Law Commons^™

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 …

A Primer On The Need To Continue Monitoring Closely The Transfer Of Social Welfare Risk And Liability Of Employee Benefit Plans, James E. Holloway

Cleveland State Law Review

This Article examines why federal legislative policy-makers and judicial decision-makers should ascertain the impact of the transfer of risk and liability on furthering welfare and security interests and preserving organizational discretion under ERISA and public policy. Part I explains why business organizations or employers transfer risk and liability to employees and retirees. This transfer occurs where global business outcomes cause social consequences that are driven directly by business decisions responding to new global competition and less American economic standing. Part II explains the need to assess the substantive issues and public policy concerns underlying legislative acts and judicial interpretations limiting …

The Future Of Americans' Pensions: Revamping Pension Plan Asset Allocation To Combat The Pension Benefit Guaranty Corporation's Deficit, Kathleen H. Czarney

Cleveland State Law Review

To protect the financial future of retirees, this Note advocates that Congress pass legislation mandating a certain percentage of retirement plan funds be allocated into a low-risk individual retirement account ("IRA") insured by the Federal Depository Insurance Corporation ("FDIC"). This plan will shift the massive financial burden off of the PBGC. Section II of this Note provides an overview of pension plans and the PBGC with reference to economic and demographic factors that affect pensions. Thereafter, Section III discusses the current economic circumstances and their affect on retirement savings and the future of the PBGC." Section IV analyzes pending federal …

Retirement Plans Limited To Salaried Employees: Tax Advantages And Qualification, Gerrit C. Kuechle

Cleveland State Law Review

Retirement plans are among the most effective tax saving devices available and can be extremely attractive, as will be shown, to the small corporation and the highly compensated employee, especially when it is considered that a properly designed plan can be integrated with Social Security so that larger benefits are provided on the salary in excess of that covered by Social Security than on the salary subject to Social Security.

Retirement Plans For Self-Employed Individuals, Doris R. Hauth

Cleveland State Law Review

The self-employed individual has not yet gained the status of the corporate employee in his ability to defer income, but the Keogh Act, asamended in 1967, does afford him substantial tax savings. The benefits should be thoroughly considered by all who qualify.

Tax Of Qualified Deferred Compensation Plan, Lucius C. Gossick

Cleveland State Law Review

One of the primary reasons for the steady growth in the number of qualified deferred compensation plans described in Section 401 (a) of the Internal Revenue Code of 19541 is their usefulness as tax planning devices. An important tax consideration in adopting such a plan is that the taxation of plan benefits to employee-participants or their beneficiaries, provided by current employer contributions, will be deferred to some future time. Because of the rapid changes that occur in the income tax law this article will cover general tax considerations applicable to such benefits that exist presently. Consideration will be given the …

Tax Advantages Of Retirement Plans, Sheldon M. Young, Martin Silverman

Cleveland State Law Review

A great many factors have been responsible for the phenomenal growth of retirement plans in the United States since 1930 - not the least of them being the impetus given to the establishment of pension plans as a result of labor negotiations initiated by unions after the Inland Steel decision of1949, wherein the National Labor Relations Board ruled that pensions were a proper subject of collective bargaining. Most authorities, however, recognize that high corporate and personal income tax rates, and broad beneficial tax privileges accorded to recipients of benefits under such programs are largely responsible for the adoption of these …