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Retirement Security Law Commons

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Articles 1 - 30 of 48

Full-Text Articles in Retirement Security Law

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.


How Special Is The Special Timing Rule? Analyzing The Timing Of Fica Taxation In Nonqualified Deferred Compensation Plans, Alan J. Ponce Feb 2018

How Special Is The Special Timing Rule? Analyzing The Timing Of Fica Taxation In Nonqualified Deferred Compensation Plans, Alan J. Ponce

Georgia State University Law Review

Many employers offer nonqualified deferred compensation plans as a benefit to select employees, and those plans allow the employees to prepare for retirement in a tax-efficient manner. For employers,designing and administering such plans in compliance with federal law represents a paramount concern in order to achieve the tax advantages such plans entail. However, for these employers, there remains an inherent ambiguity in the tax code regarding how and when employers should withhold Federal Insurance Contribution Act (FICA) taxes—that is, Social Security and Medicare taxes—on deferred compensation in nonqualified retirement plans.

Tax regulations provide two distinct methods for ...


Promoting Retirement Security For Low-Income Workers In Illinois: An Analysis And Lessons For Other States, Philip C. Aka, Chidera V. Oku, Murna Habila Feb 2018

Promoting Retirement Security For Low-Income Workers In Illinois: An Analysis And Lessons For Other States, Philip C. Aka, Chidera V. Oku, Murna Habila

Akron Law Review

This Article makes suggestions for promoting retirement security among low-income workers in Illinois with pointed lessons for workers in other U.S. states. Adapting a framework from a previous study by the principal author, the Article portrays retirement preparedness for low-income workers in Illinois as a function of changes in Social Security, employer-sponsored pensions, and personal assets—the famed “three-legged stool” of retirement income—synchronized with reduction of disparities between socioeconomic groups in education, healthcare, and housing. Many studies on retirement security focus excessively on the national level sometimes at the expense of the subnational phenomena that complicate retirement security ...


Achieving American Retirement Prosperity By Changing Americans' Thinking About Retirement, Peter H. Huang Jan 2017

Achieving American Retirement Prosperity By Changing Americans' Thinking About Retirement, Peter H. Huang

Articles

There are many decisions that Americans have to make about retirement before, at, and after retirement. For example, Americans have to decide when to start saving for retirement, how much to save, how to invest those savings, when to retire, when to claim social security, and how to take required minimum distributions from 401(k) plans or Individual Retirement Accounts. Different things can go wrong at each of these decisions for different reasons. Many Americans, for various reasons, including insufficient energy, money, motivation, time, and understanding, do no retirement planning. Some Americans do some retirement planning, yet worry they are ...


Addressing The Retirement Crisis With Shadow 401(K)S, Deepa Das Acevedo Jan 2017

Addressing The Retirement Crisis With Shadow 401(K)S, Deepa Das Acevedo

Notre Dame Law Review Online

This Essay discussed the Shadow 401(k) and its feasibility as a response to the "retirement crisis."


Closing The Retirement Savings Gap: Are State Automatic Enrollment Iras The Answer?, Kathryn L. Moore Oct 2016

Closing The Retirement Savings Gap: Are State Automatic Enrollment Iras The Answer?, Kathryn L. Moore

Law Faculty Scholarly Articles

Drawing on insights from behavioral law and economics, automatic enrollment IRAs are intended to address the nation’s retirement savings gap by taking advantage of workers’ inertia. Although automatic enrollment IRAs were initially intended to apply at the federal level, they have gained little traction at the federal level, and states have begun to step into the breach. Between September 2012 and June 2016, five states enacted state automatic enrollment IRA programs.

Studies have uniformly shown that workers are more likely to participate in an automatic enrollment 401(k) plan than in a traditional opt-in 401(k) plan. Proponents of ...


A Closer Look At The Iras In State Automatic Enrollment Ira Programs, Kathryn L. Moore Jan 2016

A Closer Look At The Iras In State Automatic Enrollment Ira Programs, Kathryn L. Moore

Law Faculty Scholarly Articles

The United States faces a serious retirement savings funding gap. In an effort to fill that gap, a number of states and municipalities have begun to consider, and in some instances adopt, automatic enrollment IRA programs. Indeed, between September 2012 and June 2016, five states enacted state automatic enrollment IRA programs.

