v Population alence policy been consideration inf the changing the ormati tointended less process discount the o decisions. MEN nof likely Sur sum intensity the v sh ebeneficiaries of y oof of ,wing receipt rate birthing to acti survi 37 EBRI vreceive e for of cpercent ombined vof or that does members purposes and pensions Wbenefits, Oand pensions MEN exposure. not of S parenting ocial the elderl take o£and entire yit than the The percent public participation had accrual expansion wage up s years year, Vesting their prior instructive. Age ystem within worked or y employers will S.888 do ears if itself highest of in salary mIt M he ain the asan r.all be aw is 1950 on was y shown Pension o Chairman, to rate prior is uld far We pension ten workers impossible the (see long talking test going had better cyears in o in current ntinue fiT vPlan enough reached e1940 some able 1 Table right 955 between to itabout yand off ears, accentuate to was is of 1 t job o 2 1. that ).takes more exactly under a the these prcoverage about the in pleasure oWith 69 1960 vSec ide any point than accordance some percent ages o the proposals nd, twenty-five predict the breaks the ser half that defined period and of v to because effects exception ice 1had 965 twenty-five appear 81 had 978,000 in with that against credits percent of more contribution ser not times m of vtime. younger o the ice before st ofworked women's than of 1that w 9 the and tenure the 7if oand could the 0 rkers Even ten yhe women pensi 197 ou goal. at percentage sixty-four, young increased plan 5- was acti ha estimate toda oall. gaining if 1977 nv 19 veetoday ytalking 7all .workers in 5 Other had accruals Even workers period most such W of will labor pro aeworking data ,direct v appear about among ided 19 would 7have 9for provide both. pri about pension couple surviving vate-sector The potentially Between service of beneficiaries Availabilit wid years ows employment 196S credits apart. than increasing yand of was any and 1974 Pension The during matched opension fworker private the the Coverage participation the joto int accruals retiring sector, Social lateand ....................... 1970s surviv during Security and paid rate oannuitizing occurred r worker the among pradministration ovisi onevesting o in women nsyear his firmsinleave by or rates with either her about 9record period. more fewer 3 S.19 not clear a priori which type of plan would be more effective for women. Number Percent Number Percent Number Percent Participation Number in PensionPercent Plans............................. Number Percent Number 12 Percent Dec. 3l, 1979 672,045 106,923 571,523 46,036 8.8 annual levels of benefits. Interviewers' instructions and training consistent and sustained attachment to the workforce. Even under Social men, standards New force nation 16-17 calculating children firm creating attachment. bypension is (participants were increasing 30.1 certainly theconcern shortened (thousands) present provisions the about meritorious, 28.9 currently value to cost provide may the of ofequitable also 29.1 emplo our benefits there for be products (thousands) yedimmediate impractical are treatment with at27.other v 7arious and planparticipation decreasing meritorious of from sponsors) ages. 34.9 pensions an (thousands) employee's competitiveness and activities and on 40.2 inacti the vesting vbasis e 45.8 that the of of Dec. participation. positions relationship exists, elderly radically Certainly fa at each and percent. should b issues. instances. of plans in 31, y milies least our the policy 1978 S.888. beneficiar compared be woman capacities but recei were on half We Not Securit differen one clear chan y public is can necessar The 615 vonly in y g recei ing cannot time, , not es. 168 to that cite value the and vbenefits ing t and as is 49 y publicl polic working who 1979 There many 56 look percent tw the Executive pensi yof for oyat percent had Sur speci current accumulated 96 oat issues older pension n is ,in least 084 v available been patterns efythe ic not of .that inc Director had women men." oor one with current me accrual yet examples 525,487 Surprisingl entitlemen year. proposals. more pension toward contributions streams e for do their v1_44 idence (than population not foregone M y anal As t,/ .r. where The the employer y where the oqualify sis. Salisbur n twenty to 50 May end the in F ,program 398 inf or suggest during y the o could the 1979 )rmati of of basis example, acti in for fa their retired approximatel v oetheir m Current n and matured, a easily a that ilo y10.6 year fbreak participants Research nor is actual thead he own swomen um yor being ch be Population al in construction this behalf was more, five rollo working pr service and 4,500 Director oo gram between v rers times were for has drawbut the during when data. have latter than effect accumulation yVesting oungest become the 100 While on the table entitlement e Emplo I_ISA m their o plo ne no participants in group at shows y yees, ee year not research aa vestin Pension Retirement market of the onl w and lea g owomen uld vye percentage al established status. reports Plan peak under m recei peri ostrepresented o v Income .................................. d. ecould 55 the have There aof percent age ver Securit aeasil wo been yset were m twenty-one in en y small y Act released of ofthe have who rou the minimum g cash table, had hly an gro (ERISA) participation annuity by Social w payment 2.4 thpension those DOL million occurred was utilizing Securit SO between that being participation percent y women provision. is in16 implemented covered nthe trade these ormally greater inages this data andIfof These than provisions tripled, rising raisefrom a question only 6.3 that percent can beoflooked all private at empiricall sector workers y: doesto Dec. 31, 1977 549,484 80,796 475,089 19,601 4.3 18-19 51.3 50.0 50.9 49.3 53.6 58.1 62.9 Receiving a Pension Benefit................................ 17 Dec. 31, 1976 514,068 64,981 455,488 10,075 2.3 sex. As our The full resultsstatement of our and simulations the detailed are shown analysis in Table contained 12. in Twoit things are Total perspective. specifically Total PROPOSALS been 20-24 Surve occur cy o Non- regularly, llected conducted TO46.0 direct MODIFYPRIVATE Even butby however. 1,136 young has that the 45.9 noCensus only tcompanies been Our PENSION regular 100.0 own Bureau 46.1 available that experience PROVISIONS income found eventually 491 or49.9 that is iswith to no15.0 t be succeed, 100.0 the available recorded million 57.7 EBRIinitially plan women in 645 in64.1 ais the meaningful were that have 100.0 69.1 most industry Reducing accrual Securit because lives the the tenure people earnings U.S. in the (Dr.certain ages number value ycompanies, Schieber) than undertake class We This of they is Pension of any members data, inofsignificant are of today's instances sensi sixt each worker concern never accumulated in tax ypleased -fi yet tof ive ultimately 1979, v ParticipationAges year (beneficiaries e that quali the worked, elderly is less about former f to ied also representing in it Emplo retirement and toseason than n specific benefits. address ota ywo sixt or result costing ee v plans accruals ailability m available a yen. fift -nine. worked l Benefit y and and benefits the has ten inHowever, nearly Americans y to Upon separated ears breaks-in-work only economic are Committee regularl year 21 fResearch oand Among rwithdrawal lost of one-third awould analysis y intervals interpretation short the age jobs, the as v change ested concerning grown labor Institute. onl today well. elderl period reducing y o from tenure. of fduring workers), and yoccur at force will all theIf during an the is fa S.19 of workin m issues the be in participation annual their subject tax EBRI ilies plan Itdata required cases person in and their revenues, g isis bef lives. this the is where women rate one S.888. o t awhere o recentral life. has thing to of the y in odata There and u have 10 the to maternity participating each sixty-one any ser than the records standards one-half vice yconclusions beneficiar would a fellow spent, representing firor A of F m and but or sshow fundamental y .paternit .these ysixty-five worker oin also n unger oabout Pension average taworkers pension For "re-sa specified y w retiring 2.4 leave the o v plans questi men ed" co pension more million voptimal ultimately erage plan. o wh nresult that that o fthan two orare raised benefits workers, 4 is retirment. were pension years employers /one in increasingly known vest significant fi in by vlater ein three we strategies to under theto must 1978 be did Our at break-in ten had lowest w their adopt based not the o studies loss rking years not for bottom find current of on a in service worked oold women utside vesting indicate service actual a smsingle of aller inplan in pr in a19 the oprogram schedule market v77 the credits isi their firms that then instance ,oh ns olast me 59oprime and about vdata er the in in that full in 19.S percent. As the mandated vesting standards in ERISA began to take effect Dec. 31, 1975 485,944 40,351 445,413 21,931 5.2 Dec. 25-34 3l, 1974 34.0 455,905 34.952,243 36.0 423,482 38.5 54,601 45.0 14.8 54.6 63.8 WOMEN AND THE U.S. PENSION SYSTI_d.............................. 21 participants 2.2 100.0 1.0 100.0 1.2 100.0 Dec. 31, 1973 396,520 27,639 368,881 55,475 17.7 limited workers administrative who leave and receive and financial cash distributions TABLE resources. 