Effects of Public Policies on the Disposition of Pre-retirement Lump-Sum Distributions: Rational and Behavioral Influences

A variety of public policies aim to influence workers’ disposition of preretirement lump-sum distributions (LSDs) from pensions. We use the implementation of several policy changes as natural experiments to test for rational and behavioral motives for saving behavior. Using data from the HRS and the CPS in the 1980s and 1990s, we find that higher tax rates on cash-outs increase rollovers. Controlling for the overall effective tax rate, structuring the tax as a “penalty” or adding withholding taxes on cashouts significantly increases rollovers. Allowing employers to unilaterally cash out balances for departing employees who do not make their own choice significantly reduces the effects of higher tax rates but boosts the impact of withholding taxes. These results suggest that both behavioral and rational factors influence workers’ choices, that policies relating to pre-retirement cash outs can interact in important ways, and that the government has several levers at its disposal to influence behavior beyond tax penalties.retirement;savings;behavioral;penalties;taxes

Effects of Public Policies on the Disposition of Pre-retirement Lump-Sum Distributions: Rational and Behavioral Influences

A variety of public policies aim to influence workers’ disposition of preretirement lump-sum distributions (LSDs) from pensions. We use the implementation of several policy changes as natural experiments to test for rational and behavioral motives for saving behavior. Using data from the HRS and the CPS in the 1980s and 1990s, we find that higher tax rates on cash-outs increase rollovers. Controlling for the overall effective tax rate, structuring the tax as a “penalty” or adding withholding taxes on cashouts significantly increases rollovers. Allowing employers to unilaterally cash out balances for departing employees who do not make their own choice significantly reduces the effects of higher tax rates but boosts the impact of withholding taxes. These results suggest that both behavioral and rational factors influence workers’ choices, that policies relating to pre-retirement cash outs can interact in important ways, and that the government has several levers at its disposal to influence behavior beyond tax penalties

Towards a global paradigm for research in early childhood education

Early years education is now a global activity, as school systems expand and diverse programmes become established in countries throughout the world. We inherit a rich legacy of theories, methodologies and evidence, from the vision of early childhood pioneers to the latest empirical research. I want to step back from particular initiatives and research evaluations to consider the underlying images of the child that inform early childhood research and practice. What would be an appropriate child development paradigm for promoting quality early years education in a global context? I question the adequacy of much theory and research to encompass global childhoods, especially the dangers inherent in current knowledge-imbalances. I ask about the way child development is conceptualised within early childhood work, and the potential of a sociocultural perspective. Finally, I ask about the status of young children themselves within early education research and practice; whether they are viewed as subjects in a child development project, as participants in a process or as consumers of a service. For each theme, I will argue that we are witnessing a paradigm shift which takes us beyond idealisations about normal development, children's nature and their needs. An alternative paradigm emphasises the plurality of pathways through childhood, the respects in which early development and education is a sociocultural process, and the status of children as active participants, with their own perspective on issues in their lives

Hemiagenesis of the thyroid gland and T3 hyperthyroidism

A patient with hemiagenesis of the thyroid gland who presented with T3 toxicosis is described. The diagnosis of thyroidal hemiagenesis was established through the administration of thyroid stimulating hormone and a thyroid scintiscan