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Failing Cities And The Red Queen Phenomenon, Samir D. Parikh, Zhaochen He 2017 Lewis & Clark Law School

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 ...


In Pursuit Of Good & Gold: Data Observations Of Employee Ownership & Impact Investment, Christopher Geczy, Jessica S. Jeffers, David K. Musto, Anne M. Tucker 2017 Seattle University School of Law

In Pursuit Of Good & Gold: Data Observations Of Employee Ownership & Impact Investment, Christopher Geczy, Jessica S. Jeffers, David K. Musto, Anne M. Tucker

Seattle University Law Review

A startup’s path to self-sustaining profitability is risky and hard, and most do not make it. Venture capital (VC) investors try to improve these odds with contractual terms that focus and sharpen employees’ incentives to pursue gold. If the employees and investors expect the startup to balance the goal of profitability with another goal—the goal of good—the risks are likely to both grow and multiply. They grow to the extent that profits are threatened, and they multiply to the extent that balancing competing goals adds a dimension to the incentive problem. In this Article, we explore contracting ...


My Company Is Freezing The Pension Plan: What Does This Mean?, Pension Action Center, Gerontology Institute, University of Massachusetts Boston 2017 University of Massachusetts Boston

My Company Is Freezing The Pension Plan: What Does This Mean?, Pension Action Center, Gerontology Institute, University Of Massachusetts Boston

Pension Action Center Publications

As employers move away from traditional defined benefit pension plans in favor of defined contribution 401(k) plans, the number of frozen pension plans is rapidly increasing. While most companies would like to rid themselves of their pension plan liabilities, more often than not, employers deem it too costly to terminate their existing plans and pay out all accrued benefits to participants and beneficiaries. As a result, instead of terminating their existing pension plans, many employers are electing to “freeze” their plans. Pension plans may be frozen using a “hard freeze” or a “soft freeze”. While both types of plan ...


Lump Sum Vs Annuity Payments: Which Is Right For Me?, Pension Action Center, Gerontology Institute, University of Massachusetts Boston 2017 University of Massachusetts Boston

Lump Sum Vs Annuity Payments: Which Is Right For Me?, Pension Action Center, Gerontology Institute, University Of Massachusetts Boston

Pension Action Center Publications

As employers are looking to reduce pension plan liabilities, more and more participants are being given the option to receive a one-time lump sum payment from their pension plan in lieu of receiving monthly annuity payments for life. Deciding on which form of pension benefit to take is a very important decision that requires careful consideration. Unfortunately, there is no one-size-fits-all answer. While a lump sum may make sense for one person, it may be a serious mistake for another. And it is a decision that you will have to live with for the rest of your life. Anyone who ...


Survivor Funds, Jonathan Barry Forman, Michael J. Sabin 2017 University of Oklahoma

Survivor Funds, Jonathan Barry Forman, Michael J. Sabin

Pace Law Review

This Article explains how to create “survivor funds”—short-term investment funds that would pay more to those investors who live until the end of the fund’s term than to those who die before then. For example, instead of just investing in a ten-year bond and dividing the proceeds among the investors at the end of the bond term, a survivor fund would invest in that ten-year bond but divide the proceeds only among those who survived the full ten years. These survivor funds would be attractive investments because the survivors would get a greater return on their investments, while ...


Addressing The Retirement Crisis With Shadow 401(K)S, Deepa Das Acevedo 2017 University of Pennsylvania Law School

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."


Despite Some Gains, Social Security Administration Data Show A Low Level Of Workforce Participation Among Ssi Recipients, Daria Domin, Jaimie Ciulla Timmons, ThinkWork! at the Institute for Community Inclusion at UMass Boston 2017 University of Massachusetts Boston

Despite Some Gains, Social Security Administration Data Show A Low Level Of Workforce Participation Among Ssi Recipients, Daria Domin, Jaimie Ciulla Timmons, Thinkwork! At The Institute For Community Inclusion At Umass Boston

Data Note Series, Institute for Community Inclusion

According to the Social Security Administration (SSA), a total of 4,961,659 blind and disabled recipients1 between the ages of 18 and 64 received Supplemental Security Income (SSI) benefits in 2015. Out of the almost 5 million individuals receiving SSI benefits, only 6.3% worked (n=311,922).

Adults with disabilities between the ages of 40 and 64 were a significant demographic of people who receive SSI, constituting almost two thirds of recipients in 2015 (64%; n=3,167,307). However, only 3.5% (n=111,762) of SSI recipients with disabilities in this age group worked.

In ...


2015-2016 Legislative Summary, Assembly Committee on Public Employees, Retirement and Social Security 2017 Golden Gate University School of Law

2015-2016 Legislative Summary, Assembly Committee On Public Employees, Retirement And Social Security

California Agencies

No abstract provided.