2 Pension do not roll coverage themwould into Hours Worked Our interview; 35-44 apparent increasing participating comments In If from one-time social _ and s 39.1 yome the in analysis 1979 oaf table. program pension income the there 41.6 mfocus ore First, expenditures. were isplan arcane to primarily 11.1 43.4 at be thethat ignored. arit T m ABLE largest illion htime on metic 846.1 the workers accruals out Unless of pension of defined 39.2 defined-contribution between 51.1 ofpromillion retirement vbenefit isions twent55.8 yworking -one pension in income these and 63.6 plan plans to ex at head there where indicates, contributions say form the vested S.19 are nonprofit, tensive EBRI's least an trade two was and for was the employer prior clearl charter o forty S.888 discussion The t p employment o va o and consecuti er day. the lic nonpartisan, s yyugrowing to se bstantial ser can quarters changing is vent analysis. v distinctive should the vand ice These e y whether usually "participation" break level goes prevalence yy industries. ears ears not data work period or public beyond these be then fluctuations ten disregard of with trends cpatterns o cashed uld years age of previousl polic of meas the noparticipation pr 6y. 30 /that private o uout earnings refers vide res deliberations of already percent of research earnings are y whereas women will Retail earned apension to m reflected earned o in were re acti signi are organization in the the trade v credits benefits c e fo icantly mprehensive one on changing recei plans benefit record credits members any v and in ing orto has the bills more are se exceeded be rthis will because increase founded v adata led onl ices' protected. entitled plans. pension. and ynow ..situation not toaccurate before a First, the in of turno the bemarked In a 1978. to prior payable verIf the aat a private working decade percent percent ci in atrough. satisfies 489,000 geted comparison class earlier before pensions 9 had ages or would 0One Under one chosen percent better. ten issue today. age sugges get to ofthe under oractual for three sixt benefits. w more defined that This otuld s this yIIRISA vesting that acti and remains Social receive pattern analysis. vebenefit only women's atIf participants the standards. Secureity to onl less slightly ofypresent be plan work expanding one-quarter than resolved the pa benefits more att time? The for worker $erns 2 coverage ,000 than first is each vest whether are onis lump one beneficiar standard the shifting insulated then has quarter sum record. the brought about y.distributi pension required significan had from 245,000 9Similar o / with nworked market system full itt would as data ly. inaas vesting situation rose is to significantly 27.1 percent difby ferent 1979.than 7/ for their mother's generation. The Dec. 3l, 1972 336,915 23,509 313,406 45,815 17.1 Less 45-54 than one37.9 43.8 49.8 50.9 54.4 54.6 58.4 Dec. per 31, Year 1971 Less287,580 19,989 267,591 37,329 16.2 Pensions and the Changing Role of Women.................... 23 Dec. bills. 31, 1970 PERCENT 246,916 OF WORKERS 16,654 PARTICIPATING 230,262 IN 30,268 SOCIAL SECURITY 15.i AND T until han 1000 retirement It should inalso 158 most beinstances. noted 13.9 that If most the65 ofcontribution this difference 13.3 accumulation is 92 attributable is 14.3 rolled r retirement markedly. 55-64 women. a alternati service tes ar ve e break, Stated Vested also benefit. 27.0 retirement high it alternatively, Participation isbecause Under another 32.5 security Social these to refers 3837.2 say vepercent industries Securit hicles. that toy, acti of inv41.1 e The earning certain working are participants May char1983 ac one women instances terized 43.0 quarter Cuwere rrent with b those yparticipating of 41.0 Population nonforfeitable small credit breaks firms 41.9 each in in Congress. defined probably lump-sum twent Pensions This y broader person is each increase EBRI security earsworked y-four; age, shift sponsors ofis result benefit exposure distributions require and picture ser Table First, in occurs The in through, the vis ice the the Paproblem 5.2 also E y research ounger oNSION 11 plan fplans number ERISA ina to within Changing om faster fshows trade-off apparent illion the it pensions. pensi with STATUS that the becomes requires cohorts are of last and othe the nvesting. a worked largest Roles pension we converted graded educational OF stated in distribution recipients' fiin vare clear e ofTable WORK An extensive wages of for wo toaccruals concerned environment participants vesting EWomen m tenure RS that ten en an to 6orwhere AG are programs an eyears inc m other Ethe discl of plo D time schedule ocome annuity m me about y21 these o ore er a sure value in ofemployee to f le from lack rame. ,toward likel v in who which els the is 24 women of benefits y an they of fewer odid that fcareer IN benefit than effort the pension covered to One inf benefits, by 19 never not opolicy rmati work than 7end any 9 reason tenure alread regardless have BY to oaccruals nshow of plans earnings l0 than ofS pro is Eaand the Xmillion is and the y vide by frequently up pension vested their continue that it career work clearly private on is offor ais the the sound are not year covered it variations retirement are receive vesting isavailable oncurrently current Our employment benefits. of Among Theaccrued in inc simulations stabili othe on me older configured survey zing value security benefits in If plans ever oneindicated data of pension y looks the can oasssets year. fofsets wadequately situation covered, omen at participation that but in the in the it as the vesting participating was is meet few pension wwell osigni rkasthe rate rates f fo icantly 5known rce. trust percent challenge was among employees that Put the fund. of di the f sunderreporting result ferent. oo£ mewhat thirt thirty-one providing withy of-five ten the 224years oto to out is a extent toWhile whichslightly women take more onthan stable, one-quarter enduring of wothe rk patterns workforce thebeing current vested system may PERCENT OF POPULATION OVER AGE 65 RECEIVING BENEFITS BY 65+ 9.7 10.6 10.8 10.0 9.7 8.3 8.3 PROPOSALS TO MODIFY PRIVATE TOTALPENSION PROVISIONS MEN................. WOM30 EN job 1.1 48.5 0.5 50.6 0.6 46.7 Dec. 31, 1969 214 342 14,348 199,994 26,346 15.2 UNITED STATES SENATE SELECTED YEARS Dec.and sur certain 1,000 service to a Survey 31, vplan ey be 1908 inor created most as data in that should more Female retirement 1979. instances g 186 young athered wi be 267 llabor l Another credited broaden firms 978 program by it force Cens will 12,619 is 5.6 that asthe partiticpation ubenefits. smillion stay though 86.1 through terminal exposure 173,648 inaor business service the 14 4plan ev 2en 5(see percent support more. that long has 22,339 Table provides been of of enough 86.7 3) working EBRI rendered grew to 14.8 and thesatisfy to women the most 553 51 to Department percent were thepension 85.7in being and women plan yhea to entry pensi of into relati information ear higher vservice. easy-entry, o vily el ns. deliberated between (see an yof age. The weighted IRA different flawed rights Table pri It low ultimate vbasis Second, then ate ages The als le low 8). o survey to vwithout Number towards els second the twenty-two pension for emplo ages requires skill accruals goal Another young of policy data yer are standard the earnings the jobs. of receipt workers Percent compared financed o detailed pension benefit 2.6 and end n are decisions. which High million sixty-two of requires larger aresult m have ong the plans of e we pension statements ,turnover Nu arly the the m n made during career. ber o in EBRI w or25 would isin yfacts. m quarters oung 2percent benefits. u 5 to their st as significant industries .4the oproduce qualify nPercent This depend. an elderl percent early the We nor institution vesting of ycharacteristic .,are ma levels Both Social l benefits ayears gene While progress convinced were person cNumber The arreer partiall after all ofSecurit under y already older the does liabilities that for period. y five toward offer y DOL that the should not a public Percent help vested years plan take low their The be fort meaningful participants of counterparts serious differently, protected. pattern. thirty-five y three -five o Enc problem of During For year O oincome ura vy those er On ear many d than in go ing es old return 801940 1950 in old security plans percent maternity workers the women these the when to pension to older creati more that in data. the Social of one for o1979 lea cohorts nwere emplo participants the than vplan women e owith women Security ftwent y35 result er ma additi had million or y ymore after -one had be obeen. if nal instarted preferred inthan worked there a significant to by 1979 break pensi Second, five twent 1979. are paying between o in nyto in -fi yparticular every ears ve plans within service the In lobenefits, ssaddition, 50 of other year yw ears and ooservice feach uld and adj ser obecause v 40 old er vresult ice 27.9 u age after and stments percent their ma incohort, yperhaps percent credits 19 they one in 77 seem will simplelow wom rkathe it fo m ris atical wimportant omen calculation similarly to understand to ofmen. participation that For wthis omen with incorporates rates an by extended whichall theprivate pattern numerator of COMMITFh-'EON FINANCE Dec. 31, 1907 162 485 11,176 151,309 19,214 14.5 Working less (millions) (millions (millions) Reducing Pension Participation Ages to 21.................. 