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Retirement Security Law Commons

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Addressing The Retirement Crisis With Shadow 401(K)S, Deepa Das Acevedo 2017 University of Pennsylvania Law School

Addressing The Retirement Crisis With Shadow 401(K)S, Deepa Das Acevedo

Notre Dame Law Review Online

This Essay discussed the Shadow 401(k) and its feasibility as a response to the "retirement crisis."


Defining “Fiduciary”: Aligning Obligations With Expectations, Ashley C. Vicere 2017 Brooklyn Law School

Defining “Fiduciary”: Aligning Obligations With Expectations, Ashley C. Vicere

Brooklyn Law Review

Poor investment decisions rob many Americans of the worry-free retirement for which they had desperately planned. Hiring an investment adviser does not always shield retirement savers from making poor investment decisions because some advisers have conflicts of interest and receive commissions for recommending certain investments. This practice encourages them to recommend products that generate advisers more income rather than products that most benefit investors. To address these conflicts of interest, the Department of Labor (DOL) promulgated a new rule redefining when an investment adviser is a “fiduciary” of a retirement investor under the Employee Retirement Income Security Act of 1974 ...


The Other Securities Regulator: A Case Study In Regulatory Damage, Anita K. Krug 2017 University of Washington School of Law

The Other Securities Regulator: A Case Study In Regulatory Damage, Anita K. Krug

Articles

Although the Securities and Exchange Commission is the primary securities regulator in the United States, the Department of Labor also engages in securities regulation. It does so by virtue of its authority to administer the Employee Retirement Income Security Act (ERISA), the statute that governs the investment of retirement assets. In 2016, the DOL used its securities regulatory authority to adopt a rule that, for the first time, designates securities brokers who provide investment advice to retirement investors as fiduciaries subject to ERISA's stringent transaction prohibitions. The new rule's objective is salutary, to be sure. However this Article ...


Closing The Retirement Savings Gap: Are State Automatic Enrollment Iras The Answer?, Kathryn L. Moore 2016 University of Kentucky

Closing The Retirement Savings Gap: Are State Automatic Enrollment Iras The Answer?, Kathryn L. Moore

Law Faculty Scholarly Articles

Drawing on insights from behavioral law and economics, automatic enrollment IRAs are intended to address the nation’s retirement savings gap by taking advantage of workers’ inertia. Although automatic enrollment IRAs were initially intended to apply at the federal level, they have gained little traction at the federal level, and states have begun to step into the breach. Between September 2012 and June 2016, five states enacted state automatic enrollment IRA programs.

Studies have uniformly shown that workers are more likely to participate in an automatic enrollment 401(k) plan than in a traditional opt-in 401(k) plan. Proponents of ...


Surviving The Storm 2016: Employee Benefit Compliance & Employment Law Update, George Thompson, Brooks R. Magratten, Mark A. Pogue, Kelli Viera, Cecily Banks, Roger Williams University School of Law 2016 Marsh & McLennan Agency

Surviving The Storm 2016: Employee Benefit Compliance & Employment Law Update, George Thompson, Brooks R. Magratten, Mark A. Pogue, Kelli Viera, Cecily Banks, Roger Williams University School Of Law

School of Law Conferences, Lectures & Events

No abstract provided.


Public Pensions And Fiduciary Law: A View From Equity, T. Leigh Anenson 2016 University of Maryland

Public Pensions And Fiduciary Law: A View From Equity, T. Leigh Anenson

University of Michigan Journal of Law Reform

Controversies involving fund management may be the next frontier of public pension litigation. Recent scandals involving fraud, bribery, and corruption of public pension officials and other third parties have drawn the public eye toward the management of retirement assets. Individual and entity custodians, including pension boards of trustees, are charged with making investment and other decisions relating to pension funds. Unlike private pensions, there is no federal oversight of asset managers or others in control of retirement funds. Yet these funds hold more than three trillion dollars in assets. Until now, the guardians of these monies have operated almost invisibly ...


Same Sex Marriage In A Post-Perry And Windsor America, Kathryn L. Moore, Allison I. Connelly, Ross T. Ewing 2016 University of Kentucky College of Law

Same Sex Marriage In A Post-Perry And Windsor America, Kathryn L. Moore, Allison I. Connelly, Ross T. Ewing

Allison Connelly

These materials accompanied a presentation at the 2014 Kentucky Bar Association Annual Convention entitled Same Sex Marriage in a Post-Perry and Windsor America. The focus of this presentation was on: the legal landscape following major LGBTQ civil rights cases; how these cases would impact families in Kentucky; and any employment or retirement issues.


