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A s stories of public-sector pension programs on the brink of failure fill the news, much has been made of cutting retirement benefits as a way to save costs. But while this approach may decrease the liabilities of such programs, these cuts may have serious consequences on critical issues such as worker retention. Policymakers concerned with mounting pension costs need research that clarifies how different approaches to restructuring pension benefits will affect teachers' decisionmaking. A recent RAND study developed a model that captures teachers' retention decisions to help provide needed answers, and demonstrated that not all cost-saving changes to retirement benefits will have the same impact on teacher retention.

Not All Changes Are Equal: Assessing How Different Pension Policies Can Impact Teacher Retention