The retention effects of high years of service cliff-vesting pension plans
研究了澳大利亚军方1991年取消20年悬崖式归属要求后，员工流失率持续上升，表明高年限归属条款对保留员工有显著作用。
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.