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Finding A Financial Planner, Emily G. Brown JD 2015 University of Massachusetts Boston

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?


401(K) Plan Expenses, Anne Becker, Jeffrey Arnold 2015 McDermott, Will & Emery

401(K) Plan Expenses, Anne Becker, Jeffrey Arnold

Pension Action Center Publications

Under a 401(k) plan, your benefit is your vested account balance. This account balance reflects the contributions you make to the plan, the contributions your employer makes to the plan on your behalf (if any), and investment gains and losses.

Many 401(k) plan participants are responsible for choosing how to invest their account balances. If you direct the investment of your 401(k) plan account balance, it is important to understand that fees and expenses may substantially reduce the growth of your 401(k) plan account balance over the course of your working life. The Department of Labor ...


Your Former Employer’S 401(K) Plan, Jeanne Medeiros JD 2015 University of Massachusetts Boston

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 ...


Illinois Secure Choice Savings Program Act (Passed Jan. 4, 2015), Emily G. Brown JD, Ellen Bruce JD 2015 University of Massachusetts Boston

Illinois Secure Choice Savings Program Act (Passed Jan. 4, 2015), Emily G. Brown Jd, Ellen Bruce Jd

Pension Action Center Publications

The Illinois Secure Choice Savings Program Act, passed on January 4, 2015, creates an automatic enrollment payroll deduction IRA. The purpose of the program is to promote increased retirement savings participation for employees in the private sector. This fact sheet answers some basic questions about how this new program will affect workers and their employers in Illinois.


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 M. Secunda, Brendan S. Maher 2015 Marquette University Law School

Pension De-Risking, Paul M. Secunda, Brendan S. 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 ...


Problematic Self-Directed Retirement Plan Activities, David Randall Jenkins 2015 Unaffiliated

Problematic Self-Directed Retirement Plan Activities, David Randall Jenkins

David Randall Jenkins

Changes in Form 5498 reporting requirements, the IRS Form 5500 amnesty program commencing June 2014, and several 2013 and 2014 Tax Court decisions signal the IRS is on the cusp of launching a major nationwide assault undertaken to correct self-directed retirement plan fiduciary abuses.

This paper is under publication consideration and, as a result, cannot be currently posted.


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 ...


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

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 ...


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

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 ...


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 ...


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.


The Best Of Times And The Worst Of Times: Lessons From Recent Reforms Of The French Retirement, Kathryn L. Moore 2014 University of Kentucky College of Law

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.


A Public Pensions Bailout: Economics And Law, Terrance O'Reilly 2014 Willamette University College of Law

A Public Pensions Bailout: Economics And Law, Terrance O'Reilly

University of Michigan Journal of Law Reform

In several states, public pension plans are at risk of insolvency within a decade. These risks are significant, and the solutions currently contemplated are likely to fall short of what is necessary to contain the problem. If public pension plans do become insolvent, it seems likely the federal government will bail them out. This Article proposes that the federal government prepare for the prospect of federal financial support of public pension plans by instituting an optional regulatory regime for public pensions. If a state elects not to participate, its public pension plans would be ineligible for federal financial support. In ...


Litigating For The Future Of Public Pensions, Paul M. Secunda 2014 Marquette University Law School

Litigating For The Future Of Public Pensions, Paul M. 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 ...


Multiple Myopias, Multiple Selves, And The Under-Saving Problem, Daniel Shaviro 2014 NYU School of Law

Multiple Myopias, Multiple Selves, And The Under-Saving Problem, Daniel Shaviro

New York University Law and Economics Working Papers

In both public policy debate and the academic literature, there is widespread, though not universal, agreement that millions of Americans are saving too little for their own retirements. If this is true, we could potentially increase such individuals’ welfare through the adoption of policies that resulted in their saving more. A key dilemma, however, is that, unless one understands why people are under-saving, it is hard to evaluate the likely responses to or merits of a given policy.

Possible explanations for systematic under-saving include at least the following: (1) naïve myopia, (2) sophisticated or self-aware myopia, (3) procrastination, or putting ...


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