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Author: Steinmeier, Thomas L.

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1.	Gustman, Alan L. Steinmeier, Thomas L.
1.	Employer Provided Pension Data in the NLS Mature Women's Survey and in the Health and Retirement Study Working Paper, Dartmouth College/NBER and Texas Tech University, October 1998 Cohort(s): Mature Women Publisher: National Bureau of Economic Research (NBER) Keyword(s): Age and Ageing; Benefits; Job Tenure; Pensions; Retirement/Retirement Planning; Social Security This study calculates the value and incentives from pensions held by respondents to the National Longitudinal Survey of Mature Women (NLS-MOO) and compares those outcomes to values calculated from the Health and Retirement Study (HRS). All estimates of pension values are based on employer provided pension data. The study also provides analytical tools for researchers to examine pensions in NLS-MOO study. These tools will be especially useful to those who are not pension experts. A pension plan may have a very simple structure. For example, a basic defined contribution (DC) pension may take the form of an account, such as a 401(k) plan, in which the individual's entitlement depends on the amount deposited and on accumulated returns. Or a pension may be an extremely complicated arrangement, such as a complex defined benefit (DB) plan providing benefits based on a formula, where benefits depend nonlinearly on earnings history, time on the job, including not just tenure, but the exact dates of employment, age and tenure at retirement and/or at benefit acceptance, social security entitlement, age relative to social security retirement age, changes in CPI since retirement, and on a number of other factors. Pensions are quite important, both as a source of total wealth and as a major influence on retirement behavior. On average, pensions account for about a quarter of wealth for households near retirement age, and more for those with higher lifetime incomes (Gustman and Steinmeier, forthcoming b). Some pensions, especially certain defined benefit plans offering special benefits to those who retire early, create incentives that greatly influence retirement behavior.'
	Bibliography Citation Gustman, Alan L. and Thomas L. Steinmeier. "Employer Provided Pension Data in the NLS Mature Women's Survey and in the Health and Retirement Study." Working Paper, Dartmouth College/NBER and Texas Tech University, October 1998.

2.	Gustman, Alan L. Steinmeier, Thomas L.
2.	Employer Provided Pension Data in the NLS Mature Women's Survey and in the Health and Retirement Study NBER Working Paper No. 7174, National Bureau of Economic Research, June 1999. Also: http://www.nber.org/papers/w7174 Cohort(s): Mature Women Publisher: National Bureau of Economic Research (NBER) Keyword(s): Pensions; Retirement/Retirement Planning; Wealth We compute pension wealth from employer provided pension plan descriptions matched to respondent surveys to the National Longitudinal Survey of Mature Women (NLS-MW) and the Health and Retirement Study (HRS). These calculations provide detailed information on the level and distribution of pension wealth and a variety of incentives from pensions. Differences between the pensions of men and women are largely explained by differences in earnings. However, there also are differences in the shapes of the pension accrual profiles of defined benefit plans that are likely to reflect the lower tenure of women. Pension coverage is lower in the NLS-MW than in the HRS. As a result, pension wealth is lower in the NLS-MW than in the HRS. But the difference in coverage is not due to the effects of pension matching. Pension values for covered respondents are similar between the NLS-MW and HRS surveys. Systematic differences between the surveys in the rate at which pensions were matched do not have a major effect on findings as to the levels and distributions of pension wealth between the surveys.
	Bibliography Citation Gustman, Alan L. and Thomas L. Steinmeier. "Employer Provided Pension Data in the NLS Mature Women's Survey and in the Health and Retirement Study." NBER Working Paper No. 7174, National Bureau of Economic Research, June 1999.

3.	Gustman, Alan L. Steinmeier, Thomas L.
3.	Employer Provided Pension Data in the NLS Mature Women's Survey and in the Health and Retirement Study Research in Labor Economics 19 (2000): 215-252 Cohort(s): Mature Women Publisher: Elsevier Keyword(s): Benefits; Health Factors; Pensions; Physical Characteristics; Retirement/Retirement Planning; Wealth We compute pension wealth from employer provided pension plan descriptions matched to respondent surveys to the National Longitudinal Survey of Mature Women (NLS-MW) and the Health and Retirement Study (HRS). These calculations provide detailed information on the level and distribution of pension wealth and a variety of incentives from pensions. Differences between the pensions of men and women are largely explained by differences in earnings. However, there also are differences in the shapes of the pension accrual profiles of defined benefit plans that are likely to reflect the lower tenure of women. Pension coverage is lower in the NLS-MW than in the HRS. As a result, pension wealth is lower in the NLS-MW than in the HRS. But the difference in coverage is not due to the effects of pension matching. Pension values for covered respondents are similar between the NLS-MW and HRS surveys. Systematic differences between the surveys in the rate at which pensions were matched do not have a major effect on findings as to the levels and distributions of pension wealth between the surveys.
	Bibliography Citation Gustman, Alan L. and Thomas L. Steinmeier. "Employer Provided Pension Data in the NLS Mature Women's Survey and in the Health and Retirement Study." Research in Labor Economics 19 (2000): 215-252.

