The Well-Being Effect of Defined-Benefit Pension Plans at Work: Future Financial Security as a Buffer for Low-Meaning Employment

This article examines the extent to which defined-benefit pension plans support employee well-being and reduce sickness absenteeism. Using data from the 2022 General Social Survey (GSS) and analyzing count outcomes via negative binomial regression, the results indicate that defined-benefit pension plans are associated with fewer poor mental health days, which, in turn, correspond to reduced sickness absenteeism. Importantly, this indirect effect emerges only among employees with lower work meaningfulness. In the absence of a defined-benefit plan, these employees report more poor mental health days than those in more meaningful roles. However, when a defined-benefit plan is present, their poor mental health days decline sharply, converging toward the levels reported by those with highly meaningful work.