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Educational Psychology

Theses/Dissertations

2014

University of Arkansas, Fayetteville

Teacher Retirement

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Cash On The Table? A Behavioral Analysis Of Refund Claimants And Annuitants In The Illinois Teachers' Retirement System, Martin F. Lueken Aug 2014

Cash On The Table? A Behavioral Analysis Of Refund Claimants And Annuitants In The Illinois Teachers' Retirement System, Martin F. Lueken

Theses and Dissertations

This dissertation documents pension benefit choices made by public school teachers enrolled in the Illinois Teachers' Retirement System (TRS), where they choose between taking a lump-sum withdrawal of their refundable contributions and deferring a pension benefit. The analysis explores the extent to which vested teachers enrolled in TRS separate from service with positive pension wealth, estimates how much money is "left on the table" at a conventional discount rate, and investigates what types of teachers display higher or lower discount rates as indicated by cashout patterns. To control for the relative attractiveness between choices, the analysis relies on three central ...