This Article takes a closer look at the IRAs in these state programs. It begins by providing an overview of the state laws creating automatic enrollment IRA programs. It then discusses the requirements that the state programs must satisfy in order to qualify as IRAs for purposes of the ...


Hardship Withdrawals And Loans: Some Words Of Caution, Emily G. Brown Jd, Jeanne Medeiros Jd, Ellen Bruce Jd Nov 2015

Hardship Withdrawals And Loans: Some Words Of Caution, Emily G. Brown Jd, Jeanne Medeiros Jd, Ellen Bruce Jd

Ellen Bruce

As defined benefit pension plans become more and more rare, the responsibility of saving for retirement falls increasingly on individuals. Many studies have been published about the average or median balances in retirement savings accounts and virtually all of them have reached the same conclusion - most Americans aren’t saving enough money to last them through their retirement years. In this fact sheet we will take a look at one of the factors that contributes to this problem, that is, the availability of loans and hardship withdrawals from 401(k) retirement accounts, which can lead to lower account balances overall ...


Social Security Reform: Risks, Returns, And Race, Dorothy A. Brown, Karen C. Burke, Grayson M.P. Mccouch Aug 2015

Social Security Reform: Risks, Returns, And Race, Dorothy A. Brown, Karen C. Burke, Grayson M.P. Mccouch

Grayson McCouch

The debate over social security reform has far-reaching implications for the economic well-being of blacks and other minority groups. In this article, we examine how blacks have fared under the existing system, and then consider the likely consequences of moving toward a privatized system. Specifically, we consider the claim, recently advanced by some privatizers, that blacks receive an especially "bad deal" under the existing system and would be better off under a privatized system. We find that, for blacks as a group, this claim tends to overstate both the shortcomings of the existing system and the advantages of privatization. Furthermore ...


Hidden In Plain View: The Pension Shield Against Creditors, Patricia E. Dilley Aug 2015

Hidden In Plain View: The Pension Shield Against Creditors, Patricia E. Dilley

Patricia E Dilley

This Article examines the virtually unquestioned protection of retirement assets from creditors, in both state and federal law, with a view to determining whether tax qualification or even retirement itself is a sufficient rationale for preserving debtor assets in the face of creditors' claims, and if so, what the limits of such protection should be. The problems of current law stem in large part from the use of tax qualified status as a convenient shortcut for determining the appropriate bankruptcy treatment of retirement accounts. The result is a wide disparity in the treatment of debtors epitomized by the cases of ...


Finding A Financial Planner, Emily G. Brown Jd Jun 2015

Finding A Financial Planner, Emily G. Brown Jd

Pension Action Center Publications

This fact sheet provides information on how to find the right financial planner to help you meet your retirement planning goals. This fact sheet suggests things to consider prior to picking a financial planner and answers questions like:

  • What do financial planners do?
  • How do you know if you need a financial planner?
  • How do you find the right financial planner?
  • What type of professional title does a financial planner have?


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 ...


Hardship Withdrawals And Loans: Some Words Of Caution, Emily G. Brown Jd, Jeanne Medeiros Jd, Ellen Bruce Jd Mar 2015

Hardship Withdrawals And Loans: Some Words Of Caution, Emily G. Brown Jd, Jeanne Medeiros Jd, Ellen Bruce Jd

Pension Action Center Publications

As defined benefit pension plans become more and more rare, the responsibility of saving for retirement falls increasingly on individuals. Many studies have been published about the average or median balances in retirement savings accounts and virtually all of them have reached the same conclusion - most Americans aren’t saving enough money to last them through their retirement years.

In this fact sheet we will take a look at one of the factors that contributes to this problem, that is, the availability of loans and hardship withdrawals from 401(k) retirement accounts, which can lead to lower account balances overall ...


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 ...


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.


Pension Action Center, Pension Action Center, University Of Massachusetts Boston Apr 2014

Pension Action Center, Pension Action Center, University Of Massachusetts Boston

Office of Community Partnerships Posters

The Pension Action Center, (PAC) strives to improve retirees’ and workers’ standard of living in retirement through individual case advocacy; referrals to appropriate programs and professionals; and issue analysis and reform of public policy. The center, which is part of the Gerontology Institute at UMass Boston, focuses on the experience of participants in retirement plans throughout its work. The PAC is a one-of-a-kind organization in New England that touches the lives of thousands of people.


