Parent table is: RUN
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Go to PENSIM input parameters overview
PENSIM: ECI . id
Identifies characteristics of the exemplary cohort individual specified on this row of table, so id value should be unique.
Valid values: 1 to 999999999, Integer
PENSIM: ECI . notes
Describes specification of table row in free-form note.
Valid values: any ASCII text, Memo (Note: do not copy and paste from a word processor because of the possibility of embedded non-ASCII characters.
PENSIM: ECI . female_eci
Specifies whether or not the exemplary cohort individual is female or male. This attribute has an effect on the resulting saving statistics only when different age-specific asset-allocation styles are assumed for men and women in the ACCTAA1 table. The exemplary cohort individual is never married and always buys a single-life immediate annuity at the assumed annuity purchase age (ECI.apurch_age). The characteristics of the purchased immediate annuity can be specified in the PAWITH1 table.
Valid values: T (=1) or F (=0) (for true or false), Logical
PENSIM: ECI . ssa_aeprof
Specifies whether or not the exemplary cohort individual has an age-earnings profile like the SSA-OCACT scaled workers or like the CRS median married household. In both cases the profile is expressed as a fraction of the SSA average wage index (AWI). The SSA age-earnings profile is for the "medium scaled worker" and the CRS age-earnings profile is the ratio of the CPS 2004 earnings for the "median married household" divided by the 2004 AWI. It would be better to use median individual earnings, but the CRS study does not tabulate this statistic (median unmarried individual earnings, which is reported in the CRS study has an unrealistic, nearly flat, age-earnings profile). To compensate for the two-person-household versus individual differences, the ECI.earn_pct parameter can be reduced when using the CRS age-earnings profile so that dollar earnings are roughly the same at each age as implied by the SSA age-earnings profile. The dollar earnings at each age are shown in the trace output (see ECI.trace_scen). For details on the SSA age-earnings profile, see Clingman and Nichols, "Scaled Factors for Hypothetical Earnings Examples under the 2006 Trustees Report Assumptions," Social Security Administration Office of the Chief Actuary, Actuarial Note 2006.3, September 2006, Table 5 and Table 6 on pages 8-9. For details on the CRS age-earnings profile, see Purcell and Whitman, "Retirement Savings: How Much Will Workers Have When They Retire?", Congressional Research Service, CRS Report for Congress, January 29, 2007, page 13 and Table A1 on page 34. The 2004 value of the AWI was 35,648.55 dollars.
Valid values: T (=1) or F (=0) (for true or false), Logical
PENSIM: ECI . earn_pct
Specifies the general level of life-time earnings for the exemplary cohort individual, expressed as a percent of the social security average wage index (AWI). Dollar earnings at age are computes as the product of the AWI in that year and the age-earnings ratio for that age (see ECI.ssa_aeprof for more about the choice between SSA and CRS age-earnings profiles).
Valid values: 0.0 to 1000.0, Real
PENSIM: ECI . earn_f_age
Specifies the first age at which the exemplary cohort individual is assumed to have full-time earnings.
Valid values: 21 to ECI.earn_l_age, Integer
PENSIM: ECI . earn_l_age
Specifies the last age at which the exemplary cohort individual is assumed to have full-time earnings.
Valid values: ECI.earn_f_age to 64, Integer
PENSIM: ECI . contribpct
Specifies the percent of earnings the exemplary cohort individual contributes to a savings account, which is charges the same annual fee as a rollover account (see ACCTFEE.rollover). When the exemplary cohort individual contributes to the savings account, the dollar contribution is this percent of annual earnings. See ECI.prob_zero and ECI.prob_z2p for specifying the likelihood that the individual will have a zero contribution at some ages when employed. IMPORTANT NOTE: All the funds in the savings account are assumed to be invested according to the assumed age-specific and gender-specific asset-allocation style in the ACCTAA1 table rows used by this run. The characteristic of the assets used in this asset-allocation style are specified in the ASSETS table rows and ASSETS child tables rows used by this run. The invested assets generate (possibly stochastic) returns that are generated by SSASIM and passed to PENSIM via the binary env file. The parameters of the stochastic processes that generate returns can be set in the SSASIM ASSUMP table and its child tables (primarily the TRND_MV table whose parameters can be manipulated in a run specification file using "assumption trnd_mv ..." statements).
Valid values: 0 to 30, Integer
PENSIM: ECI . prob_zero
Specifies the ergodic (or steady-state) probability of the two-state Markov process that produces transitions between the zero-contribution state and the positive-contribution state for the exemplary cohort individual after the first contribution at ECI.earn_f_age. When the exemplary cohort individual is in the positive-contribution state, the contribution rate equals the specified ECI.contribpct. Otherwise, the contribution rate is zero.