Save The Social Security Disability Trust Fund! And Reduce Ssi Exposure To The General Fund, Daniel F. Solomon 2016 Pepperdine University

Save The Social Security Disability Trust Fund! And Reduce Ssi Exposure To The General Fund, Daniel F. Solomon

Journal of the National Association of Administrative Law Judiciary

No abstract provided.


Adjudicasaurus Rex, Jeffrey S. Wolfe 2016 Pepperdine University

Adjudicasaurus Rex, Jeffrey S. Wolfe

Journal of the National Association of Administrative Law Judiciary

This article proposes a simple theme. While many issues plague the Social Security Disability Insurance and Supplemental Security Income programs, only reform of the hearings and appeals process can solve the decades-long (and growing) hearings backlog. Only then, can the remaining questions regarding the solvency of the DI trust fund be meaningfully addressed. As it now stands, the ongoing backlog of pending hearings and appeals feeds the twin plagues of rising costs and increasing delay. These are the very issues that drove the federal courts in the passage of the Civil Justice Reform Act of 1990 (CJRA). This article provides ...


One Fund Solution And The Pension Crisis, Gordon Butler 2016 St. Thomas University School of Law

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 far ...


Professional Discretion And The Law: Impact Of Actuaries On The Underfunding And Decline Of Private Sector Single Employer Defined Benefit Pensions In Canada: How Many "Post Nortel" Pension Fiascos Are Brewing In Canada?, Paul Charles Walker 2016 Osgoode Hall Law School of York University

Professional Discretion And The Law: Impact Of Actuaries On The Underfunding And Decline Of Private Sector Single Employer Defined Benefit Pensions In Canada: How Many "Post Nortel" Pension Fiascos Are Brewing In Canada?, Paul Charles Walker

LLM Theses

Considering that private sector single employer defined benefit pension plans must be fully funded by law, the legal issue emanating from their systemic underfunding is whether or not actuaries have been using their discretion in a manner which is within a reasonable interpretation of the margin of manoeuvre contemplated by the legislature, in accordance with the principles of the rule of law. This thesis discusses the merits of potential legal remedies to arrest the underfunding and decline in the number of private sector single employer defined benefit pensions in Canada, including the introduction of single employer target benefit plans, increasing ...


After Tackett: Incomplete Contracts For Post-Employment Healthcare, Maria O'Brien Hylton 2016 Boston University School of Law

After Tackett: Incomplete Contracts For Post-Employment Healthcare, Maria O'Brien Hylton

Pace Law Review

This is a story about a union and a private sector employer who repeatedly negotiated collective bargaining agreements which referenced side contracts which provided retirees with post-employment healthcare benefits. In the early decades of their relationship neither the union nor the employer appear to have given any thought to whether or not these retiree health benefits in fact vested—i.e. were promised to retirees at no cost for the remainder of their lives. By the 1980s and certainly the 1990s however, as health care costs soared and life expectancy expanded, both parties continued to regularly re-negotiate agreements that were ...


Don't Count Your Nest Eggs Before They Vest: A Lack Of Reform Could Leave A Generation Of Retiring Israelis Without A Future, Tomer Vandsburger 2016 University of Washington School of Law

Don't Count Your Nest Eggs Before They Vest: A Lack Of Reform Could Leave A Generation Of Retiring Israelis Without A Future, Tomer Vandsburger

Washington International Law Journal

Israel’s pension system has changed drastically since the mid-1990s, when it faced an underfunding crisis. The transition to defined contribution plans permitted a wider range of investments and shifted the burden of income-replacement from the government to the individual pension plan participant. This shift required increased protections for pension plans, which led to the creation of the Capital Market Insurance and Savings Division (CMISD) to oversee and regulate pension management entities. In comparison to post-Soviet nations that experienced similar transitions from socialist to market economies, Israel’s pension system is significantly healthier and more regulated. However, the CMISD must ...


Trusts No More: Rethinking The Regulation Of Retirement Savings In The United States, Natalya Shnitser 2016 Brigham Young University Law School

Trusts No More: Rethinking The Regulation Of Retirement Savings In The United States, Natalya Shnitser

BYU Law Review

The regulation of private and public pension plans in the United States begins with the premise that employer-sponsored plans resemble traditional donative, or gift, trusts. Accordingly, the Employee Retirement Income Security Act of 1974 (ERISA) famously “imports” major principles of donative trust law for the regulation of private employer-sponsored pension plans. Statutes regulating state and local government pension plans likewise routinely invoke the structure and standards applicable to donative trusts. Judges, in turn, adjudicate by analogy to the common law trust.

