Doctor of Engineering (DEng)
Public pension members continually face factors affecting their decision to retire in the changing American society. Workers are living longer and need more medical care with better retirement benefits. For Louisiana public employees specifically, no prior studies have examined the factors affecting workers’ decision to retire nor evaluated the factors impacting workers’ decision.
This multiphase study aimed to identify factors and evaluate the decision-making process that enables Louisianans to retire happily and satisfied with a guaranteed income, and to examine millennials’ decision-making process. In the initial phase, ten active and retired male and female participants answered questions in-person, leading to the development of two written and online questionnaires-based studies, one for active and another for retired state employees. The independent variables for the questionnaires were 6 categories: Demographic Information; Social and Family Life; Technology and Barriers; Environmental, Traffic, and Crisis’s Effect; Economical and Financial Impacts, and Satisfaction with Life. The written surveys were given to active and retired employees in person when attending seminars conducted by Louisiana State Employees Retirement System (LASERS), and the online surveys were sent via email to active and retired employees by Louisiana School Employees Retirement Systems (LSERS) Retirement Systems.
Of the 231 surveys from active and retired participants returned, 209 (90%) were valid and used in this research. The five-point Likert scale was used to convert the data for Z-test and Logistic Regression analyses. Analysis indicates that 58% of Louisiana families have a history of longevity ranging between 75-109 years. The respondents indicated that they were concerned because of current economic conditions, and the most significant factor found was how likely the participants felt a complicated retirement system is to occur for future generations (millennials). Both groups plan to keep working until they receive the maximum benefits. Eighty-seven percent of active state government employees indicated that years of service credit and age affect their decision to retire. Active workers planned to continue working until they meet eligibility to retire with health care benefits. All respondents indicated that they did /will consult with their spouses regarding their retirement plans, and all retired respondents who had applied for and were receiving social security benefits were satisfied with their retirement.
Amous, Osama A., "Factors Influencing Retirement Decision Making for Louisiana State Government Employees" (2019). LSU Doctoral Dissertations. 5079.