4.	Gustman, Alan L. Steinmeier, Thomas L.
4.	Employer Provided Pension Data in the NLS Mature Women's Survey and in the Health and Retirement Study In: Worker Well-Being, Research in Labor Economics, Volume 19. S.W. Polachek, ed. New York, NY: JAI Press, 2000: pp. 215-252 Cohort(s): Mature Women Publisher: JAI Press, Inc. Keyword(s): Benefits; Gender Differences; Health/Health Status/SF-12 Scale; Pensions; Retirement/Retirement Planning; Wealth Compared pension wealth and accruals created by employer-provided pension plans between men and women and between respondents of 2 national surveys. The National Longitudinal Survey of Mature Women (NLS-MW) is a panel study of women who were aged 30-44 in 1967. The Health and Retirement Study (HRS) is a panel study of households with at least one member who was aged 51-61 in 1992. Thus, both surveys include populations that have recently retired, or are about to. Detailed pension plan descriptions were collected from employers in both studies. These data suggest that men hold pensions that are much more valuable than the pensions held by women and that these differences are largely explained by differences in earnings. Benefit earnings ratios were actually higher for women than men, reflecting the longer life expectancy of women. Women's pensions increased in value more rapidly than men's, because women had lower tenure. Pension values for covered respondents were similar between the 2 surveys; however, pension accrual profiles differed. Among all the differences between the surveys, the most important difference is that pension coverage was lower in the NLS-MW than in the HRS. As a result, pension wealth was lower in the NLS-MW. (AR) (AgeLine Database, copyright 2002 AARP, all rights reserved)
	Bibliography Citation Gustman, Alan L. and Thomas L. Steinmeier. "Employer Provided Pension Data in the NLS Mature Women's Survey and in the Health and Retirement Study" In: Worker Well-Being, Research in Labor Economics, Volume 19. S.W. Polachek, ed. New York, NY: JAI Press, 2000: pp. 215-252

5.	Gustman, Alan L. Steinmeier, Thomas L.
5.	Retirement in a Family Context: A Structural Model for Husbands and Wives NLS Discussion Paper No. 94-17, Washington DC: U.S. Bureau of Labor Statistics, January 1994. Also: NBER Working Paper No. 4629, National Bureau of Economic Research, January 1994. Cohort(s): Mature Women Publisher: U.S. Department of Labor Keyword(s): Husbands; Modeling; Retirement/Retirement Planning; Wives This paper specifies and estimates a structural model of the retirement decisions of husbands and wives. The feature of the data that is of central interest to us is the tendency of husbands and wives to retire together. An econometric approach is developed for estimating preferences of both spouses jointly and is implemented using data from the National Longitudinal Survey of Mature Women (NLS), a survey that provides the most recent data available for a joint retirement study. Alternative specifications of joint decision making are tested, and the importance of various sources of interdependence in decision making are investigated. See also: http://nberws.nber.org/papers/W4629
	Bibliography Citation Gustman, Alan L. and Thomas L. Steinmeier. "Retirement in a Family Context: A Structural Model for Husbands and Wives." NLS Discussion Paper No. 94-17, Washington DC: U.S. Bureau of Labor Statistics, January 1994.

6.	Gustman, Alan L. Steinmeier, Thomas L.
6.	Retirement in Dual-Career Families: A Structural Model Journal of Labor Economics 18,3 (July 2000): 503-545. Also: http://www.jstor.org/stable/10.1086/209968 Cohort(s): Mature Women Publisher: University of Chicago Press Keyword(s): Age and Ageing; Career Patterns; Husbands; Leisure; Retirement/Retirement Planning; Wives A structural econometric model of retirement of dual-career couples is specified and estimated with panel data from the National Longitudinal Survey of Mature Women. A coincidence of spouses retiring together, despite the younger ages of wives, suggests explicit efforts at coordination. The estimates suggest that one reason is a correlation of tastes for leisure. More important, each spouse, and perhaps husbands in particular, values retirement more once their spouse has retired. The opportunity set accounts for peaks in the retirement hazards of each spouse individually but not for peaks in the simultaneous retirement of both spouses.
	Bibliography Citation Gustman, Alan L. and Thomas L. Steinmeier. "Retirement in Dual-Career Families: A Structural Model." Journal of Labor Economics 18,3 (July 2000): 503-545.

