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Event or Characteristic
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Variables Used to Determine Event
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Simulation of Jobs, Pensions, and Retirement Using Longitudinal Histories
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Job characteristics and pension plans
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Job change
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Age, sex, tenure on current job, industry
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Industry of new job
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Sex, education, previous industry
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Pension coverage on new job
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Sex, industry, earnings level
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Pension plan participation
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Age, tenure on job, full- or part-time status, sex
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Type of pension coverage
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Industry
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Pension eligibility and benefits
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Retirement eligibility
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Age, industry, years of service, type of pension
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Vesting
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Industry
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Benefit formula
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Industry and type of pension coverage
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Benefit plan constants
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Benefit formula, industry, type of pension coverage
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Individual retirement accounts
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Plan participation
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Sex, earnings
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Retirement
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Probability of leaving job
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Age, sex, disability, marital status, pension eligibility and amounts, social security eligibility and amounts, wage, earnings
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Probability of taking new job
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Age, disability, marital status, pension eligibility and amount, social security eligibility and amounts, imputed wage
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aPeople leaving home for reasons other than marriage, birth of a child, divorce, or death.
SOURCE: Johnson, Wertheimer, and Zedlewski (1983); Johnson and Zedlewski (1982).
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PRISM Pension Coverage and Characteristics
Each time an individual obtains a new job, the model estimates whether the new employer sponsors a pension plan. If so, the individual is assigned one of the plan sponsors in the retirement plan provisions database of Lewin/ICF. The match between the pension plan and the individual depends on the industry of the job, multiemployer or single employer status, and hourly or salaried status. Given the set of rules for that pension plan, the model keeps track of pension-relevant detail, including years on the job, wages earned, and so on. Individuals who are 2 or 3 years away from being vested in a pension cannot be selected to change jobs.
In addition to keeping track of pension eligibility and accumulation, PRISM maintains a running total of the individual’s quarters of social security coverage.
