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Full-Text Articles in Retirement Security Law

Regulating Retirement: Understanding The Impact Of New Best Interest And Fiduciary Standards On Retail Investors, Michael Lichtmacher Oct 2019

Regulating Retirement: Understanding The Impact Of New Best Interest And Fiduciary Standards On Retail Investors, Michael Lichtmacher

St. Mary's Law Journal

Abstract forthcoming


Richard Kilgore V. Eleni Kilgore, 135 Nev. Adv. Op. 47 (Oct. 3, 2019), Aariel Williams Oct 2019

Richard Kilgore V. Eleni Kilgore, 135 Nev. Adv. Op. 47 (Oct. 3, 2019), Aariel Williams

Nevada Supreme Court Summaries

NRS 286.510 provides that the eligibility depends on an employee spouse’s effective date of membership in Nevada Public Employees’ Retirement System (“PERS”), profession, number of years served, and age. The Court determined that the time does not depend on whether the employee spouse’s PERS account has fully matured. NRS 125.155 provides district courts with discretion to deny or reduce a non-employee spouse’s request for pension payments before the employee spouse’s retirement. Further, under NRS 125.150(3), a party can seek adjudication of an asset mistakenly omitted from the divorce decree within three years ...


Table Of Contents, Seattle University Law Review Sep 2019

Table Of Contents, Seattle University Law Review

Seattle University Law Review

No abstract provided.


For Richer Or Poorer, 'Til Decree Do Us Part - A Spouse's Entitlement To Division Of Pension Funds And Professional Degrees As Marital Property, Linda A. Malone Sep 2019

For Richer Or Poorer, 'Til Decree Do Us Part - A Spouse's Entitlement To Division Of Pension Funds And Professional Degrees As Marital Property, Linda A. Malone

Linda A. Malone

No abstract provided.


Settlements And Waivers Affecting Pension Benefits Under Erisa, Eric D. Chason Sep 2019

Settlements And Waivers Affecting Pension Benefits Under Erisa, Eric D. Chason

Eric D. Chason

Waivers affecting pension benefits may be entered into as part of a controversy (for example, a settlement agreement) or in isolation (for example, a disclaimer). Under current law, however, it is unclear how these waivers fit within the protections of ERISA, particularly the antialienation rule. Courts have generally honored settlement agreements so long as they are procedurally fair to participants. However, the antialienation rule looms in the background. The IRS and Treasury, in contrast, have focused on waivers outside the settlement context, prohibiting participants from making them but allowing beneficiaries to do so if the waiver satisfies gift-tax rules for ...


Outlawing Pension-Funding Shortfalls, Eric D. Chason Sep 2019

Outlawing Pension-Funding Shortfalls, Eric D. Chason

Eric D. Chason

Before ERISA, employees faced a large risk that their employers would default or renege on pension obligations. By creating a federal guarantor of pensions (the PBGC), ERISA has greatly reduced this risk. All else being equal, low-risk pensions are worth more to employees but cost more to provide. Congress has never had a coherent policy on who should pay for these extra costs. Moreover, legal scholars have failed to create a theoretical framework for dealing with these costs, focusing instead on the supposed "moral hazard" that the PBGC guaranty creates. This Article inserts itself into the scholarly vacuum, asserting that ...


Redressing All Erisa Fiduciary Breaches Under Section 409 (A), Eric D. Chason Sep 2019

Redressing All Erisa Fiduciary Breaches Under Section 409 (A), Eric D. Chason

Eric D. Chason

No abstract provided.


Reforming Pensions While Retaining Shareholder Voice, David Webber May 2019

Reforming Pensions While Retaining Shareholder Voice, David Webber

Faculty Scholarship

Public pension and labor union funds have been the driving force in diversified shareholder activism. They have also fended off attacks on jobs and proactively created jobs for fund contributors. These funds currently represent almost $4 trillion in assets over which workers have substantial control. That worker control - and the collective nature of defined benefit pension plans - is the necessary precondition for their shareholder activism. Both worker control and collective investment are directly threatened by the rise of defined contribution funds, particularly by well-funded efforts to promote the 401(k) in the public sector, the last bastion of the traditional ...


Energy Re-Investment, Hari M. Osofsky, Jacqueline Peel, Brett H. Mcdonnell, Anita Foerster Apr 2019

Energy Re-Investment, Hari M. Osofsky, Jacqueline Peel, Brett H. Mcdonnell, Anita Foerster

Indiana Law Journal

Despite worsening climate change threats, investment in energy—in the United States and globally—is dominated by fossil fuels. This Article provides a novel analysis of two pathways in corporate and securities law that together have the potential to shift patterns of energy investment.

