This paper examines the impact of private pension coverage on the saving behavior of men in their preretirement years. The empirical work is based on the Ando-Modigliani model which permits explicit recognition of differences in expected retirement age between covered and noncovered groups. The data originated in the 5-year Labor Department sample of men aged 45-59 in 1966. The results clearly indicate that, contrary to earlier work by Cagan and Katona, pension coverage reduces saving in other forms.