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Annuity Options in Public Pension Plans: The Curious Case of Social Security Leveling
National Bureau of Economic Research [NBER] Link to more items from this source
Mar. 20, 2017
"Social Security Leveling is an annuity option that allows participants to receive a level income before and after age 62. The retiree receives a larger pension benefit prior to age 62, but then the pension benefit is lowered at age 62 when the individual is expected to claim Social Security benefits. This option is not uncommon in public pension plans ... . [O]ne-third of all [North Carolina public sector] retirees selecting a single life annuity between 2009 and 2014 opted for Social Security Leveling.... [The authors] see higher rates of ex post 'regret' in the annuity choice among those choosing the level income option."

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