Social Security In An Era Of Retrenchment: What Would Happen If The Social Security Trust Funds Were Exhausted?,
2012
University of Kentucky College of Law
Social Security In An Era Of Retrenchment: What Would Happen If The Social Security Trust Funds Were Exhausted?, Kathryn L. Moore
Law Faculty Scholarly Articles
Social Security's income, including interest income on the Social Security trust funds' reserves, currently exceeds costs. The system, however, is facing a long-term deficit. Specifically, the Social Security Trustees project that, unless the Social Security Act is amended, by 2033 the system's reserves will be depleted, and its income will only be sufficient to cover about 75 percent of scheduled benefits.
This article addresses two questions related to the funding of Social Security. Part I discusses what would happen if the Social Security trust funds were exhausted. Part II discusses whether Congress could amend the Social Security Act to reduce …
Disclosure To The Rescue: A Conceptual Framework For Retained Asset Accounts,
2012
Boston University School of Law
Disclosure To The Rescue: A Conceptual Framework For Retained Asset Accounts, Maria O'Brien
Faculty Scholarship
RAAs (Retained Asset Accounts) are a life insurance innovation that is likely of small value to most beneficiaries. In many cases, it will make the most financial sense for a beneficiary to write a check to himself for the entire policy proceeds and deposit those funds into an insured bank account. Some beneficiaries, however, may find the RAA device helpful. It is impossible to anticipate the myriad circumstances that beneficiaries may face at the time of an insured's death. As long as insurers provide full and clear disclosure (which ERISA fiduciary standards demand), consumers should remain free to choose an …
Letter Regarding Irs Form 8955-Ssa Participant Notice Requirement,
2012
New England Pension Assistance Project
Letter Regarding Irs Form 8955-Ssa Participant Notice Requirement, Mia Midenjak, Ellen A. Bruce
Pension Action Center Publications
On April 27, 2012, the Pension Action Center wrote to the Internal Revenue Service to advocate for the pension rights of American workers and retirees. The Pension Action Center’s letter was prompted by a request from the American Society of Pension Professionals and Actuaries (ASPPA) that plans be relieved of their legal obligation to notify departing workers of their right to a pension.
Protect Your Pension: Important Documents You Should Keep,
2012
University of Massachusetts Boston
Protect Your Pension: Important Documents You Should Keep, Mia Midenjak
Pension Action Center Publications
No matter what kind of pension or retirement plan your employer offers, you should keep certain documents indefinitely to ensure that your retirement benefit is paid correctly. Based on our experience with finding lost retirement income and assisting workers and retirees to get the benefits they have earned, we recommend that you save the following information.
What Determines Public Pension Investment Risk-Taking Policy?,
2012
University of Dayton
What Determines Public Pension Investment Risk-Taking Policy?, Nancy Mohan, Ting Zhang
Employment Research Newsletter
No abstract provided.
What Is The Correct Standard Of Prudence In Employer Stock Cases?, 45 J. Marshall L. Rev. 541 (2012),
2012
UIC School of Law
What Is The Correct Standard Of Prudence In Employer Stock Cases?, 45 J. Marshall L. Rev. 541 (2012), José Martin Jara
UIC Law Review
No abstract provided.
Foreword: The Past, Present, And Future Of Supreme Court Jurisprudence On Erisa, 45 J. Marshall L. Rev. Xxv (2012),
2012
UIC School of Law
Foreword: The Past, Present, And Future Of Supreme Court Jurisprudence On Erisa, 45 J. Marshall L. Rev. Xxv (2012), Colleen E. Medill
UIC Law Review
No abstract provided.
The Supreme Court Fills A Gaping Hole: Cigna Corp. V. Amara Clarifies The Scope Of Equitable Relief Under Erisa, 45 J. Marshall L. Rev. 767 (2012),
2012
UIC School of Law
The Supreme Court Fills A Gaping Hole: Cigna Corp. V. Amara Clarifies The Scope Of Equitable Relief Under Erisa, 45 J. Marshall L. Rev. 767 (2012), Susan Harthill
UIC Law Review
No abstract provided.
Summary Plan Descriptions After Amara, 45 J. Marshall L. Rev. 811 (2012),
2012
UIC School of Law
Summary Plan Descriptions After Amara, 45 J. Marshall L. Rev. 811 (2012), David Pratt
UIC Law Review
No abstract provided.
Purpose Over Formality: Putting An End To The Catch-22 Preventing Workers From Speaking Up About Erisa Benefit Abuse, 45 J. Marshall L. Rev. 893 (2012),
2012
UIC School of Law
Purpose Over Formality: Putting An End To The Catch-22 Preventing Workers From Speaking Up About Erisa Benefit Abuse, 45 J. Marshall L. Rev. 893 (2012), Lucas Walker
UIC Law Review
No abstract provided.
Vindicating Vulnerable Victims: Illinois's Efforts To Prevent Elder Financial Exploitation,
2012
Loyola University Chicago, School of Law
Vindicating Vulnerable Victims: Illinois's Efforts To Prevent Elder Financial Exploitation, Ashley Jaconetti
Public Interest Law Reporter
No abstract provided.