Financial Security Scorecard: A State-By-State Analysis Of Economic Pressures Facing Future Retirees, Christian Weller, Nari Rhee, Carolyn Arcand Mar 2014

Financial Security Scorecard: A State-By-State Analysis Of Economic Pressures Facing Future Retirees, Christian Weller, Nari Rhee, Carolyn Arcand

Christian Weller

As Americans increasingly worry about their retirement prospects, states play an important and growing role in retirement security policy. States already manage long-term care programs for the elderly through Medicaid. Concerned about the impact of future elder poverty on state and local budgets and their local economies, a number of states are exploring the creation of low-cost and low-risk retirement savings plans for private sector workers who lack access to pensions or 401(k)s on the job. Some states have developed programs to help older workers find work.

This report presents the Financial Security Scorecard, designed to inform state-level ...


Are Defined Contribution Pension Plans Fit For Purpose In Retirement?, Jeremy R. Cooper Mar 2014

Are Defined Contribution Pension Plans Fit For Purpose In Retirement?, Jeremy R. Cooper

Seattle University Law Review

This Article considers the historical basis for the shift from defined benefit plans to defined contribution plans, the structural and practical shortcomings of defined contribution plans, alternate pension models, and adjustments to existing retirement plan models that may offer a degree of protection to plan contributors. Like the United States, Australia is now realizing the limitations of a defined contribution retirement system insofar as it relates the provision of reliable retirement income for a population with increasing life expectancy. Unlike defined contribution plans, defined benefit plans provide a benefit based typically on time served and a predetermined proportion of either ...


Financial Security Scorecard: A State-By-State Analysis Of Economic Pressures Facing Future Retirees, Christian Weller, Nari Rhee, Carolyn Arcand Mar 2014

Financial Security Scorecard: A State-By-State Analysis Of Economic Pressures Facing Future Retirees, Christian Weller, Nari Rhee, Carolyn Arcand

Public Policy and Public Affairs Faculty Publication Series

As Americans increasingly worry about their retirement prospects, states play an important and growing role in retirement security policy. States already manage long-term care programs for the elderly through Medicaid. Concerned about the impact of future elder poverty on state and local budgets and their local economies, a number of states are exploring the creation of low-cost and low-risk retirement savings plans for private sector workers who lack access to pensions or 401(k)s on the job. Some states have developed programs to help older workers find work.

This report presents the Financial Security Scorecard, designed to inform state-level ...


Fact Sheet: What Influences Plans To Work After Ages 62 And 65?, Maximiliane E. Szinovacz, Gerontology Institute, University Of Massachusetts Boston Sep 2013

Fact Sheet: What Influences Plans To Work After Ages 62 And 65?, Maximiliane E. Szinovacz, Gerontology Institute, University Of Massachusetts Boston

Gerontology Institute Publications

Timing of retirement and, implicitly, plans to work in later life have great policy relevance. They affect Social Security expenditures, employers’ pension expenditures, as well as labor force supply and demand. In light of the recent recession, it is particularly important to explore whether economic downturns and workers’ financial status influence their later-life work plans. To answer this question, we analyzed data from the nationally representative Health and Retirement Study (HRS), which included questions about expectations to work full-time after age 62 and age 65.


Hidden In Plain View: The Pension Shield Against Creditors, Patricia E. Dilley Jun 2013

Hidden In Plain View: The Pension Shield Against Creditors, Patricia E. Dilley

Patricia E Dilley

No abstract provided.


Hope We Die Before We Get Old: The Attack On Retirement, Patricia E. Dilley Jun 2013

Hope We Die Before We Get Old: The Attack On Retirement, Patricia E. Dilley

Patricia E Dilley

The American institution of retirement has sustained numerous attacks over the last twenty years, to the extent that it may cease to exist by the time most of today's workers reach their midsixties. Professor Patricia Dilley describes how all of the components of the "three-legged stool" that represents private pensions, personal savings, and Social Security, have declined so significantly in recent years that the combination may not be able to provide support for the elderly in the future, particularly those retired seniors who are in the lower and middle classes. Changes in employment policies, the markets for retirement savings ...


