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Full-Text Articles in Retirement Security Law

Table Of Contents, Seattle University Law Review Feb 2019

Table Of Contents, Seattle University Law Review

Seattle University Law Review

No abstract provided.


Defined Contribution Plans And The Challenge Of Financial Illiteracy, Jill E. Fisch, Annamaria Lusardi, Andrea Hasler Feb 2019

Defined Contribution Plans And The Challenge Of Financial Illiteracy, Jill E. Fisch, Annamaria Lusardi, Andrea Hasler

Faculty Scholarship at Penn Law

Retirement investing in the United States has changed dramatically. The classic defined-benefit (DB) plan has largely been replaced by the defined contribution (DC) plan. With the latter, individual employees’ decisions about how much to save for retirement and how to invest those savings determine the benefits available upon retirement.

We analyze data from the 2015 National Financial Capability Study to show that people whose only exposure to investment decisions is by virtue of their participation in an employer-sponsored 401(k) plan are poorly equipped to make sound investment decisions. Specifically, they suffer from higher levels of financial illiteracy than other ...


A Lesson From Goodfellas: Why Current Illinois Consideration Based Pension Reform Proposals Still Fail, Lari A. Dierks May 2018

A Lesson From Goodfellas: Why Current Illinois Consideration Based Pension Reform Proposals Still Fail, Lari A. Dierks

Northwestern Journal of Law & Social Policy

No abstract provided.


Title Vii And The Collateral Source Rule: Evaluating The Not-So Equitable Remedy In Eeoc V. Consol Energy, Virginia Calistro Apr 2018

Title Vii And The Collateral Source Rule: Evaluating The Not-So Equitable Remedy In Eeoc V. Consol Energy, Virginia Calistro

Boston College Law Review

On June 12, 2017, the Fourth Circuit Court of Appeals affirmed the decision of the United States District Court for the Northern District of West Virginia to refuse an offset to a Title VII damage award by the amount of pension payments received following the plaintiff's constructive discharge. In doing so, the court adopted a new interpretation of the collateral source rule and its applicability in employment discrimination pay awards. The effect of this decision is to further compound a split of authority between multiple federal courts of appeals regarding the treatment of certain benefits in the wake of ...


Failing Cities And The Red Queen Phenomenon, Samir D. Parikh, Zhaochen He Apr 2017

Failing Cities And The Red Queen Phenomenon, Samir D. Parikh, Zhaochen He

Boston College Law Review

Cities and counties are failing. Unfunded liabilities for retirees’ healthcare benefits aggregate to more than $1 trillion. Pension systems are underfunded by as much as $4.4 trillion. Many local government capital structures ensure rising costs and declining revenues, the precursors to service-delivery insolvency. These governments are experiencing the Red Queen phenomenon. They have tried a dizzying number of remedies, but their dire situation persists unchanged. State legislatures have failed to respond. More specifically, many states have refused to implement meaningful debt restructuring mechanisms for local governments. They argue that giving cities and counties the power to potentially impair bond ...


Surviving The Storm 2016: Employee Benefit Compliance & Employment Law Update, George Thompson, Brooks R. Magratten, Mark A. Pogue, Kelli Viera, Cecily Banks, Roger Williams University School Of Law Sep 2016

Surviving The Storm 2016: Employee Benefit Compliance & Employment Law Update, George Thompson, Brooks R. Magratten, Mark A. Pogue, Kelli Viera, Cecily Banks, Roger Williams University School Of Law

School of Law Conferences, Lectures & Events

No abstract provided.


Same Sex Marriage In A Post-Perry And Windsor America, Kathryn L. Moore, Allison I. Connelly, Ross T. Ewing Jul 2016

Same Sex Marriage In A Post-Perry And Windsor America, Kathryn L. Moore, Allison I. Connelly, Ross T. Ewing

Allison Connelly

These materials accompanied a presentation at the 2014 Kentucky Bar Association Annual Convention entitled Same Sex Marriage in a Post-Perry and Windsor America. The focus of this presentation was on: the legal landscape following major LGBTQ civil rights cases; how these cases would impact families in Kentucky; and any employment or retirement issues.


After Tackett: Incomplete Contracts For Post-Employment Healthcare, Maria O'Brien Hylton Apr 2016

After Tackett: Incomplete Contracts For Post-Employment Healthcare, Maria O'Brien Hylton

Pace Law Review

This is a story about a union and a private sector employer who repeatedly negotiated collective bargaining agreements which referenced side contracts which provided retirees with post-employment healthcare benefits. In the early decades of their relationship neither the union nor the employer appear to have given any thought to whether or not these retiree health benefits in fact vested—i.e. were promised to retirees at no cost for the remainder of their lives. By the 1980s and certainly the 1990s however, as health care costs soared and life expectancy expanded, both parties continued to regularly re-negotiate agreements that were ...


