{"title":"The Retention Effects of High Years of Service Cliff-Vesting Pension Plans","authors":"J. Cunha, A. Menichini, A. Crockett","doi":"10.2139/SSRN.2502074","DOIUrl":null,"url":null,"abstract":"We study the retention effects of the Australian military’s decision to remove a 20-year cliff-vesting requirement from their retirement system in 1991. We follow to the present individuals who self-selected into and out of the 20-year cliff-vesting plan, as well as those who were forced out of the plan. Eliminating the high years of service cliff-vesting provision leads to consistently higher attrition over time.","PeriodicalId":39542,"journal":{"name":"Social Security Bulletin","volume":"120 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2014-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"5","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Social Security Bulletin","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/SSRN.2502074","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"Social Sciences","Score":null,"Total":0}
引用次数: 5
Abstract
We study the retention effects of the Australian military’s decision to remove a 20-year cliff-vesting requirement from their retirement system in 1991. We follow to the present individuals who self-selected into and out of the 20-year cliff-vesting plan, as well as those who were forced out of the plan. Eliminating the high years of service cliff-vesting provision leads to consistently higher attrition over time.