The first pathway targets current investments and corporate decision-making. It includes efforts to influence investors to divest from owning shares in fossil fuel companies and to influence companies to address climate change risks in their internal decision-making processes. This pathway has received increasing attention, especially in light of the Paris Agreement and the Trump Administration’s ...


Table Of Contents, Seattle University Law Review Feb 2019

Table Of Contents, Seattle University Law Review

Seattle University Law Review

No abstract provided.


Defined Contribution Plans And The Challenge Of Financial Illiteracy, Jill E. Fisch, Annamaria Lusardi, Andrea Hasler Feb 2019

Defined Contribution Plans And The Challenge Of Financial Illiteracy, Jill E. Fisch, Annamaria Lusardi, Andrea Hasler

Faculty Scholarship at Penn Law

Retirement investing in the United States has changed dramatically. The classic defined-benefit (DB) plan has largely been replaced by the defined contribution (DC) plan. With the latter, individual employees’ decisions about how much to save for retirement and how to invest those savings determine the benefits available upon retirement.

We analyze data from the 2015 National Financial Capability Study to show that people whose only exposure to investment decisions is by virtue of their participation in an employer-sponsored 401(k) plan are poorly equipped to make sound investment decisions. Specifically, they suffer from higher levels of financial illiteracy than other ...


State Automatic Enrollment Iras After The Trump Election: Are They Preempted By Erisa?, Kathryn L. Moore Jan 2019

State Automatic Enrollment Iras After The Trump Election: Are They Preempted By Erisa?, Kathryn L. Moore

Law Faculty Scholarly Articles

In recent years, a number of states have sought to close the retirement savings funding gap by enacting legislation mandating that employers that do not sponsor a voluntary pension plan for their employees automatically enroll their employees in a state-administered IRA program. This Article focuses on the most serious legal challenge these programs face: ERISA preemption.

The Article begins by providing an overview of the state automatic enrollment IRA programs. It then discusses a regulatory safe harbor created for these programs in 2016 and disapproved under the Congressional Review Act in 2018. It then turns to the question whether, in ...


A More Secure Choice: Minnesota’S Two-Pronged Approach To State Level Retirement Savings Programs, Chad Burkitt Jan 2019

A More Secure Choice: Minnesota’S Two-Pronged Approach To State Level Retirement Savings Programs, Chad Burkitt

Mitchell Hamline Law Journal of Public Policy and Practice

No abstract provided.


Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert Jul 2018

Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert

Faculty Scholarship at Penn Law

This working paper surveys the decumulation services offered by investment robo-advisors as a case study with which to examine regulatory and market structure issues raised by automated financial advice. We provide a short introduction to decumulation, describing some of the uncertainties involved in identifying optimal decumulation strategies and sketching a few of the ‘rules of thumb’ that financial advisors have developed in this area in the face of this uncertainty. Next we describe behavioral effects that could inhibit consumers from following an optimal decumulation strategy, concluding that, left to their own devices, consumers are likely to make sub-optimal decumulation decisions ...


A Lesson From Goodfellas: Why Current Illinois Consideration Based Pension Reform Proposals Still Fail, Lari A. Dierks May 2018

A Lesson From Goodfellas: Why Current Illinois Consideration Based Pension Reform Proposals Still Fail, Lari A. Dierks

Northwestern Journal of Law & Social Policy

No abstract provided.


Title Vii And The Collateral Source Rule: Evaluating The Not-So Equitable Remedy In Eeoc V. Consol Energy, Virginia Calistro Apr 2018

Title Vii And The Collateral Source Rule: Evaluating The Not-So Equitable Remedy In Eeoc V. Consol Energy, Virginia Calistro

Boston College Law Review

On June 12, 2017, the Fourth Circuit Court of Appeals affirmed the decision of the United States District Court for the Northern District of West Virginia to refuse an offset to a Title VII damage award by the amount of pension payments received following the plaintiff's constructive discharge. In doing so, the court adopted a new interpretation of the collateral source rule and its applicability in employment discrimination pay awards. The effect of this decision is to further compound a split of authority between multiple federal courts of appeals regarding the treatment of certain benefits in the wake of ...


How Special Is The Special Timing Rule? Analyzing The Timing Of Fica Taxation In Nonqualified Deferred Compensation Plans, Alan J. Ponce Feb 2018

How Special Is The Special Timing Rule? Analyzing The Timing Of Fica Taxation In Nonqualified Deferred Compensation Plans, Alan J. Ponce

Georgia State University Law Review

Many employers offer nonqualified deferred compensation plans as a benefit to select employees, and those plans allow the employees to prepare for retirement in a tax-efficient manner. For employers,designing and administering such plans in compliance with federal law represents a paramount concern in order to achieve the tax advantages such plans entail. However, for these employers, there remains an inherent ambiguity in the tax code regarding how and when employers should withhold Federal Insurance Contribution Act (FICA) taxes—that is, Social Security and Medicare taxes—on deferred compensation in nonqualified retirement plans.

