Abstract
Workers who change jobs tend to have lower retirement benefits than single-job workers with similar lifetime earnings. This loss in pension benefits is attributable to vesting rules, portability requirements, and availability of lump-sum cash distributions. The importance of each of these issues in determining the loss in pension wealth associated with job changes is analyzed and a simulation model is used to illustrate their magnitude for a hypothetical worker. Finally, changes in public policy aimed at reducing the loss in benefits for job changers are examined.
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