Nurse 202 Quiz 7

Lump of labor myth

assumption that total number of jobs is fixed

ADEA

prohibits age discrimination in hiring,firing against age 40 +

BFOQ

age limits permited in rare cases when reasonably necessary for job

airline pilots

must retire age 65

air traffic controllers

56, maybe until 61

Officers and firefighters

57

Retirement

leaving carreer job, or receiving retirement benefits

Retirement is shaped by

social institutions, resources, and cultural expectations

Economic surplus

resources to support people outside paid employment

Distribution systems

pensions and public retirement benefits

Cultural acceptance

Retirement viewed as a legitimate stage of life

Eligibility rules

who receives support and under what conditions

Defined benefit plans (traditional pensions)

promise a retirement benefit based on a formula, based on salary and years of service

Define contribution plans

employees and employers contribute to an individual account, funds depend on contributions and investment performance

1935

establishment of old age insurance

Full retirement age

67 for those born in 1960 or later

Early benefits

from 62 with reduced monthly payments

Diverse pathways

different timing, reasons, transitions

Destandarization

less uniform retirement pathways

Factors influencing retirement: Push

financial, poor health, stressful job

Factors influences retirement: pull

early retirement features, good health, leisure

Bridge jobs

short term or part time work after leaving main career

Encore career

new work for meaning or enjoyment

Traditional

stop working entirely

Phased

hours gradually decrease

Interminent

work and stop working and work again

Bridge

short term job after leaving main job