In April of 2013, the Pension Research Council of the Wharton School at the University of Pennsylvania convened a Technical Review Panel, comprising ten experts whose task it was to review the Pension Benefit Guaranty Corporation’s (PBGC) Pension Insurance Modeling System (PIMS), including...

This paper updates and extends prior research on a financial product—annuities—that can be useful in both the accumulation of savings for retirement and the provision of steady retirement income through the end of life. It does this by evaluating the historical performance of annuity...