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Retirement Security Law Commons

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All Articles in Retirement Security Law

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525 full-text articles. Page 4 of 11.

Retirement Security In The Age Of Devolution, Law & Society Annual Meeting, Natalya Shnitser 2015 Boston College Law School

Retirement Security In The Age Of Devolution, Law & Society Annual Meeting, Natalya Shnitser

Natalya Shnitser

No abstract provided.


Degrees Of Intermediation, 2015 Selected Works

Degrees Of Intermediation

Patricia A. McCoy

No abstract provided.


Hardship Withdrawals And Loans: Some Words Of Caution, Emily G. Brown JD, Jeanne Medeiros JD, Ellen Bruce JD 2015 University of Massachusetts Boston

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 ...


Pension De-Risking, Paul Secunda, Brendan Maher 2015 University of Connecticut School of Law

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The United States is facing a retirement crisis, in significant part because defined benefit pension plans have been replaced by defined contribution retirement plans that, whatever their theoretical merit, have left significant numbers of workers unprepared for retirement.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 ...


The Separation Of Intelligence And Control: Retirement Savings And The Limits Of Soft Paternalism, Jacob Hale Russell 2015 College of William & Mary Law School

The Separation Of Intelligence And Control: Retirement Savings And The Limits Of Soft Paternalism, Jacob Hale Russell

William & Mary Business Law Review

“Soft paternalism” is in vogue among academics and lawmakers, but too much is being asked of it. This Article studies soft paternalist techniques—including nudging and disclosure—which have been used in the employersponsored retirement system. Defined-contribution retirement plans represent an ideal test case for libertarian paternalism: there has been extensive experimentation, and nudge advocates have often held up such plans as successes. In particular, this Article focuses on investment allocation decisions in retirement portfolios, and suggests that we should be skeptical of the ability of soft paternalism to improve those decisions. When a domain is rife with conflicts of ...


Who’S Afraid Of Good Governance? State Fiscal Crises, Public Pension Underfunding, And The Resistance To Governance Reform, Thomas J. Fitzpatrick, Amy B. Monahan 2015 University of Florida Levin College of Law

Who’S Afraid Of Good Governance? State Fiscal Crises, Public Pension Underfunding, And The Resistance To Governance Reform, Thomas J. Fitzpatrick, Amy B. Monahan

Florida Law Review

Much attention has been paid to the significant underfunding of many state and local employee pension plans, as well as to efforts by states and cities to alleviate that underfunding by modifying the benefits provided to workers. Yet relatively little attention has been paid to the systemic causes of such financial distress—such as chronic underfunding that shifts financial burdens to future taxpayers, and governance rules that may reduce the likelihood that a plan’s trustees will make optimal investment decisions. This Article presents the results of a qualitative study of the funding and governance provisions of twelve public pension ...


Definitions, Religion, And Free Exercise Guarantees, Mark Strasser 2015 Capital University Law School

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 ...


Strictly Liable, David Randall Jenkins 2015 Unaffiliated

Strictly Liable, David Randall Jenkins

David Randall Jenkins

The Power Point summarizes the Self-Directed IRA Custodian's Five Deadly Sins and Three Punishments for failing to assure Section 4975 impounded management and investment risk diversification policy compliance.


From Chrysler And General Motors To Detroit, David A. Skeel Jr. 2015 University of Pennsylvania Law School

From Chrysler And General Motors To Detroit, David A. Skeel Jr.

Faculty Scholarship at Penn Law

In the past five years, three of the most remarkable bankruptcy cases in American history have come out of Detroit: the bankruptcies of Chrysler and General Motors in 2009, and of Detroit itself in 2012. The principal objective of this Article is simply to show that the Grand Bargain at the heart of the Detroit bankruptcy is the direct offspring of the bankruptcy sale transactions that were used to restructure Chrysler and GM. The proponents of Detroit’s “Grand Bargain” never would have dreamed up the transaction were it not for the federal government-engineered carmaker bankruptcies. The Article’s second ...