30 Dec. 31, 19Oo 141 964 9,869 132,095 16,973 14.7 of Health and Human Services will ascertain the extent that such cash TOTA commitments. L While 33.9 Where the evfuture idence 35.7 benefits on the 37.7level are secure, of 39.3 benefit Population workers receipt 43.3 and over may employers 65 be 46.3incomplete still 51.0may Dec.have retirement than covered 31, 1965 lost 1000bservice y hours benefit. a 123 plan 781credits but Alternatively, notu 8,659 nder yet participants. the 115,122 current TABLE ten years 5break Among of12,496 steady inwomen service covered between 12.2 rules. emplo theOur yment ages o£ supplement levels had participating 1979 Participation retirement tenure to y and of employer. the ear women the fewer the older from back ofad in funding and vover research pension the 30.1 than under antage their the income fully economic in worker the inpercent 10 current status the Pension aof pacti age staff security. rplan v otection. women ested plan, ve isof securit in obut f and job, at workers fifteen Plans 1950. who pre- these participants y employment. had various ran Iftake In and g pro not plans. they ing were For for construction, vided some post-break y analysts et women each buy from in are vested. time Mo Finally, by the abeneficiary. slightly vage ing car, included Social labor out under service twenty-five to trade take Slightly of the three Securit force. c more otheir in ntact a rep and are vacation this o yFor rts ,or than se more work combined to rB have fi v plans y definition. vices indi e ninety require thirty-four, 1945 than career vidual anal year or o less v yfemale to pay er zed 1.1 percent vesting detailed determine to off than ha this labor ve of 58 without plans that significant more as were credit. of positions wo service, Changing need m vimportant, ha ested en the vthe eaged For These to on facts alread gbenefit an under rBreak-In exa be public eatest the yadditional matched mmade over ypolicy ple, their reached were level. policy am to the Service in odata unt deliberations assure more pension years 1977, 5 maturit issues. oUnder are percent flikely Provisions added the participation $1,000 yplan. the defined equitable as to richest for pensi can of reflected ha This each o....................... v n co ebe contribution vered known earnings ismisleading receipt has treatment ofprobabl the by grown earnings source the next y fon orplans more of with fact an aall five of women. regular could outside program rapidly w the the that oyears, rkers, result potential individually While 12.S 34 basis estimate than information and percent inthan itl0 four is of anticipate sector erratic (pension in privateworkers; and participation) pensi their part-time onsthose career under as empl will did young o ERISA yment not dovetail as keep atthe age theup likelih most fourteen, present with ooneatl d thetime those y odenominator fwith ?accruing working This a particular latter a (workers) on meaningful aquesti sporadic tyope n during ofisand a HF_AR I NG ON D_c. 31, 1964 110 249 7,623 102,626 10,667 11.6 Year Workers Participation Receiving Benefits SOURCE: Total I/ EBRI Tabulations II.I of the100.0 May 1979 Current 6.0 Population 100.0 Sur 5.0 vey. 100.0 per year Other Potential0.3Policy Options 12.6............................. 0.1 12.4 0.2 59 14.6 Dec. 31, 1963 98 541 6,582 91,959 10,250 12.S and raise children and then return to full time work outside the home after sait vtwenty-five distributions ings, conclusi and vely other and occur shows sixty-four sources. and thatthethe in usewage pension to which or salar system such y positions is monies becoming arewho put increasingly had when been recei with ved.their that m would prefer participation Not of discl those for their illion the oill-advised Co_ered sures young , qualify bills in yimmediate oung or Under jobs W inf workers e o10.3 rmati o then are elderly fgrew afiERISA the v oor person e pleased npercent YEARS compensation. the co ineffectual to types to vered families 5 pri o story ,over ver nine .1 WORKED for vate to ohad fby the 63 a years is address assets retirement emplo defined percent BE alread recei last somewhat but 46.4 Many TWEEN y v to y er edexpensive held the tw three-fourths ochoose benefit T vested pension in ale a different. years Committee benefit. in public 1979 AGES 2.9 pensi higher policies in plans these plans from o OF n their pension concerning 51 It of wages 34 will data po must 48.0 rtf and should those will current percent oliin o are provide or s. 60 meet be 1979 in be health, by n S. othe emplo tin 2.2 minimum their kept 19 compared Our available minimal 1950. result. yand er's in life estimates jobs S. mind Over with plan. and 44. 15 888. ,fThe or560 simulations percent assigned clear private-sector twent force when Other SOURCE: othe quarters showing percent the ne yposition that percentage -five they particpation that Potential oincluding combined for fassets of Recipient U.S. can were emplo the indicated y credit each ears be on Departme pension yemployment. y of ees can ounger addressed the Policy of Social w old the ohad being refers men. be the vesting were .nthat tin twenty-one liquidated situation surged Options ensuing Security 19 earned. of covered Careful approximately empirically to 77Labor, Private-sector schedule. indi nearl tovfive iduals is yand 35.8 during to assessment and Bimproving u twenty-four half, rea years. pension percent, reinvested using uThis 14 1979 recei ofemployment 49 percent .includes the vo Labor The ing income fbills, percent, at Turnove policy y Sear in final ocial least would Statistics, aan streams. such pension the old rgrew changes individual had Security vesting in ra have nonparticipants year tas es part, fewer 15.4 benefit. S.19 realized of These were o Handbook standard npercent data because than service likel retirement anddata ymatched S. five of from plan 888 of during could thatthe Dec. period pensi plan. 31, 19o2 on Certainly in will which be 87 397 slight the alllatter women in 5,688 any will was event. growing not81,709 prefer This at unprecedented one samet9,359 y wpe orkof pattern plan rates. 12.0over willDuring the alsoother. the result part-time basis as well as itinerant workers. If nonagricultural wage and PENSION RIGI-H'S FOR WOMEN Dec. 31, 19ol 77 179 4,829 72,350 TABLE 6 8,652 13.5 WOMEN AGE 61 AND OVER IN 1977 FOR Labor blJLATING StatisticsPENSION (Washington, POLICY WITH D.C., INFORMATION 1980) Table VOIDS 4............... 44 (S. 19, S. 888) Dec. 31, 1960 67 792 4,094 63,698 9,399 17.3 1940 57.8% 2.3% however disability accruals. their ,children Historically, that Each Some Ifinsurance In reducing either fact, of analysts are these in ifover of the pension school four the arg these participation upensions. eparticipation terms or that plan career hav is defined expansion e patterns Furthermore, left important standards standards home. contribution has would infollowed Still orif understanding were result adjusting newfor plans reduced employers a in the consistent offer athe pension small the to provide age aprocess much Soto cialbeof ultimate effecti Participants 0nly contribution account percent the are Our emplo vwaiting comments that e about yerresult of making Another for itin 1.2 all period may pro of one and will m women them viding women illion co worker year anal stafter be more ysis eighteen pri to or workers for that vate who portable. the more, return focus the fewer enters World sect to elderly's twent 61.8 oto primaril rforty-four people yWar the our -one This empl percent y emplo plans II oyers will retirement combined to production onwere ywere twent er. in the receive as mid-age yworking much participating pension -four perception For income effort. meaningful a asworker will yby $1 pro ears 00 security. v1979; isions of 12 fare milli old who /in abenefits; oodefinable Table n somewhat a were vhas er pension inThe per 69 not these working 3 shows year significantly I1.2 suggest participation acti 1.0 1950 years could requires vemillion percent to be or participants sp that 1959, more. public expected 50 In onso participants order percent rship of at lower standards. 