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TABLE D6
| Changes in Determinants and Measures of Pension Annuity Benefits for New1/ Private Pensioners in 1989 and 1994 | ||||||
| Item | 1989 | 1994 | ||||
| Total | Men | Women | Total | Men | Women | |
YEARS OF SERVICE |
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| Mean | 25 | 26 | 22 | 24 | 25 | 21 |
| Median | 25 | 26 | 20 | 24 | 26 | 20 |
ANNUAL EARNINGS (nominal dollars) |
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| Mean | 28,500 | 33,100 | 19,900 | 41,353 | 46,153 | 30,626 |
| Median | 26,000 | 28,200 | 18,200 | 33,800 | 39,000 | 26,000 |
ANNUAL EARNINGS (1994 dollars) |
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| Mean | 33,765 | 39,215 | 23,580 | 41,353 | 46,153 | 30,626 |
| Median | 30,805 | 33,410 | 21,565 | 33,800 | 39,000 | 26,000 |
RETIREMENT AGE |
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| Mean | 62 | 61 | 63 | 60 | 60 | 61 |
| Median | 62 | 62 | 62 | 61 | 61 | 62 |
| Percent of married recipients selecting J&S Option | 52 | 68 | 22 | 62 | 71 | 35 |
ANNUAL PENSION2/ (nominal dollars) |
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| Mean benefit amount | 7,770 | 9,460 | 4,330 | 12,107 | 14,654 | 6,748 |
| Median benefit amount | 5,570 | 7,020 | 2,570 | 8,400 | 9,600 | 4,800 |
ANNUAL PENSION2/ (1994 dollars) |
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| Mean benefit amount | 9,206 | 11,208 | 5,130 | 12,107 | 14,654 | 6,748 |
| Median benefit amount | 6,600 | 8,320 | 3,045 | 8,400 | 9,600 | 4,800 |
PENSION WAGE REPLACEMENT: |
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| Mean replacement rate | 28 | 29 | 23 | 32 | 36 | 23 |
| Median replacement rate | 20 | 23 | 17 | 27 | 30 | 20 |
COMBINED SOCIAL SECURITY - PRIVATE PENSION WAGE REPLACEMENT3/ |
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| Mean replacement rate | 65 | 63 | 69 | 66 | 69 | 58 |
| Median replacement rate | 58 | 59 | 57 | 58 | 61 | 55 |
PLAN GENEROSITY4/ |
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| Mean | 1.12 | 1.12 | 1.05 | 1.33 | 1.44 | 1.10 |
| Median | 0.80 | 0.88 | 0.85 | 1.12 | 1.15 | 1.00 |
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1/ New pensioners are persons who first received benefits in the year of the survey or the prior year. 2/ Largest pension received from a single plan. Excludes any pension benefits received from additional plans. 3/ Computed only for recipients receiving both a private pension and Social Security benefits. 4/ Crude measure of plan generosity computed directly from data in this table without taking into account the type of annuity received. Mean plan generosity is computed by dividing mean pension wage replacement rate by mean years of service. Median plan generosity is similarly computed using medians. SOURCE: Data for 1989 are tabulated from the Pension Benefit Amounts Supplement to the December 1989 Current Population Survey. Data for 1994 are tabulated from the Retiree Pension and Health Benefits Supplement to the September 1994 Current Population Survey. |
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