7.	Gustman, Alan L. Steinmeier, Thomas L.
7.	Retirement in Dual-Career Families: Estimates Using Firm-Reported Pensions Working Paper, Dartmouth College and NBER, and Texas Tech University, June 1998 Cohort(s): Mature Women Publisher: National Bureau of Economic Research (NBER) Keyword(s): Dual-Career Families; Pensions; Retirement/Retirement Planning This paper expands on a previous effort to construct and estimate a model applicable to a family where both the husband and wife are making retirement decisions. The paper uses a more refined model and additional data to characterize the economic retirement incentives better. It investigates three potential channels which might generate the elevated level of instances in which the spouses retire at around the same time. The conclusion is that joint retirement occurs primarily because husbands find retirement considerably more attractive when the wives are also retired.
	Bibliography Citation Gustman, Alan L. and Thomas L. Steinmeier. "Retirement in Dual-Career Families: Estimates Using Firm-Reported Pensions." Working Paper, Dartmouth College and NBER, and Texas Tech University, June 1998.

8.	Gustman, Alan L. Steinmeier, Thomas L.
8.	Social Security, Pensions, and Retirement Behavior Within the Family NBER Working Paper No. 8772, National Bureau of Economic Research, February 2002 Cohort(s): Mature Women Publisher: National Bureau of Economic Research (NBER) Keyword(s): Life Cycle Research; Retirement/Retirement Planning; Social Security This paper estimates a structural model of family retirement using U.S. data from the Health and Retirement Study (HRS) and from the National Longitudinal Survey of Mature Women. Estimates using the HRS benefit from having, for each spouse, earnings histories provided by the respondent and the Social Security Administration, and employer provided pension plan descriptions. We find that a measure of how much each spouse values being able to spend time in retirement with the other accounts for a good portion of the apparent interdependence of the retirement decisions of husbands and wives. When we include this measure, the simulations almost double the frequency of predicted joint retirements. Once estimated, we use the model to investigate the labor supply effects of alternative social security policies, examining the effect of dividing credit for earnings evenly between spouses, or of basing social security benefits on the amounts accumulated in private accounts. Both policies change the relative importance of spouse and survivor social security benefits within the household and both raise the relative reward to work later in the life cycle. The incentives created are modest, and retirement responds accordingly. Nevertheless, at some ages, such as 65, there may be as much as a 6 percent increase in the old age work force under privatized accounts.
	Bibliography Citation Gustman, Alan L. and Thomas L. Steinmeier. "Social Security, Pensions, and Retirement Behavior Within the Family." NBER Working Paper No. 8772, National Bureau of Economic Research, February 2002.

9.	Gustman, Alan L. Steinmeier, Thomas L.
9.	The Relation Between Vocational Training in High School and Economic Outcomes Industrial and Labor Relations Review 36,1 (October 1982): 73-87. Also: http://www.jstor.org/stable/2522294 Cohort(s): Young Men Publisher: New York State School of Industrial and Labor Relations, Cornell University Keyword(s): Earnings; Educational Returns; High School Completion/Graduates; NLS of H.S. Class of 1972; Vocational Training This paper examines the relationships between various economic outcomes and vocational training in high school for those who have completed exactly twelve years of schooling. The authors attempt to determine whether the findings remain robust when different surveys and time periods of analysis, different measures of the quality and kind of vocational training, and other variations in specifications are used. Using some samples with particular specifications, the authors find evidence of positive returns to vocational schooling. For white females enrolled in business programs the evidence is strongest. For white males the evidence is much weaker, but the authors do find that trade and industry courses may have a positive influence on subsequent yearly earnings. Sample sizes for minorities are small, and so the findings for them remain unclear. Within specific sex and race groups the findings vary, sometimes widely, depending on the samples, time periods, and dependent variables used and on the specification of the estimating equation.
	Bibliography Citation Gustman, Alan L. and Thomas L. Steinmeier. "The Relation Between Vocational Training in High School and Economic Outcomes." Industrial and Labor Relations Review 36,1 (October 1982): 73-87.

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