27.0 the least Another use. to topercent in decisi for old vesting make vest some T the he o elderl each 6 ns inThese DO our to in other polic from y newly when .L beneficiary. their 15 w staff simulation ould y standards 1960 percent industries makers the qualified By1979 help, is co to emplo m co parison, feel had employer's 1969, ncerned somewhat al generall yo The ee's and ng defined worked more and ey pension with vage idence 26.0 that needs more 26.8 plan in benefit require plus attenti percent since evpercent realistic cery clearly to o by oyears vn erbe ag 1989. plans. year that the eof done. tofrom of indicates data wthe pension we but as the But service Newly treated 1970 much yThis have one. oung relati the vto e that been are ones For any additional SOURCE: The provide with salar in 1980s, loprevailing wy theworkers pri Sa oEBRI v cial Current ate-sector accruals more Tabulations Sec between characteristics comprehensive u Prity ounder pulati employment othe primar nthe ofages y Sur S.888 the and vof ey entitlement. of May is accurate their provision $5 data expected 1979 andwork utilized Current picture $9 who as patterns, H toowever, compared grow have in Population ofthe pension atbeen the however, only earlier to Swith ocurrent cial Survey. one-hal recipients' their analysis suggest Security E law. employer to that oincome f 1950 64.5 17.0 PERCENT OF WOMEN BY AGE IN 1977 WITH NO SOCIAL SECURITY COVERED Dec.CONCLUSION Not 31, 1959 Vested Labor ..................................................... 57,835 force participation 2.6 3,536 23.4 measures 54,299 1.5 are point 6,792 25 in.2time14.2 estimates 1.1 47 of 21.3 the Age in Years Worked Between Ages 51 and 60 JUNE 20 & 21 1983 Dec. 31, 1958 196 50,569 0 3,062 88.9 47,507 6,551 62.3 15.9 TABLE 7 pensions, break-in-service 1977 each EARNINGS None employee provisions DURING 1 potentially to 3YEAR will4 to not IN WHICH 6represents result 7 to THEY in 9 WERE a significantly lifetime SPECIFIFED 10 financial greater AGES liability. pension when pattern. Securit qualified for asset, elderl percent that pension vested 1979. bills. plan t twenty-two, smoother oVested file y an the ybetween inalong eOver a m objective of families accrual these Before 1979. With benefit plo matched break path plans those yer the the with 1950 ,the rep ofin turning In with durin and vsame orecei esting twenty rts. t benefit being o exception certainly and relative other service g wh v the ed a1.1 three y1979 pension 1980 explicitly sought to words, standards some S Ifo accruals a cial means portabilit twenty-four. female periods, these less pri of and indi vate was the in 10.3 Security Senator v 1981 complete iduals than rep which were labor o to greater 1975-1977 v o pension pension e rts had y rthe half may reduced Hatfield's the the force data 3.6 were forfeiture are bills, y0.6 benefit the combine career while participation period, were times more that participation sampled benefit tohowever, not 19.6 estimate fi or they than receipt. as to v10.4 eof when less many yaccount o et and percent n years cann accrued those a we participating the successful increased o ma participants tof statistical pro increased yand shown be Employee for 0. be the vof ide benefits 5as made the typically the portion in little b some y than cash old by available Table basis, 85.7, as and unless 10.1 17.1 out of as12, hi pension ymany meaningful, as raises w most who one-third equal levels differently. credits ear g oher, men's the will in of women to universe athan 72 level co which must w these set vest forty-five o vrking erage the percent should employment any be o£ o women, under less rate If f of questions granted patterns. of ultimate and they be or pension during than the and an participation particularl their more only age clearly late on four an .2 retirement about the _ plans work a twenty-one sta additional /in nondiscriminatory y full latter the flawed y pattern the ten ages, quarters interested data career potential years inc hale survey participation l0 o the me suggest inpercent has o then f relati of their security data in the effectiveness to vbasis e Social their that pension be current for 1970s. onnumber standard regular pr this to each which experience Securit ovided programs all job The situation additional y of weof and employees will is slowdown by recipients now these credits will of remarkably different that must likely some should and year be age in target were depend. similar will the vest 2of 5 or actuaries Again, predictpolicy that makers by 201must 0 when weigh the these baby bbenefits oom generati against on begins additional to retire a year or more and work at least half time are considered then fully one half lIKe.31 1957 43,615 2,659 40,956 6,074 17.4 1970 89.5 85.5 Dec.number 31 1956 of people 37,190 working or 2,308 looking 34,882 for work. A4,944 n alternative 16.5 way to look at Pensions 1975 are similar 89.8 to Social Security in that 90.4meaningful benefits Dec.Therefore 31 1955 Unionization sound 31,943 business of the judgment 2,005 workforce may 29,938 dictate alters trestrictions he1,769(I) process throu on 6.3gjob h which development the Retirement continue 61 others sustained working - 65 inwomen to PERCENT Income duration acquiring impro 3covered 5v.5% Security eOFfor WOMEN a in pension. by the benefits 11.8% a Act WI future. pension TH was SOCIAL to 11.2 being be was In meaningful. SECURITY the off implemented next 14.7% by 81 COVERED section percent In the26.8% this EARNINGS number ofif our regard he of testimony was DURING tax ittalking is we Nonparti would increase. one elderly shorter older benefits edited While 39.0, the and general option Age quarter person thbecome uin with and the sadjusted and Such c were vesting background ipants 10 to tare o36.8 DO /one returns made of pri most Lan recei particpants preferable. vresearch ate the percent. orultimate in v available to ing women more benefit defined to on include analysts. Percent 2.2 the pensions a years staff then result if pri Some emplo t They v ocontribution that all ate the what Without of and the analysts 19.9 The y benefits that argue ends age could service er pension pvarious options ublic before C of o help up Co ngress that be participation vhave hurting plans. who ered v the benefit. earned alued can set analysts 1.0 the a work suggested c ev combined oEarnings be the uld oduration luti atthe in pursued? o at context nless under impr aintended 16.4 least were fo policy ull at v othat e fof than contact Age the for reduced career. the 1,000 this Inthe $3,500, of beneficiaries U.S. the our 1.2 break stabilization situati con hours have process later to v pensi erting on the in analyzed o per nservice remarks. 24.2 by ofandof administrative those percentage stable. accruals earned to service. under the established current as young types Women The toward Under apoints. break-in-ser worker sur oand ERISA fwith vey this the prin funding ograms However, v standards but data latter stable ice 1979. latter : the gathered costs. part work defined Newly standard difference more year. anyway patterns ofqualified than inthe benefit .Inearly the two-thirds this working in Inbenefits will the other 19 and defined simulation 79 g value ain career. defined pr words, oof must vides little, contribution o£this we the always somewhere cDefined ontributi inf increase onl if o two rmati y o anything, be n. came accumulations obenefit n plans 50 between occurred up percent onin with from plans wone- o1982 rk 5 similar expansion that onlyproposals of lO percent the work in actually of force retired means enhancing wothat rker beneficiaries continued the pension pension protections will expansion have spof ouses women. should reported they had already vested in 1979. Another i0 percent knew they were Statement of* June 30 1955 30,046 1,877(2) 28,169(2) 3,290(2) 13.2 1977 1980 SELECTED 21 PERIODS 91.024 OF THEIR NO27 RMALWORKING 89.830 LIVES 66 - 70 42.9 Ii.3 8.2 11.2 26.6 differences in career patterns of older versus younger women is to compare June 30 1954 26,464 1,585 24,879 4,204 20.3 will be much Pensions smallerare at similar withdrawal. to SocialThe Security defined in contribution that meaningful accumulation benefits will qualified the after can look and The instructi seeking about defined entire only hiring Aat vailabilit 1965. participation the out benefit plans be vnation epractices yearned potential to potential Table has look plans by of regularly with 3increasing Pension at or that also implication measures, toolder 148 consistent defined could indicates percent Coverage grown women the inhibit policy contribution ofcost atand and if that these TABLES anhe sustained makers to of new annual female was consider our imjob prov talking should plans products rate em growth workers periods ents the a of n understand about dif intensity I0 and for ages shorter ofapercent coverage. decreasing employment pension women. twenty-five that vestin of orwere their g various better Looking our and will to June Filling compensation had 71 twent system 30 - y 1953 1.4 -one. 75Inf cmillion ou ormation For Finall clarifying ld package Reducing y be the 22,069 ,38.5 participants, traced highl defined-contribution Voids the dethe y velops. omobile 14.8 ver restricti 1,394 ERISA time. oand nsworker, As participation their 9.3 emplo 20,675 Long-term inplans the ydefined ee the defined 15.1 bargaining Tax which trends standard benefit 3,657 Act are contribution as o22.3 f agents, most to well 19 counterparts 76 age 21.5 pre as limiting twent vunions alent the plan y-one effects may qualified the nego in be t the in use iate of of ydo percent quarter equals the vested beha the this result ear.vthis iparticipation pro oinformation r vAccording the after in isions of to and Table The during higher a the duration one-half future greater ten I0 in thirt 19y to over pension 7shows y either ears rate 8 -fi potential ERISA's of ve million, extent and the during the of that S.19 participation tenure service, last pre-break tolegislati than in of or the or forty-fi two 1979 with the S.88 2their ve1970s vregardless years to e8 pension there service. the . 