The retention effects of high years of service cliff-vesting pension plans

Jesse Cunha, Amilcar A. Menichini and Adam Crockett

Economics Letters, 2015, vol. 126, issue C, 6-9

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.

Keywords: Retention; Cliff vesting; Retirement (search for similar items in EconPapers)
JEL-codes: H5 J3 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:126:y:2015:i:c:p:6-9

DOI: 10.1016/j.econlet.2014.11.005

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