The 2023 Pension Research Council Symposium on Diversity, Inclusion, and Inequality: Implications for Retirement Income Security and Policy explores the determinants and dynamics of inequality in retirement income outcomes with an emphasis on inequality by race and ethnicity. Researchers will examine the role of housing wealth, pensions, and Social Security in reducing inequality. In addition, experts will evaluate inequality-mitigating effects of old-age public and private retirement saving programs policies. Although there has been a great deal of public emphasis on top 1% and 0.1% of wealth inequality, the conference aims to consider inequality for more representative people, excluding the highest wealth shares. Our March 30-31, 2023 Wharton conference is by invitation only and limited to members. Click here for more information about membership.
Conference Agenda
Please find the conference speakers’ bios here.
Thursday, March 30, 2023
Welcome and Introductory Remarks: Olivia S. Mitchell, Pension Research Council of the Wharton School at the University of Pennsylvania
Session I: Retirement Wealth Inequality
Moderator: Olivia S. Mitchell, The Wharton School
- Karen Dynan and Doug Elmendorf, Harvard University: “Changes in Racial Gaps in Retirement Security over Time”
- Jean-Pierre Aubry, Alicia Munnell, and Gal Wettstein, Center for Retirement Research at Boston College: “Wills, Wealth, and Race”
Discussant: Dubravka Ritter, Federal Reserve Bank of Philadelphia (slides available here)
- Edward N. Wolff, NYU: “Understanding Trends in Hispanic and African American Retirement Preparedness in the US”
- Jeffrey P. Thompson, Federal Reserve Bank of Boston, and Gustavo A. Suarez and Alice Henriques Volz, Board of Governors of the Federal Reserve System: “Retirement Assets and the Wealth Gaps for Black and Hispanic Households”
Discussant: Luisa Blanco, Pepperdine University (slides available here)
Session II: The Roles of Social Security, Housing, and Expectations
Moderator: Shams Talib, Fidelity Investments
- Larry Santucci, Federal Reserve Bank of Philadelphia: “The Racial Wealth Gap and the Legacy of Racially Restrictive Housing Covenants”
- Abigail Hurwitz, Orly Sade, Hebrew University of Jerusalem, and Olivia S. Mitchell, The Wharton School: “Racial and Ethnic Differences in Longevity Perceptions and Implications for Financial Decision-Making”
- Sylvain Catherine, The Wharton School, and Natasha Sarin, US Department of Treasury: “Social Security and the Racial Wealth Gap”
Discussant: Irena Dushi, Social Security Administration (slides available here)
Session III: Differential Access to Financial and Human Capital Markets
Moderator: William Darity, Duke University
- Vicki Bogan, Cornell University: “Financial Inclusion and Retirement Preparedness in the United States”
- Amir Kermani, Berkeley, and Francis Wong, LMU Munich: “How Racial Differences in Housing Returns Shape Retirement Security”
- Mingli Zhong and Jennifer Andre, Urban Institute: “Racial Differences in Debt Delinquencies and Implications for Retirement Preparedness”
Discussant: Damon Jones, University of Chicago (slides available here)
Evening Dinner and Keynote: “Diversity, Inclusion, and Inequity in Retirement Security”
China Gallery, University Museum, 3260 South Street
Moderator: Surya Kolluri, TIAA Institute
Introduction: Kenneth L. Shropshire, The Wharton School
Speaker: Erika James, Dean of the Wharton School (video available here)
Friday, March 31, 2023
Session IV: Policies to Narrow the Gaps
Moderator: P. Brett Hammond, Capital Group
- Jamie Kalamarides, Prosperity Now: “Improving the Financial Security of Workers of Color through Employee Financial Wellness Programs”
- Naomi Zewde, UCLA: “Would Baby Bonds Reduce Racial Retirement Wealth Inequality?”
Discussant: Peter Blair, Harvard University
- Carl Davis and Brakeyshia Samms, Institute on Taxation and Economic Policy: “Tax Policy to Reduce Racial Retirement Wealth Inequality”
- Bill Gale, Mark Iwry, The Brookings Institution, and David John, AARP: “Enhancing Retirement Wealth and Reducing Retiree Inequality: Emergency Savings Accounts and Other Policy Options”
Discussant: Timothy M. Smeeding, University of Wisconsin-Madison (slides available here)
Keynote: A Look Ahead: “How to Narrow Retirement Wealth Inequality”
Closing remarks: Olivia S. Mitchell, The Wharton School