4defined rates histor indicates percent ythese current ear were y,s during yof old stem, data contribution If slightly of th the empl women that a ese the worker this are o then particpant's yer. standards the twenty-one with not more decade. hinges private returns counterparts. The available more than hist on were Also, age, than to oI.i pension to rical its for an selected million fi and current because ve must Reducing THE receivPROC ing ESS Pension a sp OF ouse ACQUIRING Participation benefit A PENSION ratherAges than to 21 their own entitlement. The increases in Other participating Potentialin Policy a pension Options but did not know whether they had vested yet. As Dallas L. Salisbury June 30 1952 18,289 1,271 17,018 2,347 16.0 31 76 to - 8035 41.9 46.1% 12.6 12.1 47.5% 13.3 53.3% 20.250.6% Age actualin work Percent patternso£ l_bmen of women Who of Worked different in Eachages Yearacross Betweeen common Agesperiods in their SOURCE: EBRI Tabulations of the May 1979 Current Population Survey. June 30 1951 15,899 1,125 Execut 14,671 ire Director 2,517(3) 20.7 offered before the firm was well established. TABLE 12 WOMEN 36 to AND 40 THE U.S. PENSION 48.3 SYSTEM53.0 53.5 52.8 (Table 1979 81 at res 1977 uor ltthat would 1). over insegment 21 mo This have r-e51.2 3 equitable pattern increased 0of the 31 female of 11.4 distrib the -expanded 40pension uworkforce tion 14.5 4 plan 1 participation of 50 for apension vailability 12.7 whom 50 pension -contributions 6rate 0 has 9.4 aaccruals m brought ong wo and m with en might more byit only competitiveness. wa last because: can participation. SOURCE: FORN_TING groups ge onl and year y of Efficient emplo be Coverage The Emplo these In had women (1) earned PENSION order y ultimate y 1.3 ee ers' newl data Among will This benefit million and data to ywith POLICY compensation fo hired be assess rcosts effecti older goal for consistent affected research tparticipants. v reade-offs WITH workers 1940-1970, of Americans women, theplans deli ma INFORMATION .costs purp differently. v g ery and have especially nitude o is ses. jobs, from The sustained include to high o The y fof produce U.S. generall retirement reducing VOIDS newly job the those wages The Bureau periods turnover potential ybenefits qualified early now tax and ad benefits of vretired, ocate revenues, o£ expenses part the rates; g that employment ains plans Census, of liberal and help the (2) under this for and havpre eyoung emplo analysis pension either v and alence yee preferred level pri cylical emplo y Spublic thirty-four only of twent vest system ears ov cial ate the yan y be -four of tenure erhas decline Security use. additional sector about variati maturity. The prior because stagnated. experienced year oproposals who The ns1.5 m to in data ay would DOL olds of birthrates the to be l0 and Aits m staff all 2.0 contributing break percent might ong oto According ha str wthe v uportability times ectural defined reduce is olargest lost get equalling ne toward for concerned t the oslightl ser the to benefit each changes trace more v value ice labor previous the yERISA characteristics. pre-break subsequent to end that the credits higher o£ plans force inparticipation the of the earnings research the since , elderl the participation defined benefits service which under ecyear y othe 1950s, 's nopatterns my by cover For the of data then benefit retirement standard under the on aservice. the current plan have smaller Employee two after rates oflong-term the accumulation out w participati been of orkers a lower proportion income increase age of minimum Benefit matched o three nstable over of at of duneworkers Table w 30 omen 1950w 1oin Reducing rking Summary the 13,899 otwenty-one utside the of Qualifications participation the to h ........ ome twenty-four will standards and comparably Terminations age group or increase adjusting who 1939-1982 had their break-in been pensi with 13 oservice n their claims. many as 60 percent of regular, nonagricultural workers who will retire in the Historical Statistics of the United States (Washington, D.C., 41 to 45 55.0 61.0 63.3 61.0 life cycle. There is not a perfect data set available to develop such a Table 1_/ Totals 2 Social may not Security sum exactl Covera y gbecause e and of Benefits roundin 1940-19 g error. 80 18 and June 30, 1949 12,865 711 12,154 896 8.0 PA_S OF BENEFIT ACCRUALSUNDER A HYPOTHETICAL DEFINED BENEFIT PENSION Firm size is also closely related TABLE 4to pension plan availability. 46 of 31 eactuall fficient to full-time - 3550y The be operation meaning£ul antidiscrimination employment 12.1% 63.1 of the the outside NA picture pensiopro nthe 61.9 vis system isions home NA even for inin better 65.1 extended pro the viding NA U.S. yet.periods tax retirement 63.2 As code thewas Senate andrelatively income theconcerns broader increasing p affected Research 1.4 participation workers securit withdrawal. all retirement, of and showed olicy these percent .cohorts funding y exposure that also In more than 1975], The bills Institute Great social Ma and health the shown. leFor change latter vthan y in the els we care 1979, to p. among work ,program plans. the statistics simulated pensions. twice 348.; c(EBRI) oof must Between life, jobs uld mid-age patterns empl men the expenditures. as Even be for frequently als ob disabilit more yy er othree many m 1970 the suggest. 1975 entrant .8 o According with be nit of pension reasonable ypercent. o current people, red. and standards older taken from ver and y benefits 1979 staying programs M U.S. women in to short man ERISA The ost both Those assessing explanations their Census yrequires defined-contribution Bureau implicati have were to men vesting and breaks-in-ser co who participation retirment v data and ered o little significantly vof arious ns would this the women schedules the 68.3 of 88 accuracy vspecial interest o ice .vest 2 other Census, fstable the percent in financial percent rate value each under benefits the different plans provison pension o pro finincreased v of of benefits of the isions o an pension fmarket the are the private age and than last not appr rules employer pri emplo twenty-five break-in-ser one participation o supplement the to f v oate priate the the y peri will year, ee, o work Social ds pension vice for One not on pre-plus policies the to f oorce athe fof result standards. Security year twent specified income participants the other rules. will ypost-break - w or omost o ne, in uld security more. hand, be data ,significantly We important tenures. be under This inare that enhanced the Of the 5service 8 provided represents o con age these percent ry, primar the velements inced Ctwenty- y omparing by greater will will cannot about y by better concern of fiabout that vaffect ebe Social the in one-half be ten pension considered athe u analysis tax made and res 0.7 is somewhat aSecurity deliberations qualified significant likely percent excluded with available million benefits , and under larger pre to v individual of agreement ifo rom were plans be usto all the to segment an of portion most pension private men w plan. pension adequate in othe rkand owomen. savings no£ of the This the , Table next five 3 SCivilian y ome ears analthen, ysts Laborcan loo Force king be expected Participation at current to receive pensi by onAge arecipienc pension 1950-1979 y based levelssimpl 24 amy ong byolder June 30, 1948 11,742 484 11,258(4) 1,888 20.1 FOR VARIOUS WORKI_RSWITH SPECIFIED AGES AT EMPLOYMENT AND Statistical Abstract of the United States 1981 (Washington, 51 36 to - 4055 10.1 79.4 NA 71.8 NA 68.9 NA 65.9 SOURCE: EBRI tabulations of Social Security administrative data matched to comparison but there is a good one. This data set includes survey data from Aug. Table 31, 1940 4 Older 9,370 Women and Social -- Security 9,370(4) Credits 1,584 1937-1977 20.3 26 Sylvester J. Schieber RETI_NT AT AGE 62 Dec. that 31, 1944 can be accrued 7,786OLDEwith R WOban lE-N - eratic IN 1977or 7,786(4) AND short YEARS tenure OF 5,839 SOCIAL in a job SE300.0 CURITY would be quite sector, 56 During 41 these rare. itself security. t -o4560 women with For 1979 unionized example, These average would pension 8.7 arguments non hav93.7 private of policy a egrwomen icul suffered t1 u7 r are issues .al sector 8% aged based credit 87.8 wage sixty-one it coverage ma on NA and losses ycertain want salary or was 79.7 due to over lowest, preconcei NA address empl to in breaks oyees. 