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Full-Text Articles in Retirement Security Law

The Public Pension Crisis Through The Lens Of State Constitutions And Statutory Law, Kristen Barnes Oct 2017

The Public Pension Crisis Through The Lens Of State Constitutions And Statutory Law, Kristen Barnes

Chicago-Kent Law Review

No abstract provided.


Marital History And Retirement Security: An Empirical Analysis Of The Work, Family, And Gender Relationship, Lauren A. Martin Palmer Dec 2015

Marital History And Retirement Security: An Empirical Analysis Of The Work, Family, And Gender Relationship, Lauren A. Martin Palmer

Graduate Doctoral Dissertations

This dissertation investigates the relationship between marital history and individuals’ retirement resources, namely Social Security, employer-sponsored pensions, and non-housing wealth. Prior research provides a foundation for understanding marriage’s positive relationship to retirement security, and suggests that marriage is financially beneficial and can even lessen some external factors that would otherwise damage a family’s financial situation. Yet changing demographics, with fewer people in first marriages and rising numbers of individuals experiencing divorce and choosing to remain unmarried, suggest our understanding of this relationship for today’s retirees may be limited. The purpose of this research is to identify which ...


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 ...


Privitizing Social Security: Administration And Implementation, Karen C. Burke, Grayson M.P. Mccouch Aug 2015

Privitizing Social Security: Administration And Implementation, Karen C. Burke, Grayson M.P. Mccouch

Grayson McCouch

This article considers administrative issues that bear on the structure and implementation of any universal, mandatory system of personal accounts within the Social Security system. The central issues involve tradeoffs between relatively standardized, low-cost options with constrained individual choice and limited risk, on the one hand, and more flexible, higher-cost options with enhanced opportunities for individual control and greater risk, on the other hand. A centralized system modeled on the Thrift Savings Plan for federal employees could balance these goals by offering participants a relatively narrow range of investment and withdrawal options, with correspondingly low administrative costs and limited risks ...


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 ...


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 ...


Definitions, Religion, And Free Exercise Guarantees, Mark Strasser Jan 2015

Definitions, Religion, And Free Exercise Guarantees, Mark Strasser

Mark Strasser

The First Amendment to the United States Constitution protects the free exercise of religion. Non-religious practices do not receive those same protections, which makes the ability to distinguish between religious and non-religious practices important. Regrettably, members of the Court have been unable to agree about how to distinguish the religious from the non-religious—sometimes, the implicit criteria focus on the sincerity of the beliefs, sometimes the strength of the beliefs or the role that they play in an individual’s life, and sometimes the kind of beliefs. In short, the Court has virtually guaranteed an incoherent jurisprudence by sending contradictory ...


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 ...


Tontine Pensions: A Solution To The State And Local Pension Underfunding Crisis, Jonathan Forman, Michael Sabin Feb 2014

Tontine Pensions: A Solution To The State And Local Pension Underfunding Crisis, Jonathan Forman, Michael Sabin

Jonathan B. Forman

Tontines are investment vehicles that can be used to provide retirement income. Basically, a tontine is a financial product that combines features of an annuity and a lottery. In a simple tontine, a group of investors pool their money together to buy a portfolio of investments, and, as investors die, their shares are forfeited, with the entire fund going to the last surviving investor. Over the years, this last-survivor-takes-all approach has made for some great fiction. For example, on the television show “Mash,” Colonel Sherman T. Potter, as the last survivor of his World War I unit, got to open ...


Federalism And Fiduciaries: A New Framework For Protecting State Benefit Funds, Richard E. Mendales Sep 2013

Federalism And Fiduciaries: A New Framework For Protecting State Benefit Funds, Richard E. Mendales

Richard E. Mendales

The financial crisis has underlined difficulties faced by states and their subdivisions in paying benefits to their employees. The most spectacular example is Detroit's bankruptcy, but state and local employers across the country face sharp cuts in benefits as their employers fight for solvency. A federal solution such as ERISA is precluded by considerations of federalism and the impracticability of getting major legislation through Congress. This Article proposes an alternative solution: a uniform state code, following other uniform state laws such as the Uniform Commercial Code, that states could adopt to govern both state and local plans. It would ...