Labor And Employment Law At The 2014-2015 Supreme Court: The Court Devotes Ten Percent Of Its Docket To Statutory Interpretation In Employment Cases, But Rejects The Argument That What Employment Law Really Needs Is More Administrative Law, Scott A. Moss Jan 2016

Labor And Employment Law At The 2014-2015 Supreme Court: The Court Devotes Ten Percent Of Its Docket To Statutory Interpretation In Employment Cases, But Rejects The Argument That What Employment Law Really Needs Is More Administrative Law, Scott A. Moss

Articles

No abstract provided.


The Knowledge Gap In Workplace Retirement Investing And The Role Of Professional Advisors, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth Jan 2016

The Knowledge Gap In Workplace Retirement Investing And The Role Of Professional Advisors, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth

Faculty Scholarship at Penn Law

The dramatic shift from traditional pension plans to participant-directed 401(k) plans has increased the decision-making responsibility of individual investors for their own retirement planning. With this shift comes increasing evidence that investors are making poor decisions in choosing how much to save for retirement and in selecting among their investment options. Studies question the value of efforts to improve these decisions through regulatory reforms or investor education.

This article posits that deficiencies in workplace retirement savings cannot be adequately addressed until the reasons for poor investment decisions are better understood. We report the results of a study designed to ...


Personal Injury Victims As Insurance Collection Agents: Erisa Preemption Of State Antisubrogation Laws, Jonathan P. Connery Jan 2016

Personal Injury Victims As Insurance Collection Agents: Erisa Preemption Of State Antisubrogation Laws, Jonathan P. Connery

Journal of Law and Policy

The Employee Retirement Income Security Act (ERISA) was enacted in 1974 to protect the pension rights of employees nationwide. However, due to its broad preemptive powers, ERISA has since developed into a tool used by health insurers to recover millions of dollars in tort damages meant to benefit employees with ERISA health plans. This practice, known as subrogation, has been met with legislative backlash in the form of state antisubrogation statutes, which attempt to limit the enforceability of subrogation clauses found in almost all ERISA health plans. However, many courts have held that ERISA preempts these antisubrogation statutes, thereby affirming ...


Illinois Secure Choice Savings Program Act (Passed Jan. 4, 2015), Emily G. Brown Jd, Ellen Bruce Jd Nov 2015

Illinois Secure Choice Savings Program Act (Passed Jan. 4, 2015), Emily G. Brown Jd, Ellen Bruce Jd

Ellen Bruce

The Illinois Secure Choice Savings Program Act, passed on January 4, 2015, creates an automatic enrollment payroll deduction IRA. The purpose of the program is to promote increased retirement savings participation for employees in the private sector. This fact sheet answers some basic questions about how this new program will affect workers and their employers in Illinois.


Illusory Rights Under The Arbitrary And Capricious Standard: Adding Remedial Safeguards To The Judicial Standard Of Review Beyond Erisa Denial Of Benefits Claims, Javier J. Diaz Nov 2015

Illusory Rights Under The Arbitrary And Capricious Standard: Adding Remedial Safeguards To The Judicial Standard Of Review Beyond Erisa Denial Of Benefits Claims, Javier J. Diaz

Seton Hall Circuit Review

No abstract provided.


After Tackett: Incomplete Contracts For Post-Employment Healthcare, Maria Hylton Aug 2015

After Tackett: Incomplete Contracts For Post-Employment Healthcare, Maria Hylton

Faculty Scholarship

This paper examines the recent U.S. Supreme Court retiree health care decision in Tackett v. M & G Polymers and focuses, in particular, on the ostensibly odd silence with respect to a critical contract term — whether the parties in fact agreed that these benefits were vested. Although the union in Tackett insisted these welfare benefits were clearly intended to vest and the employer now asserts they can be modified at any time, the collective bargaining agreement and supporting documents are ambiguous on this question. This paper examines how and why this “silence” persisted for so many decades and concludes that ...


The 11th Annual Employee Benefits Symposium: America's Retirement Crisis: What Can Be Done, 46 J. Marshall L. Rev. Xxiii (2013), Kathryn J. Kennedy Jun 2015

The 11th Annual Employee Benefits Symposium: America's Retirement Crisis: What Can Be Done, 46 J. Marshall L. Rev. Xxiii (2013), Kathryn J. Kennedy

Kathryn J. Kennedy

No abstract provided.


401(K) Plan Expenses, Anne Becker, Jeffrey Arnold Jun 2015

401(K) Plan Expenses, Anne Becker, Jeffrey Arnold

Pension Action Center Publications

Under a 401(k) plan, your benefit is your vested account balance. This account balance reflects the contributions you make to the plan, the contributions your employer makes to the plan on your behalf (if any), and investment gains and losses.