1977 v726.1 ed5.1 thefewer inpercent, notions extremely Onl ser yvice than 60.0 and in half than serious percent firms had our cifour vparticipation, the twent olevel perquisites. variati inf today's and ilian ver m ormati sel yother -one o years, v the ns, es of on workers We younger benefits D.C., current sources thank annuit standard as pr ino fW lati v would ided 1982], yvestin hile meeting working oyou n job to of progra would most be for maintain g b economic p. yof and and m participation af age special s; the 326. compensation thirty-fi fected likel oother ther women. opportunity at ypreretirement security. vBeneficiary e withdrawal ec interests by provisions vest onoreducin mic Because to under standards devforty-f ices to The variati gindata orappear earnings current in older the o process ad our retirement, pro ns vERISA o were for cating vpension ide women today. year-old law. 1940-1960, o participating explicitly standards. n for immediate the that have participation acquiring And vWe ested financial women , particular already offer due from prohibit income participants This with in to aour U.S. pension health reached awill the standard or fi plan veaging more o or for facts. Further, operation workforce. plans; from participants. National analysts. because participation defined includes 45.0 This virtuall benefit service (5) March Commission the at toIt requires In the one part 63.8 makes rates H 1978 The -yyears ay accumulation time end year nothing percent. 1979 basic and during on no inf ofwaiting can oemployment difference Social rmati May 1982 there question be can othe n. 1979 In were credited can be were Securit period. 1979 1970s Current done be less is that that 11.1 this asare motivated yto differently than much Reform polic the million Population affect the age ymakers five Social asclass rapid was by 26 workers the years f percent for the actors growth included Security Surveys. pensions should participation availability old between other greater in and consider the data of employment 75women majority the than is percent than and ages and basicall is pension onuse under whether as vesting the of of were the ofy Table 600,000 their patterns participation women are vesting 5were gi Work v loo eswomen. king status on Experience an the f indicati orBetween in basis adjustment o19 n of 7of 9.86 Older oERISA's 8 f/or the toIn 87 Women pensi extent all percent standards. onlikelihood, to poof licy which both that breaks the sexes will further in were make servworking maturing ice 27 pensio may nsmore be of more Research Director Sept. 1, 1942 1,947 -- 1,947(4) 1,288 195.0 CREDITS EARNEDBETWEEN 1937 and 1977 46 - 50 Bureau 7.5of the Census, 18.0 Historical NA Statistics NA of the United States Table the Census 6 Women Bureau'sWho Did MarchNot 19Work 78 and May 1979 Current Population Surve28 ys that Note that the word "potentially" should be stressesd in this context. Dec. 31, 1939 659 -- 659(4) 549 -- with fewer than 2S workers. As the firm TABLE size 11 increased, coverage rates rose in of small. discrimination at of 51 assu problem 1979. tthe least -heir mptio 55bab n To of s nonuni The ten y understand informational boom abo aging years o3.5 n uagainst ,t counterparts the p of of ersonal the nu Social the women mber voids baby pension 13.7 beha who Security in were boom vthat ior the would status alo co desi now that v nearnings ered 29.1% e benefit gexist of n are .could and currentl nIn ot in administration fro credits account the m NA ythis foun age public ded retired critical during for twenty-one on sect another fact. workers of the oarea. r,pension prior 96 i0 .8 and percent forty why further to are benefits, A are geag generall nearing at e analytic twenty-one. (Washington, ypensions retirement, givservices en Percent offer a lu D.C., mvirtually p-su to potential ofm you 1975], Ultimate distribution. on nothing this p. deferred 357; Benefit or can related for income. In be Value 1970, m done anissues. yAccrued from Pension instances to affect Social We atentitlement join the the early Security End you employer career of in threshold baby SOURCE: twenty-one less occurring benefit simulation of considerations ppost-World likel it the plans olicies identical isdefined boom than yworth cbe oAs uld can EB of The be The assured ten women, under e and RWar results vIretirement be ad contribution usually substantially idenced nature Retirement demographic years oTabulations ;pted. twenty-four underst IIcurrent the (4baby-boom through )would old. oo to be bylargest d. inclusion The or spelled that the Equit law. plan. suggest. characteristics already of Among a debate increasing in recent defined generation matched Social yten the For Act out the ofyear oUnited retired. ver this S Howe highly in (S.19) oSecurity universe benefit to cial pension Sage relatively o ventered analysis the er, cial States. of Security cohort mobile, would 1978 What plan. the the Administrative of Security administration the tax workforce we change Current ver options, of straightforward Of y y ref oung Most work focused women qualified othese consistent rm and the and defined force, Population prthen, are in federal o 5.1 on treatment cess, data part-time burdens the defined w now million the ocan contribution year-to- men matched population. language empl shifting agreement Survey rapid ,be for aged of y oworkers ear yees pursued or such rise which in 46.4 into a a than Table ef good purposes. fective 1,000 information. 7 Women retirement hours Whilewith per ERISA Beyear. Social cause incdoes ome of Reducing Security security notinformation require the Covered for that ERISA wthe omen Earnings workers Commissioners participation in general. under age could One standard twent opti 29 all ony-five to agree that agebeon is ERISA and pension expansion will improve this situation even further. Credits Earned 56 - 60 Bulletin 0.9 (March 1981), 9.2 p. 73; 26.3 for 1975-80 NAfrom Social Security have Employment been matched 5 Years to Social 10 Years Security 15administrative Years 20 Years records.25 Years 13/ The30So Years cial 35 Years to For March the women 1978 and over May age 1979 seventy-six Current Population in 1977 half Surveys. had not worked after Of Table the 2.2 8 Pension millionStatus coveredofnonparticipants Workers Aged 21identified to 19 in 1979 in Table 8, 48.5 had been (1) Six month total CONCLUSION accruals for TENURE theseAND women. WORKPATTERNS OF WOMEN AGED 55 to 44 DURING1979 steadily. 61 - 65 Bulletin ForInNA aestablishments specific (March individual 1983), 8.4withp.more 105. embarking 23.7 than 1,000 on a26.8% employees, career, if 91.9 the lifetime percent of work your increase percent younger years will resultseffort arrange (see of in women from The Even Yet union the to Table mere for a these bring can the pension long-lasting members con 4). fact expect worker data vthe ersion participation that facts are and to whoreducing of fare emplo n89.9 o enters to t the made ybear quite ee-emplo percent distribution at pension rate available and differently y an erwe of oearl vernonunion y participati share ,relationship. the in into agearemainder the it o readily and an nmembers common isannuity staimportant ys standards usable of W were objective through orkforce this program, co fashi to v decade. to ered. the olook n. aof g but ewhole 5__ atA/ onThe work participation plans contribution plans. an maternit represents in the plan small inAge thefemale employer alignment baby nature patterns description. in "facts" do benefit Yet ynot boomers' labor and of apension it plans have that recent isAge of is gain. the paternit isforce an women getting mothers clear a should current in at u The essential tomatic example plans Increasing the participation yin rules that leave eN result v end owould these could situation. en neprovisions ofelderly and first s of for m the have aller. age create in 1 the 1982 regulations -5purposes creative significant step. Years ranges cost rates ,been men Chairman 5 substantial to 9 Bare y ofduring perent twenty-five convert In comparision who of use doing 5much -10 of the determining ha increases Greenspan o the v had fYears the e area more the business, added ,statistics. plan sufficient been 1970s, accumulated to olikely ,fnewly M administrative thirt repeatedly in pensi qualified oa which re pension and break as onto qualified than y-four tenure we must The the receive ref assets all in oin debate came rm meet service. some to the pension such make to aback last oan ver (2)to twenty-one percent Receiving othirt included is See ften improve publicly RRy101.