Defining “Fiduciary”: Aligning Obligations With Expectations, Ashley C. Vicere 2017 Brooklyn Law School

Defining “Fiduciary”: Aligning Obligations With Expectations, Ashley C. Vicere

Brooklyn Law Review

Poor investment decisions rob many Americans of the worry-free retirement for which they had desperately planned. Hiring an investment adviser does not always shield retirement savers from making poor investment decisions because some advisers have conflicts of interest and receive commissions for recommending certain investments. This practice encourages them to recommend products that generate advisers more income rather than products that most benefit investors. To address these conflicts of interest, the Department of Labor (DOL) promulgated a new rule redefining when an investment adviser is a “fiduciary” of a retirement investor under the Employee Retirement Income Security Act of 1974 ...


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

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 ...


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 2016 Marsh & McLennan Agency

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.


Public Pensions And Fiduciary Law: A View From Equity, T. Leigh Anenson 2016 University of Maryland

Public Pensions And Fiduciary Law: A View From Equity, T. Leigh Anenson

University of Michigan Journal of Law Reform

Controversies involving fund management may be the next frontier of public pension litigation. Recent scandals involving fraud, bribery, and corruption of public pension officials and other third parties have drawn the public eye toward the management of retirement assets. Individual and entity custodians, including pension boards of trustees, are charged with making investment and other decisions relating to pension funds. Unlike private pensions, there is no federal oversight of asset managers or others in control of retirement funds. Yet these funds hold more than three trillion dollars in assets. Until now, the guardians of these monies have operated almost invisibly ...


Investor Financial Literacy In The Workplace, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth 2016 University of Pennsylvania Law School

Investor Financial Literacy In The Workplace, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth

Jill Fisch

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 ...


On Beyond Calpers: Survey Evidence On The Developing Role Of Public Pension Funds In Corporate Governance, Stephen Choi, Jill E. Fisch 2016 NYU Law School

On Beyond Calpers: Survey Evidence On The Developing Role Of Public Pension Funds In Corporate Governance, Stephen Choi, Jill E. Fisch

Jill Fisch

No abstract provided.


Same Sex Marriage In A Post-Perry And Windsor America, Kathryn L. Moore, Allison I. Connelly, Ross T. Ewing 2016 University of Kentucky College of Law

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.


Save The Social Security Disability Trust Fund! And Reduce Ssi Exposure To The General Fund, Daniel F. Solomon 2016 Pepperdine University

Save The Social Security Disability Trust Fund! And Reduce Ssi Exposure To The General Fund, Daniel F. Solomon

Journal of the National Association of Administrative Law Judiciary

No abstract provided.


Adjudicasaurus Rex, Jeffrey S. Wolfe 2016 Pepperdine University

Adjudicasaurus Rex, Jeffrey S. Wolfe

Journal of the National Association of Administrative Law Judiciary

This article proposes a simple theme. While many issues plague the Social Security Disability Insurance and Supplemental Security Income programs, only reform of the hearings and appeals process can solve the decades-long (and growing) hearings backlog. Only then, can the remaining questions regarding the solvency of the DI trust fund be meaningfully addressed. As it now stands, the ongoing backlog of pending hearings and appeals feeds the twin plagues of rising costs and increasing delay. These are the very issues that drove the federal courts in the passage of the Civil Justice Reform Act of 1990 (CJRA). This article provides ...


One Fund Solution And The Pension Crisis, Gordon Butler 2016 St. Thomas University School of Law

One Fund Solution And The Pension Crisis, Gordon Butler

Cleveland State Law Review

The next forty years of economic life will be dominated by one underlying theme: dealing with the retirement income security of a growing, aging and longer-lived global population. This is a "can’t run, can’t hide" problem that will affect the lives of almost every human being on the planet . . . Whether you are light in your pension account, whether you have more money than Croesus, whether you live in the well-funded Netherlands, or whether you are a put-upon unambitious young male in Japan who sees no future for himself, you cannot escape this problem.

Before you read very far ...


Professional Discretion And The Law: Impact Of Actuaries On The Underfunding And Decline Of Private Sector Single Employer Defined Benefit Pensions In Canada: How Many "Post Nortel" Pension Fiascos Are Brewing In Canada?, Paul Charles Walker 2016 Osgoode Hall Law School of York University

Professional Discretion And The Law: Impact Of Actuaries On The Underfunding And Decline Of Private Sector Single Employer Defined Benefit Pensions In Canada: How Many "Post Nortel" Pension Fiascos Are Brewing In Canada?, Paul Charles Walker

LLM Theses

Considering that private sector single employer defined benefit pension plans must be fully funded by law, the legal issue emanating from their systemic underfunding is whether or not actuaries have been using their discretion in a manner which is within a reasonable interpretation of the margin of manoeuvre contemplated by the legislature, in accordance with the principles of the rule of law. This thesis discusses the merits of potential legal remedies to arrest the underfunding and decline in the number of private sector single employer defined benefit pensions in Canada, including the introduction of single employer target benefit plans, increasing ...


After Tackett: Incomplete Contracts For Post-Employment Healthcare, Maria O'Brien Hylton 2016 Boston University School of Law

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 ...


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