Retirement Benefit Distributions for California Educators

Robert L. Clark, Denis Pelletier and Beth Ritter

No 32631, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Distribution choices by individuals retiring from CalSTRS are examined for participants that retired between 2016 and 2023. Women are much more likely to select a member-only annuity while a larger proportion of men select a J&S annuity that provide survivor benefits. Being married is a dominant factor in the selection of J&S annuities. Greater final annual salary, older ages at retirement, and more years of service are associated with a greater probability of choosing a J&S annuity. We also find that benefit choices from the primary benefit plan are jointly determined with distributions chosen from the supplemental pension plan. Interestingly, about half of retirees select a lump sum distribution from the supplemental plan while receiving an annuity from their primary plan.

JEL-codes: H75 J14 J16 J26 J32 (search for similar items in EconPapers)
Date: 2024-06
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