-4 pr -f o were ive pas owomen's by a sed would Pension available participants to working Sexforty-five ishave pension toBenefit for reincreased and duce an under benefits was inemployer the 19the a7the vesting 9plan who basis in pension who the were itstandards for did does near working participation much notrequire term have of under in and our aMay that pension in analysis ERISA. rate 19 the years 79among future? and plan One of in 31indicated this reas service women as oshown n by this (3) 66 Increase 1937 - 70 from JuneNA 30,1977 1949 (see RR 101.4) 3.3 18.0 26.6 i0 Years the Security beginnin rec g ord of data 1960 pr when ovidesthe cpre overed valenceearnings of pensions and quarters and bego innin f cg overage trends on their current job less than one year, and 13.6 percent worked less than Table 9 Workers Aged 21 to 24 in 1979 Not Participating 32 (4) 28 month period, average 2,507 plans per year * The views expressed in this statement are those of workers _2 71 i =/75 were IFnile Labor Thiscovered. NA concern 0.I-0.2% itforce is emplo participation about Overall yers NA 0.4-0.6% the who public availability organize datasector 91.4-1.6% .indicates 6 and coverage and sponsor 22 interpretation that .4.0% 3 rates women's pension arework 9.5% pl higher of anspension patterns the 2but 1.3% y do the data 46.6% meeting women's twenty-one stabilit a federal career nd e yarnings the ma Benefit lifetime standards y Certainly in would economic fare specific pattern , entitlement somewhat raise work pro better needs is vpatterns emplo ide ovk erall n differently of own communication yer a(vthe esting) Tenure road or pension and groups nation's assumed, map how With under is is for participation the and also y Current an workers, and acquiring the are important utilization growing inflation two changing. Employer retirees, plans the rates dramatically: determinant of sought and although by joint market and 1 after percent less and of the rates from whether benefits. survivor plans does of 6.3 are agreement magnit in plans annuity five pension the pensi expenses, vtwenty that testimon implementation c appreciate, esting ouple Table o plan nyears othey u have des oto Better than at f ay p w 8. o itself . o licy had high while years thirty uld of and given retirement. makes In Another their the been be communication 56 probabilit seffect, of o seldom pro ag metimes participation years m percent differences oERISA. U.S. vo iding female with re IRS 2.6 y likel pa although earlier employers The devel their ymillion s5 suffers y had counterparts, employees /suggests o pension more ped and if a been emplo cross to and information data utilization or typical less in more aqualified ytheir benefits 25.4 with ers this sampling the tthat he competitive than and same for oldes percent cash-out group labor insignificant exists twice that five that since in of way. and tforce ofto the joint were they could or editing were provisions women as with youngest 1972. Ftraditional more om rparticipation and already recei any made bene foreign effectively example, will years. system The people survivor fitv available age ebenefit in pension participating larger , accruals. competition gro sense. othese to ne For both uoptions rate pr improve p Senat obenefits, little women vide fsystem shows plans omen r There owas r The and our who inthe are in in Table 1.4 participation beyond Up to to the percent l0501 age point One Workers hours twenty-two inin thing rates. 1979. the of Agthat service ed early It are For 21we would to example deliberations to often that 2be 4have inwould counted overlook in 1979 increased 1980, be-for that creditable Short when one vesting until the considering quarter Service rate the purposes, toamong the Commissioners of the the individual men total regardless effectiveness by 0.8 labor could if of such force aof option often seems attractive is that many people confuse the stability of the the authors and do not necessarily reflect the views difference declined to less than four times in 1950 and then gradually moved Work 721-2 6 -5Patterns 80 NA 61-65 5-9 Years 19.9 NA 10-14 18.2 Years 7.1 15 20.2 14.4 or More Years 47.5 credited for each of the years 1937 through 1977. Each person's age in 1977 *Does toward not include vestin plans g covering and early self-e_nployed retirement individuals began (Keogh to make Act plans). them effective retirement 1,000 hours Participants per year. Among the women between the ages of twenty-one 33 and 32 o0.4-0.7 f the Employee2.0-2.7 Benefit Research 6.6-7.6 Institute, 18.6-18.9its 44.4 100.0 - on 26-30 often are return is average, central shifting criticized are kno to then 66-70 significantly; wEBRI's n women. because or assumed charter These it 27.7is the then and differences feared younger goes a defined 16.8 the beyond cohorts accumulated in contrib the theof udeliberations tion pension 11.8 women funds plan are experiences are more can 43.7 on often belikely any designed of not bills men to used now fortunate percent not wo same U.S. n pensions leave annual options The oted men mean process ,pattern interests were oof n in files can that Among in March are all each not the of improve is appropriate o pri there f older of as 24, acquiring taken vmost reflected ate these the well 1985, will the efficient, women would sector last data asretirement be regarding a compensation ,the -- four be pension oa those nworkers larger commensurate world counted a effective y timely ears. now becomes the income employers markets. inretired as vehicles basis. issues 1965, The hours and security ,increase complicated, basic equitable to provide bef the and, of They o19.S re question service pre of in thus, devel v ypercent alence ohigher older the umanner o however ped to whether for day ultimate that women. :coverage. in ,of purposes apossible. polic public 1974, f"In when ull-time emplo y receipt While fact, y these and m ers use of Pension akers the o fof ile nly public extent this is designed Congress around from Worked strong country the analysis. of Every 35also break-in-ser towo epercent. vidence m provide en's today Year decided We vice changing is that prIn identical ovide quite that other 90.3% thesework pro emplo tw young words, v oplans isions benefits. yexamples pa erst but terns do within could : it in not 82.8% in is Under S.19. report exclude one poised onlygeneration theone themsel to from defined generation. make 74 ves participation .3% the abenefit major aslabor payAmong ing contribution plan,which force those the percent. Table aagree was retirement had pension understanding planbeen below 11 on but might plan's with the Tenure the had programs facts help. ERISA of their not act and private uyet of alemployer age is Note, Work particpation the vtheir ested. 25pension Patterns present however, pension relative prior Slightly polic dilemma of participation to standard. that Women yage state has more the twent that Aged of been prevalence than maturit it y-two, 35 standard. collected would 1.1 to yonly million 44 .of beAlife years at impossible retirement Bypublic or 1990 insurance a10. fter 5 only expense to program percent their aboutit benefit formula in the common defined benefit plan with the actual pattern of SOURCE: Charles D. Spencer Associates for 1930 to 1975, EBRI tabulations of IRS data for 1976 Trustees, members, or other staff. 1 Missed can 31-3 / S be 5 ylvester 1 determined Year71-7 J. Schieber 5from the 6.1 28.0 and file.Patricia The21.3 file M.9.0 Ge cor ontains ge, Retirement 10.9 records 15.3 oInco n39.9 rou me ghly 15,000 toward and reached equality in the mid-1970s. It took Social Security about to 198 vehicles. 2. Even among those women between age sixty-one and seventy in 1977 twenty-four, 4/ Sylvester During asJ.seen 1979 Schieber, in Table Social 9, aSecurit slightly y: smaller Perspectives portion, on46.7 Preserving percent, 37 thehad and should 36-40 42 women consider have76-80 2.3-3.8 created is whether some 29.6 10.6-14.2 itconcern is worthabout 18.9 35.8-40.0 substantially the equitable I00.0 13.7 increasing treatment 37.8 pension - of pensions - - 27.1 work Missed before percent than 2the Years their Senate. in 1979. counterparts The As 1.8 problem many in as older that 60 percent we cohorts 4.4 are ofconcerned and regular within about nonagricultural 0.0 eachisage that cohort polic workers women y is Upportunities pension Table protection retire will offer SOURCE: for workers standardized information that mretirement ent would link 1 pension 2benefits who EBRI Patterns benefits benefits is pro are on plan v in a co tabulation ide income current vdesirable within erage. or anrules of to aA_in_ benefit n in Benefit securit final identical m fi utilization v an are e of Three A ygoal merica le instances salary years Social applied y vAccrual els, but purposes. emplo :accumulatio of Securit it in rates yhowe Coverage er across normal because -is most v Defined y characteristics er. not n ofThere instances, aadministrative retirement joint and diverse the by ERISA theBenefit yis the Benefi primary and pro virtually already date v work tide the survivor age affecting Enti employer of benefit force when lump data pro tretirement lement no ,vides options su extent f matched irst a m 41 goal. this iscommon that not employed. data is as totied years Young any women had employment to S-- determining o 21 is f ystem the percent not the already oaged retirement and 19 (Washington, ERI 7Vesting A 7Soutside fifty-six will subsequent A ovested fplan if requires wa onot men break ylevels ear income the inD.C.: be are to their simulation rep extensi home in generall sixty do c o security o rts vservice ered not The ve for current in which change Employee yextended by data 19 that available of has 77 pensi employer's we the ,twe oquickly occurred. o93.7 have n be elderly periods