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Articles 1 - 2 of 2
Full-Text Articles in Retirement Security Law
An Overview Of The U.S. Retirement Income Security System And The Principles And Values It Reflects, Kathryn L. Moore
An Overview Of The U.S. Retirement Income Security System And The Principles And Values It Reflects, Kathryn L. Moore
Law Faculty Scholarly Articles
This article is designed to provide an overview of the U.S. retirement income security system from a comparative law perspective. Like many countries, the U.S. has a three tier pension or retirement income system, with the three tiers consisting of (1) Social Security, (2) employment-based pensions, and (3) individual savings. Thus, superficially, the U.S. retirement income security system resembles that of many around the world. Yet, in other ways, such as its focus on individual rights and responsibility, the U.S. system is unique.
The article begins by discussing the nine guiding principles of the U.S. Social Security system as identified …
Combating Moral Hazard: The Case For Rationalizing Public Employee Benefits, Maria O'Brien
Combating Moral Hazard: The Case For Rationalizing Public Employee Benefits, Maria O'Brien
Faculty Scholarship
The current crisis in public employee benefits is a fairly conventional moral hazard story about overly generous promises made by both private sector employers and politicians spending public dollars. The private sector, forced by the Financial Accounting Standards Board (FASB) in 1993 to confront the true cost of promises made to future retirees, dealt with the newly discovered debt in a number of ways, including the termination of defined benefit plans which were quickly replaced by defined contribution plans. The public sector was also forced to confront its own largesse with the implementation of GASB 45 which focused careful attention …