Retirees Beware: Don't Worry About The British, 'Taxmageddon' Is Coming,
2012
University of Michigan Law School
Retirees Beware: Don't Worry About The British, 'Taxmageddon' Is Coming, Douglas A. Kahn, Lawrence W. Waggoner
Articles
"Taxmageddon" is coming. Unless Congress extends the current rates or reaches an agreement on tax reform, dividends will then be taxed as ordinary income at a marginal rate as high as 39.6 % and net capital gains will then be taxed at 20%. For high-income taxpayers, a 3.8% Medicare surtax will be added to the taxation of net capital gains, dividend income, interest, and other investment income, bringing the highest marginal rate to 43.4%.
Combating Moral Hazard: The Case For Rationalizing Public Employee Benefits,
2012
Boston University School of Law
Combating Moral Hazard: The Case For Rationalizing Public Employee Benefits, Maria O'Brien
Faculty Scholarship
The current crisis in public employee benefits is a fairly conventional moral hazard story about overly generous promises made by both private sector employers and politicians spending public dollars. The private sector, forced by the Financial Accounting Standards Board (FASB) in 1993 to confront the true cost of promises made to future retirees, dealt with the newly discovered debt in a number of ways, including the termination of defined benefit plans which were quickly replaced by defined contribution plans. The public sector was also forced to confront its own largesse with the implementation of GASB 45 which focused careful attention …
Summary Of Mass State Pension Reform Law Chapter 176 Of The Acts Of 2011,
2011
University of Massachusetts Boston
Summary Of Mass State Pension Reform Law Chapter 176 Of The Acts Of 2011, Ellen A. Bruce
Pension Action Center Publications
Massachusetts passed significant changes to its public pension system meant to create cost savings for the state and to encourage employees to work longer. Most of the changes apply only to people hired after April 2, 2012. This summarizes the most important changes.
Defined (Yet Uncertain) Benefit Pension Plans In America,
2011
Chicago-Kent College of Law
Defined (Yet Uncertain) Benefit Pension Plans In America, Travis Bayer
Chicago-Kent Law Review
Despite playing a central role in many public and private employees' retirements, defined benefit pension plans are woefully underfunded. Moreover, the combination of a Baby Boomer retirement bulge and a struggling economy are putting even more pressure on defined benefit plans. This Note examines relevant background information regarding defined benefit pension plans and demographic data of the Baby Boomer generation. This Note then explores how and to what extent states and private employers have created contractual obligations through defined benefit plans and addresses what happens when those contractual obligations are breached. Finally, this Note suggests that litigation cannot provide a …
An Overview Of The U.S. Retirement Income Security System And The Principles And Values It Reflects,
2011
University of Kentucky College of Law
An Overview Of The U.S. Retirement Income Security System And The Principles And Values It Reflects, Kathryn L. Moore
Law Faculty Scholarly Articles
This article is designed to provide an overview of the U.S. retirement income security system from a comparative law perspective. Like many countries, the U.S. has a three tier pension or retirement income system, with the three tiers consisting of (1) Social Security, (2) employment-based pensions, and (3) individual savings. Thus, superficially, the U.S. retirement income security system resembles that of many around the world. Yet, in other ways, such as its focus on individual rights and responsibility, the U.S. system is unique.
The article begins by discussing the nine guiding principles of the U.S. Social Security system as identified …
Pension Reform: How Have Workers Fared?,
2011
New York University
Pension Reform: How Have Workers Fared?, Edward N. Wolff
Employment Research Newsletter
No abstract provided.
When A Promise Isn't A Promise: Public Employers' Ability To Alter Pension Plans Of Retired Employees,
2011
Vanderbilt University Law School
When A Promise Isn't A Promise: Public Employers' Ability To Alter Pension Plans Of Retired Employees, Gavin Reinke
Vanderbilt Law Review
The economic downturn has placed enormous pressure on state budgets. The recession hit state pension funding plans for public employees particularly hard. Some projections indicate that, even with as much as an 8% return on their pension fund investments, seven states' funds will be out of money by 2020, and half of states' funds will be fully depleted by 2027.
State legislatures are scrambling to pass measures designed to return their pension funds to solvency. Most proposals only call for decreases in the amount of pension benefits provided to future retirees, but four states have gone much further. Colorado, Minnesota, …
Protecting Your Retirement Savings From Potential Creditors,
2011
Pension Action Center, Gerontology Institute, University of Massachusetts Boston
Protecting Your Retirement Savings From Potential Creditors, Pension Action Center, Gerontology Institute, University Of Massachusetts Boston
Pension Action Center Publications
State and federal laws provide strong protections to New England residents to shield their retirement savings from creditors. The particular protections available depend on whether you have filed for bankruptcy, how your retirement savings are kept, and where you live.
The Federal Common Law Of Vicarious Fiduciary Liability Under Erisa,
2011
University of Nebraska College of Law
The Federal Common Law Of Vicarious Fiduciary Liability Under Erisa, Colleen E. Medill
University of Michigan Journal of Law Reform
The Employee Retirement Income Security Act of 1974 ("ERISA"), the federal law that regulates employer-sponsored benefit plans, has a rich history of judiciallycreated federal common law. This Article explores the theoretical, policy, statutory, and stare decisis grounds for the development of another area offederal common law under ERISA-the incorporation of respondeat superior liability principles to impose ERISA fiduciary liability ("vicarious fiduciary liability") upon a corporation for the fiduciary activities of its employees or agents. The Article proposes that the federal courts should adopt a federal common law rule of vicarious fiduciary liability under ERISA based on the traditional scope of …