Benefit ranplans to filed percent ucomputed sed the in plan. was in Research c extensively response In with opension mpared had coming other relati That periods the no vely to words, tpolicy Institute, g o years. covered leaves overnment plan 49 fo of r rare. percent nonwork anal S.19 analytic about creation earnings y 1982) atwould sis For o 2.2 afoveror pp. becomes disc participation 19 twenty-second percent uss coverage mature reasonable The willtotal of birthdays when beamong women number below polic thepension in were yrelationship age of the options. new 25. considered. prime participants pension Thechild And between aging before participants bearing Furthermore, may ofthe the the make percentage ages baby Commission this that nearly only boom awould smaller of women alone doubled. began workers have who could problem their resulted hadeasily been bene Changing fit accrual Break-In-Service or value of Provisions benefits under these plans. Missed (Washin 41 48-4or 9. o gtv 3 oer n, Years D.C 81 .o:r oThe ver E 0.6 m33.0 ployee Benefit 15.92.7 Research Ins 13.9 titute,2.0 1981), 37.2 p. 56. w only thirty-five omenabout between March one years the in 1978 four until ages and had ofbeneficiaries May 15 worked 1979 and Current 99 after inmade 19 the 7 Population 9.up passa a Frg osegment e m the of Surveys. ERISA. age of the in May In retired short, of 1979until it is been in their job less than one year. A slightly larger portion of the women 53 22.1-26.6 i00.0 ..... who 2on distributions. ad Missed firms are / mretire inistration the Ibid., more and basis 4 Years likely insmall p. the of 39. burdens 11sex. firms to next / havfiproduce Before ev in eearnings 1.2 order years turning jobs to will onincrease and ato recei regular wages. explicit v-- e pension abasis Considering pension proposals as participation they based 6.6 aimed their age. uponfinancial atAs btheir ydealing these .7 that consideration scanty specificallows theAs defined general aanalysts result are benefit firm impression of toage, evaluate the plan. growing firm is Few the size, thata of vactual ailability many and us kwidows n industr utilization ow all y ofare of pension classification. being theoftwists asset plans left accumulation and in an old increasing Further turns age our of when example purp the permit men." to comm characteristic ser o the ses. specified uvthey nity. ,ice Yet up lifetime private As ifwere to beyond N the one The a oone tenure supplement stwenty-one. u May shared sect bsequent considers Congress investment yaear og r19 e 7 for 9 twenty-two by of cost Current could the most childbirth to ann women experience o uBy reducing fal sample employers. appr comparision, improve aged P files are oo pulati ximately of related to sixty-one the oare of nwomen this bethe ERISA yet counted Sur the situation leave $100 we retirement ve available y or pension cohort were milli over with cfor onducted oanal nb vof participation in yno estin yportfolios. tzing. oclarifying per women 1977 break g the by,year. purposes, public the twen fewer in Here Bureau service tthe Since y- Under age we than nf oive r found o dhalf o fthe es i£ milli account with shifts serious 5/the onSee their participation in workers than Schieber and forwork employer difficult ait 10force or seems. and percent 19.9 for age patterns George, deliberations percent This fhad ive increase been benefit Retirement or because of more reduced in theon also the years of twenty-one the Income pension the to affects polic were age time Opportunities yincluded twenty-one participation the to involved options twenty-four relevance in the in in the in yvesting. 1979 did rate of an anal yearpre- Aging agree would oyvsis. er oldsDuring on have the participating To shostabalizes w the difference over time we relative simulated to a hthe ypothetical percentage planof the that provided 7/ I'/b-iH. Missed NA - Not5 available Years 0.0 1.1 1.9 14.6 America, 12 population / percent U.S.Chapter Bureau that worked was 3. ofless comparable the Census, than 1,000 toHistorical the hours segment per Statistics year. of the workforce of the United that was States very recently older women have not worked outside the home for sufficient consistent trends continue to evolve the changing role of women in the with constraints, this concern it maywenot first be provide realisticanoranalytical wise to expect explanation them to foralso theprovide phenomenon vesting had without S the in facts. careers share OURC defined at unionization E of status :least benefits. will E the BRI contribution work ten take, in Tabulations 1979. ystatus ears force howe The of v prevalence As er, of plans. is Social of the participating the as Social pension emplo we The Security of embark yee's Ma Security life ysystem 1985 upon in workforce earnings insurance atCurrent administsrative matures them. least credits also coverage Population one For it is pension affects the between becoming data sake among Survey the program matched of pension 1957 emplo being and other yer's to years re -(Washington, percent. standard occurring that 13 defined restrictions the IRS g/ardless ha Census 14 F vyounger, o erthis percent contribution any a it Inif of f m o has order o und isD.C.: re funding the in ahad a pension had detailed also the emplo that tax toonly yTax U.S. ears been clarify plan tded oy 52ee plans's 46.1 uAct implement ctible Government percent descripti in returns the proposed of perent which this positive o1976 actual nbusiness oprocess fto the the that with Printing all limiting work. y ofoparticipation aspects ng had w the these no oo ing expense we rking covered no The break-in Office, the begin data statistical earnings of w Economic use oit unexpectedly men see our eals standard. a1975) service of rnings. were oSylvester analysis during these Equit reduces prp. co ogram vered. rules data 132. yWhile their high Amon with Act J. federal the be for Schieber, g rates (S.888) ythe And, tenure the some research tax am o£on ong working 1960, 1.5 percent for for retirement This example, an ofparticular employer final-three- death only ywith 3.3 ear-average benefits: agepercent agroup pensionoif of f women emplo private insalar which yywas ers fsector o they chosen rare each were required workers because year not oto yet were £they credited pay participating vested; were death stoward ource this been less than 1 million. By comparision, there were I.I million participants contributing SOURCE: March Computed to1978 thebyprogram. and theMay author; 1979 Current see textPopulation for assumptions. Surveys. SOURCE: 14/ Bureau EBRI of tabulations National Affairs, of SocialBNA Security Pension administrative Reporter, Vo. 607 data (April matched 4, to 1985) periods 9 ll S 6//o---cial / Schieber, Ibid. Schieber, Securit ,during p.y: Social 49. Social theirPers Securit normal pectives Securit y y:working Perspectives onPers Preserving a pecti ges,ves nor on the Preserving on consistently Preserving System, the pp.enou the System, 289o291. gh System, toward p. 55. p. the 56. 7/ Ibid., pp. 59-61. itself. return accrue to the individual -- but so do the adverse effects of market pension workforce definition decision p. discussio 607. n,coverage tois ofhowever, offer exposing fourwitho a terms pension let uthem t added u that sto program. assume the are taxpension crucial incentives that wesystem todesign understanding andto some oura much two relaxation plans greater the pension toof pro degree existing vide issues than I0 defined w conducted goes their participants than devel /omen o Ibid., ped. somewhat Social current between re benefit v benues tarch by p.Securit as the 52, job. the further 1978 plan part by yCensus .56. ages milli This and sponsors, ofthan oThe o ns May faBureau means diversified twenty-fi S.19 Ma 1979 oy f once and that 1979 doin vllars. Current e jointl that a the Current worker benefits and ser it Population y Yet, v sixty-f ice would sponsored Population reaches this opackage ur credits deem gSurveys. o aby ld in gthe emay Sur wage EBRI that mine twenty-fi vemplo ey make S.888 and and of(CPS) y vee e, the data salar the would on pro y low Department has approved vides rates not who modified. purposes. rose the could end only benefits ofpotentially 3Under their percentage the childbearing ERISA y may benefit points a break reduce from years through inthe service theand life 1965. reduced their insurance occurs During recorded participation whenthe the aytenure plan late provide. pro participant 1960s would visions.private have has fallen Of no in 8 payable / defined I-_-d.,at contribution p. age 44. sixty-two plans for anewly set oqualified f hypothetical duringwo1979. rkers with There difwere ferentanother i/ Assumes service credits from age twenty-two. earlier cohorts of women. The expansion of the pension system itself is going we take up here. retroactive service credits are granted under the plan. They often are not EMPLOYEE BENEFIT RESEARCH INSTITUTE 1920N Street, NW'Suite 520 Washington, DC 200_,6,Telephone(202) 659.0070

Volume T-15

Pages 50

EBRI Testimony

June 20 and 21, 1983

Sylvester Schieber

Dallas Salisbury

Financial Wellbeing Retirement