PENSIM
- a dynamic microsimulation model for analysis of the
retirement income implications of government policies affecting
employer-sponsored pensions, employer offerings of pensions, and
employee behavior with respect to pensions
- development funded since 1997 by the Office of Policy and
Research at the Employee Benefits Security Administration of the
U.S. Department of Labor
- uses discrete event simulation methods to generate a cohort
sample of life histories; more information on life events
simulation is available in "Thumbnail Sketch of PENSIM" section
of PENSIM Overview (overview.pdf)
- detailed pension characteristics are imputed using a model
estimated with 1996-98 establishment data from Bureau of Labor
Statistics Employee Benefit Survey, which is now known as the
National Compensation Survey; more information on imputation
model is available in Characteristics of Pension Plans in the
United States, 1996-98 (penchar.pdf)
- main trends in employer pension offerings from 1975 through
2005 are represented in the imputation model, but because 1975
offerings are simply projected backward in time, lifetime pension
accumulation for cohorts born before 1955 will not be realistic
- current version of PENSIM produces a cohort sample of
100,000 life histories, plus life histories for each individual's
spouses, in about two minutes on a fast personal computer
- simulated life histories have been subjected to a wide range
of validation tests, the results of which suggest that samples of
simulated life histories are realistic
- more information on the structure and validation of PENSIM
is available in PENSIM Overview (overview.pdf)
- for examples of PENSIM analysis capabilities, see 2005 GAO
cash-balance study "Private Pensions: Information on Cash Balance
Pension Plans" (GAO-06-42.pdf) and
2007 GAO defined-contribution savings study "Private Pensions:
Low Defined Contribution Plan Savings May Pose Challenges to
Retirement Security, Especially for Many Low-Income Workers"
(GAO-08-8.pdf)
- for example of PENSIM regulatory impact analysis, see documentation
(AEdoc-feb07.pdf) and
results (AEresP-feb07.pdf)
produced for DOL as part of its final rule "Default Investment
Alternatives Under Participant Directed Individual Account Plans"
(Federal Register, October 24, 2007)
(final rule)
Complete PENSIM Installation Package for Windows 2000/XP
- required first step is to install SSASIM
- important installation details are
explained in Getting Started with the PSG Models
(psghelp.pdf)
- free standard version of PENSIM requires no registration
or subscription fee
- complete installation package for 5/12/08
standard version:
install-PENSIM.exe
Recent PENSIM Upgrade Packages for Registered SSASIM Users
Who Already Have Complete PENSIM Installation
- upgrade package is not a complete installation
- upgrade instructions sent via email
- upgrade packages for versions dated:
2/27/08
3/26/08
4/17/08
5/12/08
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