1. Comments on Lalive and Staubli R. Kent Weaver Georgetown University and the Brookings Institution

2. Important Contributions: Use of Regression Discontinuity Design to isolate effects Inclusion of effects on DI and UI takeup and voluntary contributions as well as labor market exit and pension benefit takeup Use of pension wealth as a dependent variable to highlight effects on the financial sustainability of the pension system

3. Increased information that would strengthen the paper: How was information on the FRA increase disseminated? How much effort was made? How widespread was awareness of FRA change?

4. Extensions of existing research: What subgroups of the population: Worked longer Took DI Took lower retirement pensions Retired at old FRA but delayed pension benefit takeup And what were the consequences for pension wealth for each of these groups Classify subgroups by: Health status Prior earnings SES Husband’s work status and age Level of awareness of change in FRA

5. Questions for further research: Does increase in the FRA lead to increased draw on third tier pension savings in the year between labor market exit and drawing pension benefits for those who do not delay retirement? Is there increased dispersion of labor market exit and pension benefit takeup among those subject to higher FRA

6. A Swedish Comparison: Dispersion of Retirement Ages Under NDC

7. Hypotheses for comparative research: The clearer the signal sent (e.g., full year increase in FRA in a single jump) the greater the change in labor market behavior The greater the impact on DI takeup The greater the perceived accessibility of DI (measured by existing takeup levels), the greater will be the increase in takeup after an increase in the FRA