This Article identifies the flaws in the analogy and analyzes the shortcomings of a regulatory framework that, despite dramatic ...


Labor And Employment Law At The 2014-2015 Supreme Court: The Court Devotes Ten Percent Of Its Docket To Statutory Interpretation In Employment Cases, But Rejects The Argument That What Employment Law Really Needs Is More Administrative Law, Scott A. Moss 2016 University of Colorado Law School

Labor And Employment Law At The 2014-2015 Supreme Court: The Court Devotes Ten Percent Of Its Docket To Statutory Interpretation In Employment Cases, But Rejects The Argument That What Employment Law Really Needs Is More Administrative Law, Scott A. Moss

Articles

No abstract provided.


The Knowledge Gap In Workplace Retirement Investing And The Role Of Professional Advisors, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth 2016 University of Pennsylvania Law School

The Knowledge Gap In Workplace Retirement Investing And The Role Of Professional Advisors, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth

Faculty Scholarship at Penn Law

The dramatic shift from traditional pension plans to participant-directed 401(k) plans has increased the decision-making responsibility of individual investors for their own retirement planning. With this shift comes increasing evidence that investors are making poor decisions in choosing how much to save for retirement and in selecting among their investment options. Studies question the value of efforts to improve these decisions through regulatory reforms or investor education.

This article posits that deficiencies in workplace retirement savings cannot be adequately addressed until the reasons for poor investment decisions are better understood. We report the results of a study designed to ...


Why Low-Income Workers Need To Save For Retirement And How They Can Do It, Philip C. Aka, Chidera Oku, Elizabeth Arnott-Hill, Aref A. Hervani 2016 University of Arkansas at Little Rock William H. Bowen School of Law

Why Low-Income Workers Need To Save For Retirement And How They Can Do It, Philip C. Aka, Chidera Oku, Elizabeth Arnott-Hill, Aref A. Hervani

University of Arkansas at Little Rock Law Review

No abstract provided.


A Closer Look At The Iras In State Automatic Enrollment Ira Programs, Kathryn L. Moore 2016 University of Kentucky

A Closer Look At The Iras In State Automatic Enrollment Ira Programs, Kathryn L. Moore

Law Faculty Scholarly Articles

The United States faces a serious retirement savings funding gap. In an effort to fill that gap, a number of states and municipalities have begun to consider, and in some instances adopt, automatic enrollment IRA programs. Indeed, between September 2012 and June 2016, five states enacted state automatic enrollment IRA programs.

This Article takes a closer look at the IRAs in these state programs. It begins by providing an overview of the state laws creating automatic enrollment IRA programs. It then discusses the requirements that the state programs must satisfy in order to qualify as IRAs for purposes of the ...


Personal Injury Victims As Insurance Collection Agents: Erisa Preemption Of State Antisubrogation Laws, Jonathan P. Connery 2016 Brooklyn Law School

Personal Injury Victims As Insurance Collection Agents: Erisa Preemption Of State Antisubrogation Laws, Jonathan P. Connery

Journal of Law and Policy

The Employee Retirement Income Security Act (ERISA) was enacted in 1974 to protect the pension rights of employees nationwide. However, due to its broad preemptive powers, ERISA has since developed into a tool used by health insurers to recover millions of dollars in tort damages meant to benefit employees with ERISA health plans. This practice, known as subrogation, has been met with legislative backlash in the form of state antisubrogation statutes, which attempt to limit the enforceability of subrogation clauses found in almost all ERISA health plans. However, many courts have held that ERISA preempts these antisubrogation statutes, thereby affirming ...


Marital History And Retirement Security: An Empirical Analysis Of The Work, Family, And Gender Relationship, Lauren A. Martin Palmer 2015 University of Massachusetts Boston

Marital History And Retirement Security: An Empirical Analysis Of The Work, Family, And Gender Relationship, Lauren A. Martin Palmer

Graduate Doctoral Dissertations

This dissertation investigates the relationship between marital history and individuals’ retirement resources, namely Social Security, employer-sponsored pensions, and non-housing wealth. Prior research provides a foundation for understanding marriage’s positive relationship to retirement security, and suggests that marriage is financially beneficial and can even lessen some external factors that would otherwise damage a family’s financial situation. Yet changing demographics, with fewer people in first marriages and rising numbers of individuals experiencing divorce and choosing to remain unmarried, suggest our understanding of this relationship for today’s retirees may be limited. The purpose of this research is to identify which ...


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