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 ...


Leverage, Linkage, And Leakage: Problems With The Private Pension System And How They Should Inform The Social Security Reform Debate, Norman P. Stein, Patricia E. Dilley Jun 2013

Leverage, Linkage, And Leakage: Problems With The Private Pension System And How They Should Inform The Social Security Reform Debate, Norman P. Stein, Patricia E. Dilley

Patricia E Dilley

The argument for Social Security privatization is, at bottom, simple: we need more, and better, advance funding of the public retirement system. In particular, we need to commit a portion of FICA tax to privately managed investment accounts, which will purchase investment instruments that promise higher rates of return than the government debt instruments in which the Social Security surplus is currently invested. The privatization debate has centered on the extent to which Social Security faces an impending demographic crisis during the coming decades, whether privatization is fundamentally inconsistent with the idea of social insurance, whether privatization financial projections are ...


Taking Public Rights Private: The Rhetoric And Reality Of Social Security Privatization, Patricia E. Dilley Jun 2013

Taking Public Rights Private: The Rhetoric And Reality Of Social Security Privatization, Patricia E. Dilley

Patricia E Dilley

This Article explores the foundations of the Social Security privatization debate. What is frequently portrayed as a numbers problem to which a "correct" answer can be found is in fact an ideological and political argument about wealth building versus direct income support and about the reality and security of public entitlement as opposed to private property rights. Efforts to use the idea of private property as the basis of rights in the context of the Social Security system and other non-retirement .social welfare programs have proven problematic. This Article suggests that Social Security, far from being a quaint, retrograde souvenir ...


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.


Reforming Teacher Pensions, Leigh Anenson Mar 2013

Reforming Teacher Pensions, Leigh Anenson

Leigh Anenson

Pension reform has taken center stage in the public policy debate as states struggle to deal with the fallout from the Great Recession. Retirement benefits are not only a critical component of income-maintenance for public retirees, but also a source of economic stimulus to every state economy. In this article, we integrate and extend the pension reform movements in law, education and economics by studying teacher pensions across the United States. Our interdisciplinary approach concentrates on defined benefit plans in states that do not contribute to Social Security. Focusing on this vulnerable and important group of government workers, we aim ...


Reforming Teacher Pensions, Leigh Anenson Feb 2013

Reforming Teacher Pensions, Leigh Anenson

Leigh Anenson

Pension reform has taken center stage in the public policy debate as states struggle to deal with the fallout from the Great Recession. Retirement benefits are not only a critical component of income-maintenance for public retirees, but also a source of economic stimulus to every state economy. In this article, we integrate and extend the pension reform movements in law, education and economics by studying teacher pensions across the United States. Our interdisciplinary approach concentrates on defined benefit plans in states that do not contribute to Social Security. Focusing on this vulnerable and important group of government workers, we aim ...


Erisa Misrepresentation And Nondisclosure Claims: Securities Litigation Under The Guise Of Erisa?, Clovis Trevino Bravo Oct 2008

Erisa Misrepresentation And Nondisclosure Claims: Securities Litigation Under The Guise Of Erisa?, Clovis Trevino Bravo

Georgetown Law Student Series

In the wake of recent corporate scandals and dramatic market downturns, many employees whose retirement savings plans were heavily invested in the stock of their employer have seen their account balances substantially depleted. To recover for their losses, plan participants have filed lawsuits under the Employee Retirement Income Security Act (ERISA) alleging that plan fiduciaries made misrepresentations or failed to disclose material information about the suitability of investing in the company stock. These suits are generally derivative or companion cases to securities class actions based on the same allegations of misrepresentations or nondisclosures. Even though there is a significant overlap ...