Tax regulations provide two distinct methods for ...


Untrustworthy: Erisa’S Eroded Fiduciary Law, Peter J. Wiedenbeck Feb 2018

Untrustworthy: Erisa’S Eroded Fiduciary Law, Peter J. Wiedenbeck

William & Mary Law Review

The trust law analogy has come to dominate judicial thinking about employee benefit plans. Yet despite its rise to rhetorical prominence, ERISA fiduciary law has been dramatically transformed by a series of uncoordinated, low-visibility judicial decisions on multiple fronts. These apparently unconnected case law developments reveal a startling pattern of mutually reinforcing restrictions on ERISA’s protection of pension and welfare benefits. This study chronicles ERISA’s trust law turn to expose how untrustworthy workers’ benefit safeguards have become. Both the scope and the intensity of fiduciary oversight have been radically pruned back in the courts. Notwithstanding the congressional declaration ...


Promoting Retirement Security For Low-Income Workers In Illinois: An Analysis And Lessons For Other States, Philip C. Aka, Chidera V. Oku, Murna Habila Feb 2018

Promoting Retirement Security For Low-Income Workers In Illinois: An Analysis And Lessons For Other States, Philip C. Aka, Chidera V. Oku, Murna Habila

Akron Law Review

This Article makes suggestions for promoting retirement security among low-income workers in Illinois with pointed lessons for workers in other U.S. states. Adapting a framework from a previous study by the principal author, the Article portrays retirement preparedness for low-income workers in Illinois as a function of changes in Social Security, employer-sponsored pensions, and personal assets—the famed “three-legged stool” of retirement income—synchronized with reduction of disparities between socioeconomic groups in education, healthcare, and housing. Many studies on retirement security focus excessively on the national level sometimes at the expense of the subnational phenomena that complicate retirement security ...


Privacy Of Information And Dna Testing Kits, Shanna Raye Mason Jan 2018

Privacy Of Information And Dna Testing Kits, Shanna Raye Mason

Catholic University Journal of Law and Technology

In modern times, consumers desire for more control over their own health and healthcare. With this growing interest of control, direct to consumer DNA testing kits have never been more popular. However, many consumers are unaware of the potential privacy concerns associated with such use. This comment examines the popularity and privacy risks that are likely unknown to the individual consumer. This comment also addresses the shortcomings of the Health Insurance Portability and Accountability Act of 1996 (HIPAA), as well as the Genetic Information Nondiscrimination Act of 2008 (GINA) in regard to protecting individual’s genetic information from misuse. This ...


“Let Them Eat Cake”: Examining United States Retirement Savings Policy Through The Lens Of International Human Rights Principles, Regina T. Jefferson Jan 2018

“Let Them Eat Cake”: Examining United States Retirement Savings Policy Through The Lens Of International Human Rights Principles, Regina T. Jefferson

Scholarly Articles and Other Contributions

This article uses an international human rights framework to analyze and critique the effectiveness of the United States' retirement system and its underlying policies. The article challenges the ongoing pension reform debate to include considerations outside traditional economic theory, such as income inequality, the dignity of the elderly, and the irreducible mutuality of people. While a human rights analysis will not yield a precise policy prescription for the retirement savings crisis, it will serve as an additional framework within which the government's economic and social policies regarding the treatment of the elderly can be evaluated, expanding the focus and ...


The Public Pension Crisis Through The Lens Of State Constitutions And Statutory Law, Kristen Barnes Oct 2017

The Public Pension Crisis Through The Lens Of State Constitutions And Statutory Law, Kristen Barnes

Chicago-Kent Law Review

No abstract provided.


Failing Cities And The Red Queen Phenomenon, Samir D. Parikh, Zhaochen He Apr 2017

Failing Cities And The Red Queen Phenomenon, Samir D. Parikh, Zhaochen He

Boston College Law Review

Cities and counties are failing. Unfunded liabilities for retirees’ healthcare benefits aggregate to more than $1 trillion. Pension systems are underfunded by as much as $4.4 trillion. Many local government capital structures ensure rising costs and declining revenues, the precursors to service-delivery insolvency. These governments are experiencing the Red Queen phenomenon. They have tried a dizzying number of remedies, but their dire situation persists unchanged. State legislatures have failed to respond. More specifically, many states have refused to implement meaningful debt restructuring mechanisms for local governments. They argue that giving cities and counties the power to potentially impair bond ...


