Skip to main content

Main menu

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JOR
    • Editorial Board
    • Published Ahead of Print (PAP)
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

User menu

  • Sample our Content
  • Request a Demo
  • Log in

Search

  • ADVANCED SEARCH: Discover more content by journal, author or time frame
The Journal of Retirement
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • Sample our Content
  • Request a Demo
  • Log in
The Journal of Retirement

The Journal of Retirement

ADVANCED SEARCH: Discover more content by journal, author or time frame

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JOR
    • Editorial Board
    • Published Ahead of Print (PAP)
  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

Annuity Options in Public Pension Plans: The Curious Case of Social Security Leveling

Robert L. Clark, Robert G. Hammond, Melinda Sandler Morrill and David Vanderweide
The Journal of Retirement Summer 2018, 6 (1) 33-44; DOI: https://doi.org/10.3905/jor.2018.6.1.033
Robert L. Clark
is the Stephen Zelnak Professor of Economics and Management, Innovation, and Entrepreneurship at North Carolina State University’s Poole College of Management in Raleigh, NC
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
Robert G. Hammond
is an associate professor of economics at North Carolina State University’s Poole College of Management in Raleigh, NC
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
Melinda Sandler Morrill
is an associate professor of economics at North Carolina State University’s Poole College of Management in Raleigh, NC
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
David Vanderweide
is a fiscal analyst for the North Carolina General Assembly’s Fiscal Research Division in Raleigh, NC
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • Article
  • Info & Metrics
  • PDF (Subscribers Only)
Loading

Click to login and read the full article.

Don’t have access? Click here to request a demo 

Alternatively, Call a member of the team to discuss membership options
US and Overseas: +1 646-931-9045
UK: 0207 139 1600

Abstract

Social Security Leveling is an annuity option that allows defined benefit pension participants to receive a level income throughout retirement by taking a larger pension benefit before they reach Social Security eligibility. This option can enable retirees to access a greater proportion of their employer pension wealth at younger ages and have a smoother income stream in retirement, at the cost of a lower pension payment during later retirement years. To evaluate the desirability of this option, a retiree must consider pricing, anticipated life expectancy, and income needs throughout retirement. We show that plan design features of this annuity option favor those who expect a shorter-than-average period of retirement and who have higher personal discount rates. This study uses detailed administrative records on all North Carolina state and local government retirees from 2009 through 2014. Among individuals claiming retirement benefits before age 62, over 20% chose the Social Security Leveling annuity option. Using multivariate regression analysis, this study finds evidence that North Carolina public sector retirees choose the Social Security Leveling option in a manner that is consistent with predictions.

TOPICS: Retirement, legal/regulatory/public policy

  • © 2018 Pageant Media Ltd
View Full Text

Don’t have access? Click here to request a demo

Alternatively, Call a member of the team to discuss membership options

US and Overseas: +1 646-931-9045

UK: 0207 139 1600

Log in using your username and password

Forgot your user name or password?
PreviousNext
Back to top

Explore our content to discover more relevant research

  • By topic
  • Across journals
  • From the experts
  • Monthly highlights
  • Special collections

In this issue

The Journal of Retirement: 6 (1)
The Journal of Retirement
Vol. 6, Issue 1
Summer 2018
  • Table of Contents
  • Index by author
  • Complete Issue (PDF)
Print
Download PDF
Article Alerts
Sign In to Email Alerts with your Email Address
Email Article

Thank you for your interest in spreading the word on The Journal of Retirement.

NOTE: We only request your email address so that the person you are recommending the page to knows that you wanted them to see it, and that it is not junk mail. We do not capture any email address.

Enter multiple addresses on separate lines or separate them with commas.
Annuity Options in Public Pension Plans: The Curious Case of Social Security Leveling
(Your Name) has sent you a message from The Journal of Retirement
(Your Name) thought you would like to see the The Journal of Retirement web site.
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Citation Tools
Annuity Options in Public Pension Plans: The Curious Case of Social Security Leveling
Robert L. Clark, Robert G. Hammond, Melinda Sandler Morrill, David Vanderweide
The Journal of Retirement Jul 2018, 6 (1) 33-44; DOI: 10.3905/jor.2018.6.1.033

Citation Manager Formats

  • BibTeX
  • Bookends
  • EasyBib
  • EndNote (tagged)
  • EndNote 8 (xml)
  • Medlars
  • Mendeley
  • Papers
  • RefWorks Tagged
  • Ref Manager
  • RIS
  • Zotero
Save To My Folders
Share
Annuity Options in Public Pension Plans: The Curious Case of Social Security Leveling
Robert L. Clark, Robert G. Hammond, Melinda Sandler Morrill, David Vanderweide
The Journal of Retirement Jul 2018, 6 (1) 33-44; DOI: 10.3905/jor.2018.6.1.033
del.icio.us logo Digg logo Reddit logo Twitter logo Facebook logo Google logo LinkedIn logo Mendeley logo
Tweet Widget Facebook Like LinkedIn logo

Jump to section

  • Article
    • Abstract
    • BACKGROUND ON SOCIAL SECURITY LEVELING AND PUBLIC SECTOR ANNUITY OPTIONS
    • CALCULATING THE SOCIAL SECURITY LEVELING BENEFIT
    • THE RELATIVE VALUE OF SOCIAL SECURITY LEVELING
    • REGRESSION ANALYSIS OF SELECTION OF THE SOCIAL SECURITY LEVELING OPTION
    • WHO CHOOSES SOCIAL SECURITY LEVELING?
    • CONCLUSIONS
    • ACKNOWLEDGMENTS
    • ENDNOTES
    • REFERENCES
  • Info & Metrics
  • PDF (Subscribers Only)
  • PDF (Subscribers Only)

Similar Articles

Cited By...

  • No citing articles found.
  • Google Scholar
LONDON
One London Wall, London, EC2Y 5EA
United Kingdom
+44 207 139 1600
 
NEW YORK
41 Madison Avenue, New York, NY 10010
USA
+1 646 931 9045
pm-research@pageantmedia.com
 

Stay Connected

  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

MORE FROM PMR

  • Home
  • Awards
  • Investment Guides
  • Videos
  • About PMR

INFORMATION FOR

  • Academics
  • Agents
  • Authors
  • Content Usage Terms

GET INVOLVED

  • Advertise
  • Publish
  • Article Licensing
  • Contact Us
  • Subscribe Now
  • Log In
  • Update your profile
  • Give us your feedback

© 2022 Pageant Media Ltd | All Rights Reserved | ISSN: 2326-6899 | E-ISSN: 2326-6902

  • Site Map
  • Terms & Conditions
  • Cookies
  • Privacy Policy