The Motivations for Business Retirement Policies
The Motivations for Business Retirement Policies
This chapter examines the motivations of firms in designing pension plans, and why these motivations have resulted in plans that have the effect of encouraging early retirement. The study is based on the experience of twenty large U.S. corporations. In particular, the analysis draws on a series of discussions about policy history and objectives with executives at each company, and a review of internal business documents relating to the design of the policies. The analysis identifies a number of objectives and motivations for the design of business retirement policies, including, in some cases, the desire for older workers to retire. In most cases, however, retirement incentives were either unintentional or secondary to the policy's central motivation. In general, the companies were much more concerned with providing competitive retirement policies (policies similar in structure and in value to those of their competitors in the labor market), and policies that adequately provided for the well-being of their retirees.
Keywords: pension plans, early retirement, business retirement policies
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