Valid values: 0.0 to 1.0, Real
PENSIM: ECI . prob_z2p
Specifies the transition probability of the two-state Markov process that produces transitions from the zero-contribution state to the positive-contribution state for the exemplary cohort individual after the first contribution at ECI.earn_f_age. When the exemplary cohort individual is in the positive-contribution state, the contribution rate equals the specified ECI.contribpct. Otherwise, the contribution rate is zero. NOTE: ECI.prob_z2p must be zero whenever ECI.prob_zero is one and ECI.prob_z2p must be one whenever ECI.prob_zero is zero.
Valid values: 0.0 to 1.0, Real
PENSIM: ECI . probrnstrm
Specifies the random number stream used to determine whether or not the exemplary cohort individual experiences an annual transition in the Markov process that determines whether or not the individual is in the positive-contribution state or the zero-contribution state.
Valid values: 0 to 59, Integer
PENSIM: ECI . f_yr_c_int
Specifies the decimal (not percentage) fraction of the year for which "interest" is credited on savings account contributions. A value of zero implies that contributions are made at end of year and earn no "interest" during the year the contributions are made. A value of one implies contributions are made at start of year and earn "interest" during the whole year the contributions are made. The contributions are assumed to earn the same rate of return as the individual's savings account balance earns during that year.
Valid values: 0.0 to 1.0, Real
PENSIM: ECI . ssa_rr_den
Specifies whether or not to use a SSA replacement rate denominator, which is the career average indexed earnings (that is, the average of the highest 35 AWI-indexed annual earnings expressed in real terms). For details, see Clingman and Nichols, "Scaled Factors for Hypothetical Earnings Examples under the 2006 Trustees Report Assumptions," Social Security Administration Office of the Chief Actuary, Actuarial Note 2006.3, September 2006.
Valid values: T (=1) or F (=0) (for true or false), Logical [both ssa_rr_den and psg_rr_den cannot be true]
PENSIM: ECI . psg_rr_den
Specifies whether or not to use a PSG replacement rate denominator, which is the same steady earnings statistic (siearn) included in the GEMINI .sum output file. The "steady indexed earnings" statistics (siearn) is the steady AWI-indexed earnings level from age 21 through 65 that produces same present value of earnings as the individual's actual present value of lifetime earnings, expressed in real terms.
Valid values: T (=1) or F (=0) (for true or false), Logical [both ssa_rr_den and psg_rr_den cannot be true]
PENSIM: ECI . crs_rr_yrs
Specifies the number of earnings years at the end of the work career of the exemplary cohort individual that are used to compute a final average real earnings statistic when using a CRS replacement rate denominator (that is, when both ECI.ssa_rr_den and ECI.psg_rr_den are false). This parameter is ignored when either ECI.ssa_rr_den or ECI.psg_rr_den is true.
Valid values: 1 to 40, Integer
PENSIM: ECI . apurch_age
Specifies the age at which the never-married exemplary cohort individual is assumed to purchase a single-life immediate annuity contract using the complete savings account balance. The characteristics of the immediate annuity can be specified in the PAWITH1 table. The price of the immediate annuity is determined by PENSIM using cohort mortality tables, the characteristics of the annuity contract, and the assumed immediate annuity loading factors in the PAWITH1 table that must be set at levels that ensure the immediate annuity provider is solvent. Annuity calculations are not done, if the the sample size is too small or the characteristics of the immediate annuity are not set in a certain way. The following required settings ensure that the solvency of the immediate annuity provider is accurately estimated for the kind of immediate annuity contract used in the exemplary cohort individual saving calculations: RUN.sample_pct*RUN.scenarios >= 1.0; PAWITH1.acp_prob = 1.0; PAWITH1.acp_frac = 1.0; PAWITH1.acp_j_prob = 0.0. If these settings are not present, the exemplary cohort individual saving calculations stop at the ECI.apurch_age and do not calculate the immediate annuity income produced by the saving account balance. This situation is represented by the annuity-related statistics in the .eci output file having a -inf value. IMPORTANT NOTE: be sure the PAWITH1 load factors (PAWITH1.ac_load_f for women and PAWITH1.ac_load_m for men) is set high enough so that the all-scenario revenue-to-cost ratios for the immediate annuity provider in the PENSIM .arc output file are at least one.
Valid values: max(62,ECI.earn_l_age+1) to 65, Integer
PENSIM: ECI . trace_scen
Specifies the scenario number for which detailed tracing output for the exemplary cohort individual calculations is written to the screen. To turn off this trace output, set ECI.trace_scen to zero.
Valid values: 0 to 9999, Integer