Public pension systems in many U.S. states face large funding short-falls, and policymakers have considered moving toward defined contribution (DC) pension structures in the interest of reducing the likelihood of future shortfalls. Concerns exist, however, that such changes might increase levels of employee turnover. The empirical evidence on the…

The California State Teachers' Retirement System (CalSTRS) is in the midst of phasing in substantial increases in the contributions made by teachers, school districts, and the state of California. The phase-in period began in 2014-15. In the year prior, 2013-14, the total statutory contribution rate to CalSTRS from all parties was 18.3 percent of…

Public pension systems in many U.S. states face large funding shortfalls. Movement toward defined contribution (DC) pension structures may reduce the likelihood of future shortfalls. We address some limitations of the existing literature by studying public-sector employees who are enrolled in either a defined benefit (DB) plan or hybrid DB-DC…