The Cost Of “Choice” In A Voluntary Pension System, Jonathan Forman Mar 2013

The Cost Of “Choice” In A Voluntary Pension System, Jonathan Forman

Jonathan B. Forman

Unlike our mandatory universal Social Security system, America’s private pension system is replete with choice: choices about the type of pension plan, choices about the amount and timing of contributions, choices about investments, and choices about the timing and nature of distributions. It takes time to make all these choices, and sometimes employers and workers just throw up their hands and don’t make any choices at all. This “choice overload” or “analysis paralysis” imposes significant costs on employers, workers, and government; and this article recommends a variety of ways to reduce those costs.


The Shifting Focus Of Federal Intervention In Retiree Health Benefits, Susan E. Cancelosi Mar 2013

The Shifting Focus Of Federal Intervention In Retiree Health Benefits, Susan E. Cancelosi

Nevada Law Journal

No abstract provided.


How To Accomplish A Successful Tax-Free Pension Plan Rollover, Steven T. Graham Feb 2013

How To Accomplish A Successful Tax-Free Pension Plan Rollover, Steven T. Graham

Pepperdine Law Review

Advising a client how to accomplish a tax-free rollover from one pension plan to another has been an area of confusion for the general practitioner. In order to end this confusion the author examines recent statutory amendments, Internal Revenue Service rulings and the Employee Retirement Income Security Act. The author then outlines, in conjunction with the recent changes in the law, potential pension plan rollover scenarios that can aid the client. After a thorough discussion of the available rollovers and the benefits and drawbacks of each, the author concludes with a chart designed to provide quick identification of the most ...


Employee Stock Ownership Plans And Corporate Takeovers: Restraints On The Use Of Esops By Corporate Officers And Directors To Avert Hostile Takeovers, Margaret E. Mclean Feb 2013

Employee Stock Ownership Plans And Corporate Takeovers: Restraints On The Use Of Esops By Corporate Officers And Directors To Avert Hostile Takeovers, Margaret E. Mclean

Pepperdine Law Review

In 1974, Congress enacted the Employee Retirement and Income Security Act (ERISA), which was designed to promote employee benefit plans and provide safeguards for the assets of the plans. An employee stock ownership plan is a device used by corporations which holds corporate stock as the primary asset of the employee benefit plan. Recently, corporate executives have seized the opportunity to use ESOPs as a defensive tactic for averting takeovers considered to be adverse to the corporation. However, provisions of ERISA, particularly relating to fiduciary duty, exclusive benefit, and prudence, seriously impede the use of an ESOP by incumbent management ...


Ensuring Health And Income Security For An Aging Workforce, Peter Budetti, Richard Burkhauser, Janice Gregory, H. Hunt Nov 2012

Ensuring Health And Income Security For An Aging Workforce, Peter Budetti, Richard Burkhauser, Janice Gregory, H. Hunt

H. Allan Hunt

The chapters explore implications of an aging workforce for a number of social programs in the coming decades, and point to the critical policy issues we must face when growing numbers of older workers begin to strain the capacity of those programs.


An Overview Of The U.S. Retirement Income Security System And The Principles And Values It Reflects, Kathryn L. Moore Oct 2011

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 ...


Protecting Your Retirement Savings From Potential Creditors, Pension Action Center, Gerontology Institute, University Of Massachusetts Boston Aug 2011

Protecting Your Retirement Savings From Potential Creditors, Pension Action Center, Gerontology Institute, University Of Massachusetts Boston

Pension Action Center Publications

State and federal laws provide strong protections to New England residents to shield their retirement savings from creditors. The particular protections available depend on whether you have filed for bankruptcy, how your retirement savings are kept, and where you live.


A Primer On The Need To Continue Monitoring Closely The Transfer Of Social Welfare Risk And Liability Of Employee Benefit Plans, James E. Holloway Jan 2009

A Primer On The Need To Continue Monitoring Closely The Transfer Of Social Welfare Risk And Liability Of Employee Benefit Plans, James E. Holloway

Cleveland State Law Review

This Article examines why federal legislative policy-makers and judicial decision-makers should ascertain the impact of the transfer of risk and liability on furthering welfare and security interests and preserving organizational discretion under ERISA and public policy. Part I explains why business organizations or employers transfer risk and liability to employees and retirees. This transfer occurs where global business outcomes cause social consequences that are driven directly by business decisions responding to new global competition and less American economic standing. Part II explains the need to assess the substantive issues and public policy concerns underlying legislative acts and judicial interpretations limiting ...