Peer Review for Default Investment Safe Harbor Regulation

This document is about a peer review of the PENSIM simulation analysis used to inform the Department of Labor's default investment safe harbor regulation. The review, conducted by Professor David Laibson of Harvard University, finds the PENSIM analysis to be "first-rate" with a few minor suggestions related to inflation expectations, stock return assumptions, and fee incorporation. The reviewer concludes that the broad conclusions of the report would not be meaningfully changed by these minor adjustments.