Founded in 1952, the Pension Research Council is one of several research organizations within the Wharton School of the University of Pennsylvania. As part of the nation's first school of business, the Coucil functions in a bracing environment of academic freedom and objectivity. The basic purpose of the Council is to undertake research that will have the effect of strengthening those arrangements designed to provide the financial resources needed for a secure and dignified old age. It seeks to broaden public understanding of these complex arrangements through basic research into their social, economic, legal, actuarial, and financial foundations. Although geared to the long view of the pension institution, projects undertaken by the Council are always relevant to real world concerns and frequently focus on issues under current debate. The Council does not speak with one voice and espouses no particular point of view. The members do share a general desire to encourage and strengthen private sector approaches to old age economic security, while recognizing the essential role of Social Security and other income maintenance programs in the public sector.