Many 401(k) plan participants are responsible for choosing how to invest their account balances. If you direct the investment of your 401(k) plan account balance, it is important to understand that fees and expenses may substantially reduce the growth of your 401(k) plan account balance over the course of your working life. The Department of Labor ...


Your Former Employer’S 401(K) Plan, Jeanne Medeiros Jd May 2015

Your Former Employer’S 401(K) Plan, Jeanne Medeiros Jd

Pension Action Center Publications

When you leave a job where you have participated in a 401(k) plan, you may have a number of different options about what to do with the money in that account. This fact sheet explains those options and offers guidance about the pros and cons of each option.

Here are some frequently asked questions answered in this face sheet:

Q. Can I leave my money in my former employer’s plan?

Q. What are my other options?

Q. If I decide to withdraw the account balance from my former employer’s plan, how do I do that, and how ...


Illinois Secure Choice Savings Program Act (Passed Jan. 4, 2015), Emily G. Brown Jd, Ellen Bruce Jd Apr 2015

Illinois Secure Choice Savings Program Act (Passed Jan. 4, 2015), Emily G. Brown Jd, Ellen Bruce Jd

Pension Action Center Publications

The Illinois Secure Choice Savings Program Act, passed on January 4, 2015, creates an automatic enrollment payroll deduction IRA. The purpose of the program is to promote increased retirement savings participation for employees in the private sector. This fact sheet answers some basic questions about how this new program will affect workers and their employers in Illinois.


Pension De-Risking, Paul Secunda, Brendan Maher Feb 2015

Pension De-Risking, Paul Secunda, Brendan Maher

Paul M. Secunda

The United States is facing a retirement crisis, in significant part because defined benefit pension plans have been replaced by defined contribution retirement plans that, whatever their theoretical merit, have left significant numbers of workers unprepared for retirement. A troubling example of the continuing movement away from defined benefit plans is a new phenomenon euphemistically called “pension de-risking.”

Recent years have been marked by high-profile companies engaging in various actions designed to reduce the company’s exposure to pension funding risk (hence the term “pension de-risking”). Some de-risking strategies convert a federally-guaranteed pension into a more risky private annuity. Other ...


Planning Past Pensions, Julie Roin Jan 2015

Planning Past Pensions, Julie Roin

Loyola University Chicago Law Journal

Evidence of state and local government dysfunction surfaces in many areas. One is the operation of employee pension plans. Free from the strictures of the Employee Retirement Income Security Act (“ERISA”), some state governments failed to adequately fund their pension promises. With the imminent retirement of the baby boom generation, these states are facing what appear to be insurmountable pension debts. Illinois is one of the worst hit states, with grossly underfunded pension plans, a state constitutional prohibition on reducing pension benefits, and a sizable non-pension-related budget deficit. Illinois courts will likely strike down recently passed pension “reforms.” There are ...


Eliminating Arbitrary Age Descrimination In 401(K) And Pension Plan Eligibility Requirements: A Simple Fix To Encourage Younger Workers To Save For Retirement, Andrew J. Clopton Jan 2015

Eliminating Arbitrary Age Descrimination In 401(K) And Pension Plan Eligibility Requirements: A Simple Fix To Encourage Younger Workers To Save For Retirement, Andrew J. Clopton

University of Michigan Journal of Law Reform Caveat

Current federal law allows companies to exclude their youngest workers from participating in 401(k) and other pension plans. Public policy should encourage young workers to contribute to retirement as early as practicable, rather than impose obstacles to saving. Workers who begin saving even a few years earlier improve their retirement security and reduce the likelihood they will be dependent on the government later in life. While “age discrimination” is conventionally thought of as the mistreatment of older workers, this concept applies equally to employees who are differentiated based solely on their young age. Thus, Congress should amend the Internal ...


Funding Discipline For U.S. Public Pension Plans: An Empirical Analysis Of Institutional Design, Natalya Shnitser Jan 2015

Funding Discipline For U.S. Public Pension Plans: An Empirical Analysis Of Institutional Design, Natalya Shnitser

Boston College Law School Faculty Papers

Using newly collected data on over 100 state-administered pension plans, this Article shows that previously overlooked differences in institutional design are associated with the striking variation in funding discipline across U.S. public pension plans. As state and local governments grapple with unfunded pension obligations, this Article presents a timely examination of public plan governance across two key dimensions: the allocation of control over funding decisions and the transparency with respect to funding liabilities. It shows empirically that greater constraints on legislative control over funding decisions—typically through the delegation of control to pension-system boards—have been associated with better ...