Health Care Spending And Financial Security After The Affordable Care Act, Allison K. Hoffman 2015 University of Pennsylvania Law School

Health Care Spending And Financial Security After The Affordable Care Act, Allison K. Hoffman

Faculty Scholarship at Penn Law

Health insurance has fallen notoriously short of protecting Americans from financial insecurity caused by health care spending. The Patient Protection and Affordable Care Act (“ACA”) attempted to ameliorate this shortcoming by regulating health insurance. The ACA offers a new policy vision of how health insurance will (and perhaps should) serve to promote financial security in the face of health care spending. Yet, the ACA’s policy vision applies differently among insured, based on the type of insurance they have, resulting in inconsistent types and levels of financial protection among Americans.

To examine this picture of inconsistent financial protection, this Article ...


Planning Past Pensions, Julie Roin 2015 Seymour Logan Professor of Law, University of Chicago Law School

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 ...


What Is A Lien? Lessons From Municipal Bankruptcy, David A. Skeel Jr. 2015 University of Pennsylvania Law School

What Is A Lien? Lessons From Municipal Bankruptcy, David A. Skeel Jr.

Faculty Scholarship at Penn Law

From the outset of Detroit’s bankruptcy, an unlikely set of issues kept coming up: What exactly is a lien? Who has a property interest or its equivalent in bankruptcy? Did general obligation bondholders have special status, due to Detroit’s promise to use its “full faith and credit” for repayment? What about Detroit’s pension beneficiaries, who could point to a provision in the Michigan Constitution stating that accrued pension benefits cannot be diminished or impaired. In this Article, I explore these and related issues that have arisen in Detroit and other recent municipal bankruptcy cases.

Part I of ...


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 2015 University of Michigan Law School

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 2015 Boston College Law School

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 ...


Funding Discipline For U.S. Public Pension Plans: An Empirical Analysis Of Institutional Design, Natalya Shnitser 2014 Boston College Law School

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

Natalya Shnitser

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 ...


Pensions And Passivity, Gregory S. Alexander 2014 Cornell Law School

Pensions And Passivity, Gregory S. Alexander

Gregory S Alexander

This article discusses how modem fiduciary law has extended equity's tradition of constructing ownership as passive through the corporate pension system. It examines how the corporate pension system as a mode of owning pooled capital is a new stage of passive ownership. This stage creates a different aspect of the familiar problem of separating control from beneficial ownership. Berle and Means argued that the problem that the separation of control from ownership created was economic. The interests of managers and shareholders in the modern corporation diverge, and, they argued, this divergence diminishes the overall efficiency of the modern economy ...


Newsroom: Yelnosky On State Pension Dispute, Roger Williams University School of Law 2014 Roger Williams University

Newsroom: Yelnosky On State Pension Dispute, Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.


Broker-Dealers And Investment Advisers: A Behaviorial-Economics Analysis Of Competing Suggestions For Reform, Polina Demina 2014 University of Michigan Law School

Broker-Dealers And Investment Advisers: A Behaviorial-Economics Analysis Of Competing Suggestions For Reform, Polina Demina

Michigan Law Review

For the average investor trying to save for retirement or a child’s college fund, the world of investing has become increasingly complex. These retail investors must turn more frequently to financial intermediaries, such as broker-dealers and investment advisers, to get sound investment advice. Such intermediaries perform different duties for their clients, however. The investment adviser owes his client a fiduciary duty of care and therefore must provide financial advice that is in the client’s best interests, while the broker-dealer must merely provide advice that is suitable to the client’s interests—a lower standard than the fiduciary duty ...


Partial Privatization Of Social Security: Assessing Its Effect On Women, Minorities, And Lower-Income Workers, Kathryn L. Moore 2014 University of Kentucky College of Law

Partial Privatization Of Social Security: Assessing Its Effect On Women, Minorities, And Lower-Income Workers, Kathryn L. Moore

Kathryn L. Moore

Once viewed as the “third rail” of politics, Social Security appears to be moving inexorably toward reform. In his 1998 State of the Union address, President Clinton proclaimed strengthening Social Security a high priority and called for bipartisan forums on Social Security reform to be held throughout the United States. Similarly, following the 1998 November elections, congressional leaders expressed commitment to “saving Society Security,” and House Ways and Means Chairman Bill Archer renewed his commitment to bipartisan reform of Social Security as recently as December 8, 1999 in a letter to President Clinton. Congressional hearings on reform proposals are ubiquitous ...


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 2014 University of Georgia School of Law

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.


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