Appendix Table 1.

Difference-in-Difference Estimates of the Effects of Pension and Retiree Health Insurance Eligibility on IPS Employee Retirement, by Age Group, Position and Highest Degree Held

	By Position			By Highest Degree Held
	Teachers	Staff	Leadership	Bachelors	Masters	PhD	Other
Pension Eligibility, Ages 55 to 59	0.007 (0.016)	−0.007 (0.028)	0.011 (0.016)	0.008 (0.017)	−0.002 (0.017)	0.010 (0.044)	0.050* (0.025)
Pension Eligibility, Ages 60 to 64	0.081*** (0.008)	0.060*** (0.009)	0.083*** (0.010)	0.082*** (0.008)	0.072*** (0.008)	0.066** (0.026)	0.098*** (0.010)
Pension Eligibility, Ages 65+	0.274*** (0.024)	0.234*** (0.026)	0.169*** (0.022)	0.270*** (0.025)	0.248*** (0.022)	0.092 (0.061)	0.273*** (0.024)
TRHIP Eligibility, Ages 55 to 59	−0.001 (0.011)	0.008 (0.022)	0.023 (0.021)	−0.005 (0.012)	0.015 (0.013)	−0.036 (0.050)	−0.044 (0.039)
TRHIP Eligibility, Ages 60 to 64	0.004 (0.009)	0.014 (0.012)	0.016 (0.012)	0.008 (0.010)	0.009 (0.010)	−0.003 (0.032)	0.007 (0.020)
TRHIP Eligibility, Ages 65+	−0.194*** (0.014)	−0.143*** (0.023)	−0.110*** (0.019)	−0.184*** (0.015)	−0.177*** (0.015)	−0.015 (0.065)	−0.105*** (0.026)

Note: Based on author’s calculations using TRS and TSR data on employees of IPS schools from 1971 to 1992. Only employees ages 50 and older and those vested in the pension system are included in the analysis. Estimates presented are from a differences-in-differences specification in which eligibility for pensions and retiree health insurance are interacted with age-group fixed effects as indicated by the row headers. The specification includes controls for employee characteristics and district fixed effects as well as age-by-year and experience-by-year fixed effects.

^{***, ** and *} represent statistical significance at the 1, 5 and 10 percent levels, respectively.