A Complete Property Right Amendment, John H. Ryskamp Oct 2006

A Complete Property Right Amendment, John H. Ryskamp

ExpressO

The trend of the eminent domain reform and "Kelo plus" initiatives is toward a comprehensive Constitutional property right incorporating the elements of level of review, nature of government action, and extent of compensation. This article contains a draft amendment which reflects these concerns.


Bond Repudiation, Tax Codes, The Appropriations Process And Restitution Post-Eminent Domain Reform, John H. Ryskamp Jun 2006

Bond Repudiation, Tax Codes, The Appropriations Process And Restitution Post-Eminent Domain Reform, John H. Ryskamp

ExpressO

This brief comment suggests where the anti-eminent domain movement might be heading next.


How The Legal System Can Help Millions Retire: A Call For Improved Application Of The Suitability Standard, Ryan Z. Keller Apr 2006

How The Legal System Can Help Millions Retire: A Call For Improved Application Of The Suitability Standard, Ryan Z. Keller

ExpressO

An increased awareness in legal circles of the value of aggressive investments is necessary and the recommended solution should have two divergent effects on broker liability. On one hand, a broker who recommends growth investments should find his potential liability has decreased because the legal profession no longer solely focuses on financial loss. On the other hand, a broker who invests conservatively should discover his liability has potentially increased because his recommendations may not be in the client’s best interest. The value of both of these effects is that it causes brokers to have a substantially greater incentive to ...


Breaking The Bank: Revisiting Central Bank Of Denver After Enron And Sarbanes-Oxley, Celia Taylor Sep 2005

Breaking The Bank: Revisiting Central Bank Of Denver After Enron And Sarbanes-Oxley, Celia Taylor

ExpressO

No abstract provided.


Social Security, Generational Justice, And Long-Term Deficits, Neil H. Buchanan Mar 2005

Social Security, Generational Justice, And Long-Term Deficits, Neil H. Buchanan

Rutgers Law School (Newark) Faculty Papers

This paper assesses current methods for evaluating the long-term viability and desirability of government activities, especially Social Security and other big-ticket budget items. I reach four conclusions: (1) There are several simple ways to improve the current debate about fiscal policy by adjusting our crude deficit measures, improvements which ought not to be controversial, (2) Separately measuring Social Security’s long-term balance is inappropriate and misleading, (3) The methods available to measure very long-term government financing (Fiscal Gaps and their cousins, Generational Accounts) are of very limited value in setting public policy today, principally because there is no reliable baseline ...


The Limitations Of Retirement Plan Law, Peter M. Van Zante Sep 2004

The Limitations Of Retirement Plan Law, Peter M. Van Zante

ExpressO

It is widely believed that employers determine whether or not their employees receive retirement benefits and the type and amount of any benefits that are received. This belief is mistaken. While sponsorship of a retirement plan is a voluntary choice on the part of the sponsoring employer and the sponsoring employer directly controls the type of plan and the level of benefits provided, the employer's choices on these matters are controlled by its employees' preferences for different forms of compensation. An employer must spend the funds available for employee compensation so as to provide its employees with those forms ...


What Is Fiscal Responsibility? Long-Term Deficits, Generational Accounting, And Capital Budgeting, Neil H. Buchanan Apr 2004

What Is Fiscal Responsibility? Long-Term Deficits, Generational Accounting, And Capital Budgeting, Neil H. Buchanan

Rutgers Law School (Newark) Faculty Papers

This article assesses three basic approaches to assessing the future effects of the government’s fiscal policies: traditional measures of the deficit, measures associated with Generational Accounting, and measures derived from applying Capital Budgeting to the federal accounts. I conclude that Capital Budgeting is the best of the three approaches and that Generational Accounting is the least helpful. Acknowledging that there might be some value in learning what we can from a variety of approaches to analyzing fiscal policy, I nevertheless conclude that Generational Accounting is actually a misleading or--at best--empty measure of future fiscal developments. The best approach to ...