PRC Symposium

Changing Patterns in Household Ownership of Municipal Debt

Presentation slide featuring a headshot of a person. The slide is titled "Changing Patterns in Household Ownership of Municipal Debt: Evidence from the 1989–2022 Surveys of Consumer Finances" from the Wharton Pension Research Council. The name "

Daniel Bergstresser and Randolph Cohen’s recent study presented at the 2026 Pension Research Council Symposium documents a major shift in household ownership of municipal debt. They report that the growing use of tax-deferred retirement accounts has contributed to municipal debt becoming increasingly concentrated among the wealthiest households. As of 2022, the wealthiest 0.5% of households held 51% of all household-held municipal debt. Their study also analyzes what this concentration could mean for the political economy of municipal bond markets.…Read More

Changing Global Investment Trends

Promotional image for a seminar titled "Global Pension Asset Allocations and Debt Markets" by Karen K. Lewis. It includes a headshot of a person. The event is organized by the Pension Research Council at the Wharton School, University of Pennsylvania

Dr. Karen Lewis and coauthors report that investors’ portfolio allocations have shifted toward riskier investments, rather than fixed-income securities. This is part of a global trend, where local-currency government bond yields are associated with lower bond-portfolio shares and higher holdings of mutual funds and foreign assets. At the 2026 Pension Research Council Symposium, Dr. Lewis examined what this transition could mean for the stability of government debt markets as populations age and public borrowing rises.…Read More

Social Security’s Role in the Federal Debt Explosion

Promotional graphic for a Wharton Pension Research Council event titled "Social Security's Role in the Federal Debt Explosion: Past, Present, and the Reform Imperative" featuring speakers Romina Boccia and Ivane Nachkebia from the Cato

Social Security is already contributing to federal borrowing. Romina Boccia and Ivane Nachkebia argue that focusing solely on when the trust fund will be depleted overlooks the program’s unsustainable benefit design. At the 2026 PRC Symposium, they explained that structural reform should be evaluated not only by whether it restores solvency, but also by whether it will protect the system’s long-term sustainability.…Read More

2022 PRC Symposium Report: “Real-World Shocks and Retirement System Resiliency”

Promotional image for the Wharton Pension Research Council''s 2022 Spring Symposium. Features portraits of three speakers: Olivia S. Mitchell, John Sabelhaus, and Stephen Utkus. The theme is "Real-World Shocks and Retirement

The Pension Research Council’s 2022 Symposium, “Real-World Shocks and Retirement System Resiliency” was held April 28-29, 2022. The conference was co-hosted by John Sabelhaus, the Brookings Institute, Stephen Utkus, current Visiting Scholar, Pension Research Council, and Wharton Prof. Olivia S. Mitchell. This was the third time the conference was held online. Here are some of the highlights from the event.…Read More

2021 PRC Symposium Report: “Sustainable Investment in Retirement Plans: Challenges and Opportunities”

The Pension Research Council’s 2021 Symposium, “Sustainable Investment in Retirement Plans: Challenges and Opportunities,” cohosted by Brett Hammond of Capital Group, Raimond Maurer of Goethe University Frankfurt, and Wharton Prof. Olivia S. Mitchell, was held online April 29-30, 2021. Here are some of the highlights from the event.…Read More