Definitions, Religion, And Free Exercise Guarantees, 2015 Capital University Law School
Definitions, Religion, And Free Exercise Guarantees, 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 ...
Broker-Dealers And Investment Advisers: A Behaviorial-Economics Analysis Of Competing Suggestions For Reform, 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. ___,  2 Comm. Mkt. L. Rep. 513., 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. ___,  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, 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.
From Chrysler And General Motors To Detroit, 2014 University of Pennsylvania Law School
From Chrysler And General Motors To Detroit, David A. Skeel Jr.
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 ...
A Public Pensions Bailout: Economics And Law, 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, 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 ...
What Is A Lien? Lessons From Municipal Bankruptcy, 2014 University of Pennsylvania Law School
What Is A Lien? Lessons From Municipal Bankruptcy, David A. Skeel Jr.
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 ...
Multiple Myopias, Multiple Selves, And The Under-Saving Problem, 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 ...
A Failure To Supervise: How The Bureaucracy And The Courts Abandoned Their Intended Roles Under Erisa, Lauren R. Roth
Pace Law Review
This Article addresses how courts failed to adequately supervise employers administering pension plans before ERISA. Relying on a number of different legal theories—from an initial theory that pensions were gratuities offered by employers to the recognition that pension promises could create contractual rights—the courts repeatedly found ways to allow employers to promise much and provide little to workers expecting retirement security. In Section III, this Article addresses how Congress failed to create an effective structure for strong bureaucratic enforcement and the bureaucratic agencies with enforcement responsibilities failed to fulfill those functions. Finally, in Section IV, this Article discusses ...
Social Insecurity: A Modest Proposal For Remedying Federal District Court Inconsistency In Social Security Cases, Jonah J. Horwitz
Pace Law Review
This Article addresses a relatively narrow but consequential problem in the system: the inadequacy of federal judicial resolution of appeals from the denial of Social Security disability benefits. It addresses the problem with an equally narrow, and hopefully equally consequential, solution: granting a published district court decision in such a case the power of binding precedent with respect to the judicial district in which the opinion is issued. In so doing, greater uniformity, consistency, fairness, and efficiency would be brought to a process that is badly in need of all.
The Article proceeds in five parts. Part I provides some ...
Are Defined Contribution Pension Plans Fit For Purpose In Retirement?, 2014 Seattle University School of Law
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 ...
Less Is More: Applying A Modified Reasonable Compensation Standard To Eliminate The Inconsistencies In The Payroll And Net Investment Income Tax Bases, John S. Treu
John S. Treu
The original policy for the implementation of payroll taxes was to impose a tax on wages as both a funding mechanism for, and a limitation to, qualifying for social security. However, the self-employment tax base developed severe inconsistencies with this original policy and among different tax entities by including certain returns on capital investments in the tax base. At present, different payroll tax obligations arise for similarly situated tax payers based solely on the type of entity the owner elects to be taxed as under the check-the-box regulations. These inconsistencies resulted from misguided efforts by congress and the treasury to ...
Financial Security Scorecard: A State-By-State Analysis Of Economic Pressures Facing Future Retirees, 2014 University of Massachusetts Boston
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 ...
Tontine Pensions: A Solution To The State And Local Pension Underfunding Crisis, 2014 University of Oklahoma
Tontine Pensions: A Solution To The State And Local Pension Underfunding Crisis, Jonathan B. Forman, Michael J. 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 ...
La Pensión Familiar En Colombia: ¿Una Solución Al Déficit Pensional Colombiano?, 2014 Pontificia Universidad Javeriana
La Pensión Familiar En Colombia: ¿Una Solución Al Déficit Pensional Colombiano?, Fernando Castillo Cadena, Ana María Muñoz Segura
Fernando Castillo Cadena
Colombia enacted the “family old-age pension” through Law 1580/12. This pension is not one of exceptional type, which is granted to certain beneficiaries: it is one that tries to expand the coverage of the pension system in a novel way. Thus, the right to a pension no longer will be a product of regular contributions or savings made on an individual basis, but one that will correspond to the sum of efforts made by the couple that makes up a family group. So, in the event that an affiliate not eligible to obtain an old-age pension on an individual ...
Why Do Retail Investors Make Costly Mistakes? An Experiment On Mutual Fund Choice, 2014 University of Pennsylvania Law School
Why Do Retail Investors Make Costly Mistakes? An Experiment On Mutual Fund Choice, Jill E. Fisch, Tess Wilkinson-Ryan
There is mounting evidence that retail investors make predictable, costly investment mistakes, including underinvestment, naïve diversification, and payment of excessive fund fees. Over the past thirty-five years, however, participant-directed 401(k) plans have largely replaced professionally managed pension plans, requiring unsophisticated retail investors to navigate the financial markets themselves. Policy-makers have struggled with regulatory interventions designed to improve the quality of investment decisions without a clear understanding of the reasons for investor mistakes. Absent such an understanding, it is difficult to design effective regulatory responses.
This article offers a first step in understanding the investor decision-making process. We use an ...
Changes In Form 5498 Reporting And Foreseeable Irs Correction Of Self-Directed Erisa Plan Fiduciary Abuses, David Randall Jenkins
David Randall Jenkins
Two 2012 Tax Court decisions, changes in Form 5498 reporting requirements, and the Form 5500 Amnesty program signal the IRS is on the cusp of a major crackdown on self-directed ERISA plan fiduciary abuses.
Increasing Coverage In Today’S Private Retirement System, 2014 The Catholic University of America, Columbus School of Law
Increasing Coverage In Today’S Private Retirement System, Regina T. Jefferson
Scholarly Articles and Other Contributions
Part I of this Reflection describes and critiques the effective-ness of the existing nondiscrimination standards for encouraging in-creased coverage in the private retirement system. Part II examines current trends with respect to various segments of the working population and concludes that existing pension law and policies are providing inadequate retirement benefits to low- and middle-income workers participating in 401(k) plans. Part III proposes the following three recommendations for increasing participation rates in the current pension climate: (1) mandatory education programs for all 401(k) plans; (2) mandatory automatic features in 401(k) plans; and (3) an additional tax incentive ...
The Aging Of The American Law Professoriate, 2014 Cleveland State University College of Law
The Aging Of The American Law Professoriate, David Barnhizer
A recent (rather tasteless) article argued: “Professors approaching 70 … have an ethical obligation to step back and think seriously about quitting. If they do remain on the job, they should at least openly acknowledge they’re doing it mostly for themselves.” In “The Forever Professors: Academics Who Don’t Retire Are Greedy, Selfish, and Bad For Students”, the insensitive author added: “the number of professors 65 and older more than doubled between 2000 and 2011.” The author’s most intellectually savage comments were that: “faculty who delay retirement harm students, who in most cases would benefit from being taught by ...