Gender Discrimination - European Economic Community - European Court Of Justice Determines That A Non-Contributory Occupational Pension Scheme Should Not Discriminate On The Basis Of Sex. Barber V. Royal Exchange Assurance Group, 1990 E. Comm. Ct. J. Rep. ___, [1990] 2 Comm. Mkt. L. Rep. 513., R. Mace Flournoy Nov 2014

Gender Discrimination - European Economic Community - European Court Of Justice Determines That A Non-Contributory Occupational Pension Scheme Should Not Discriminate On The Basis Of Sex. Barber V. Royal Exchange Assurance Group, 1990 E. Comm. Ct. J. Rep. ___, [1990] 2 Comm. Mkt. L. Rep. 513., R. Mace Flournoy

Georgia Journal of International & Comparative Law

No abstract provided.


The Best Of Times And The Worst Of Times: Lessons From Recent Reforms Of The French Retirement, Kathryn L. Moore Oct 2014

The Best Of Times And The Worst Of Times: Lessons From Recent Reforms Of The French Retirement, Kathryn L. Moore

Georgia Journal of International & Comparative Law

No abstract provided.


Litigating For The Future Of Public Pensions, Paul Secunda Aug 2014

Litigating For The Future Of Public Pensions, Paul Secunda

Paul M. Secunda

Public pensions are horribly unfunded, millions of public employees are being forced to make greater contributions to their pensions, retirees are being forced to take benefit cuts, retirement ages and service requirements are being increased, and the list goes on and on. These alarming developments involve all level of American government, from the recent move to require new federal employees to contribute more to their pensions, to the significant underfunding of state and local public pension funds across the country, to the sad spectacle of the Detroit municipal bankruptcy where the plight of public pensions plays a leading role in ...


A Failure To Supervise: How The Bureaucracy And The Courts Abandoned Their Intended Roles Under Erisa, Lauren R. Roth Jul 2014

A Failure To Supervise: How The Bureaucracy And The Courts Abandoned Their Intended Roles Under Erisa, Lauren R. Roth

Pace Law Review

This Article addresses how courts failed to adequately supervise employers administering pension plans before ERISA. Relying on a number of different legal theories—from an initial theory that pensions were gratuities offered by employers to the recognition that pension promises could create contractual rights—the courts repeatedly found ways to allow employers to promise much and provide little to workers expecting retirement security. In Section III, this Article addresses how Congress failed to create an effective structure for strong bureaucratic enforcement and the bureaucratic agencies with enforcement responsibilities failed to fulfill those functions. Finally, in Section IV, this Article discusses ...


Same Sex Marriage In A Post-Perry And Windsor America, Kathryn L. Moore, Allison I. Connelly, Ross T. Ewing Jun 2014

Same Sex Marriage In A Post-Perry And Windsor America, Kathryn L. Moore, Allison I. Connelly, Ross T. Ewing

Law Faculty Scholarly Articles

These materials accompanied a presentation at the 2014 Kentucky Bar Association Annual Convention entitled Same Sex Marriage in a Post-Perry and Windsor America. The focus of this presentation was on: the legal landscape following major LGBTQ civil rights cases; how these cases would impact families in Kentucky; and any employment or retirement issues.


Employers As Risks, Amy B. Monahan Apr 2014

Employers As Risks, Amy B. Monahan

Chicago-Kent Law Review

In evaluating health and retirement security in the United States, much recent work has focused on shortcomings in individual decision making. For example, in explaining why 401(k) plans are suboptimal for achieving retirement security, a significant volume of literature has catalogued the mistakes individuals make when attempting to save for retirement through such plans. This article seeks to move the discussion of suboptimal decision making in a new direction, by focusing on the impact that employer decision making has on the ability of employees to achieve health and retirement security. The article argues that employer decision making regarding whether ...


How Much Is Too Much? Employer-Sponsored Plan Notice And Reporting Requirements Under Ppaca, 47 J. Marshall L. Rev 855 (2014), Carrie Byrnes, Brian Berglund Jan 2014

How Much Is Too Much? Employer-Sponsored Plan Notice And Reporting Requirements Under Ppaca, 47 J. Marshall L. Rev 855 (2014), Carrie Byrnes, Brian Berglund

The John Marshall Law Review

No abstract provided.


Central Falls Retirees V. Bondholders: Assessing Fear Of Contagion In Chapter 9 Proceedings, Maria Hylton Oct 2013

Central Falls Retirees V. Bondholders: Assessing Fear Of Contagion In Chapter 9 Proceedings, Maria Hylton

Faculty Scholarship

Modern Chapter 9 litigation has been characterized by extraordinary protections for municipal bondholders, and Central Falls is no exception. Although not well understood by politicians, fear of contagion has encouraged the adoption of legal arrangements that have limited the bankruptcy courts’ ability to include bondholders in the cost of restructuring municipal debt. This preference for bondholders (and, by extension, their insurers) has meant increased misery for taxpayers and retirees. Given that all of these actors appear to have been complicit to some degree in the creation and maintenance of the fiscally imprudent conditions that triggered bankruptcy and that evidence of ...