THE RELEVANCE OF STATE‐UNIVERSITY RETIREMENT PLANS IN JOB SELECTION
研究了美国五十个州主要公立大学新聘教职人员的退休计划，发现州控固定收益计划与第三方固定缴款计划存在显著偏差，尤其不利于每十年更换雇主的教师，并讨论了相关风险与职业策略。
ABSTRACT Documents provided newly hired faculty members were requested from the major statesupported university in each of the fifty states. Those documents revealed two basic types of retirement plans: (1) state‐controlled, defined‐benefit plans in which retirement benefits are a function of a formula rather than the contributions by the employee and employer, if any; and (2) third‐party, defined‐contribution, input‐based plans in which the funds are controlled by a third party and the benefits depend upon the amount of contributions and the return earned by them. The analysis focused upon the defined‐benefit formula plans and a standard was developed to facilitate analysis. The simulations undertaken reveal significant, decision‐relevant biases—especially against faculty who elect to change employers as infrequently as once every ten years when different pension plans are involved! The risks attendant to each type of plan and possible career strategies are discussed.