In Pursuit Of Good & Gold: Data Observations Of Employee Ownership & Impact Investment, Christopher Geczy, Jessica S. Jeffers, David K. Musto, Anne M. Tucker Apr 2017

In Pursuit Of Good & Gold: Data Observations Of Employee Ownership & Impact Investment, Christopher Geczy, Jessica S. Jeffers, David K. Musto, Anne M. Tucker

Seattle University Law Review

A startup’s path to self-sustaining profitability is risky and hard, and most do not make it. Venture capital (VC) investors try to improve these odds with contractual terms that focus and sharpen employees’ incentives to pursue gold. If the employees and investors expect the startup to balance the goal of profitability with another goal—the goal of good—the risks are likely to both grow and multiply. They grow to the extent that profits are threatened, and they multiply to the extent that balancing competing goals adds a dimension to the incentive problem. In this Article, we explore contracting ...


My Company Is Freezing The Pension Plan: What Does This Mean?, Pension Action Center, Gerontology Institute, University Of Massachusetts Boston Apr 2017

My Company Is Freezing The Pension Plan: What Does This Mean?, Pension Action Center, Gerontology Institute, University Of Massachusetts Boston

Pension Action Center Publications

As employers move away from traditional defined benefit pension plans in favor of defined contribution 401(k) plans, the number of frozen pension plans is rapidly increasing. While most companies would like to rid themselves of their pension plan liabilities, more often than not, employers deem it too costly to terminate their existing plans and pay out all accrued benefits to participants and beneficiaries. As a result, instead of terminating their existing pension plans, many employers are electing to “freeze” their plans. Pension plans may be frozen using a “hard freeze” or a “soft freeze”. While both types of plan ...


Lump Sum Vs Annuity Payments: Which Is Right For Me?, Pension Action Center, Gerontology Institute, University Of Massachusetts Boston Apr 2017

Lump Sum Vs Annuity Payments: Which Is Right For Me?, Pension Action Center, Gerontology Institute, University Of Massachusetts Boston

Pension Action Center Publications

As employers are looking to reduce pension plan liabilities, more and more participants are being given the option to receive a one-time lump sum payment from their pension plan in lieu of receiving monthly annuity payments for life. Deciding on which form of pension benefit to take is a very important decision that requires careful consideration. Unfortunately, there is no one-size-fits-all answer. While a lump sum may make sense for one person, it may be a serious mistake for another. And it is a decision that you will have to live with for the rest of your life. Anyone who ...


Survivor Funds, Jonathan Barry Forman, Michael J. Sabin Mar 2017

Survivor Funds, Jonathan Barry Forman, Michael J. Sabin

Pace Law Review

This Article explains how to create “survivor funds”—short-term investment funds that would pay more to those investors who live until the end of the fund’s term than to those who die before then. For example, instead of just investing in a ten-year bond and dividing the proceeds among the investors at the end of the bond term, a survivor fund would invest in that ten-year bond but divide the proceeds only among those who survived the full ten years. These survivor funds would be attractive investments because the survivors would get a greater return on their investments, while ...


2015-2016 Legislative Summary, Assembly Committee On Public Employees, Retirement And Social Security Jan 2017

2015-2016 Legislative Summary, Assembly Committee On Public Employees, Retirement And Social Security

California Agencies

No abstract provided.


Despite Some Gains, Social Security Administration Data Show A Low Level Of Workforce Participation Among Ssi Recipients, Daria Domin, Jaimie Ciulla Timmons, Thinkwork! At The Institute For Community Inclusion At Umass Boston Jan 2017

Despite Some Gains, Social Security Administration Data Show A Low Level Of Workforce Participation Among Ssi Recipients, Daria Domin, Jaimie Ciulla Timmons, Thinkwork! At The Institute For Community Inclusion At Umass Boston

Data Note Series, Institute for Community Inclusion

According to the Social Security Administration (SSA), a total of 4,961,659 blind and disabled recipients1 between the ages of 18 and 64 received Supplemental Security Income (SSI) benefits in 2015. Out of the almost 5 million individuals receiving SSI benefits, only 6.3% worked (n=311,922).

Adults with disabilities between the ages of 40 and 64 were a significant demographic of people who receive SSI, constituting almost two thirds of recipients in 2015 (64%; n=3,167,307). However, only 3.5% (n=111,762) of SSI recipients with disabilities in this age group worked.

In ...


Achieving American Retirement Prosperity By Changing Americans' Thinking About Retirement, Peter H. Huang Jan 2017

Achieving American Retirement Prosperity By Changing Americans' Thinking About Retirement, Peter H. Huang

Articles

There are many decisions that Americans have to make about retirement before, at, and after retirement. For example, Americans have to decide when to start saving for retirement, how much to save, how to invest those savings, when to retire, when to claim social security, and how to take required minimum distributions from 401(k) plans or Individual Retirement Accounts. Different things can go wrong at each of these decisions for different reasons. Many Americans, for various reasons, including insufficient energy, money, motivation, time, and understanding, do no retirement planning. Some Americans do some retirement planning, yet worry they are ...