This Article provides a unique, wide-angle view of the looming crisis in retirement security. The impending confluence of a burgeoning retiree cohort and a diminishing resource base threatens to wreak havoc on the financial well-being of the coming generation of retirees. This Article first reviews the current status of retirement security in the United States and finds that all three legs of the retirement stool—Social Security, pensions, and private savings—are projected to fall short of contributing adequate resources for future retirees. The Article then turns toward a discussion of the possible responses for averting this potential crisis. After exploring various alternatives and reviewing the principal changes wrought by the Pension Protection Act of 2006, the Article sets out a three-step reform plan that addresses each leg of the retirement stool. First, the Article suggests that the Social Security system could be saved from insolvency through a mix of relatively small payroll tax hikes and benefit reductions, including a slight increase in the retirement age. Second, with defined contribution plans becoming the new pension norm, changes in account default options could encourage both greater plan participation and improved plan security. Third, the Article recommends the adoption of a modest refundable tax credit designed to encourage low- and middle-income earners to build their own supplemental nest eggs.
Case Comment: Bhogaita v. Altamonte
EVERY DOG CAN HAVE HIS DAY IN COURT: THE USE OF ANIMALS AS DEMONSTRATIVE EXHIBITS Kyle R. Kroll, Volume 100, Online Managing Editor In Bhogaita v. Altamonte, the Eleventh Circuit recently decided whether to allow a dog in the courtroom as a demonstrative exhibit. Although the case presented many serious [...]
Revisiting Water Bankruptcy
REVISITING WATER BANKRUPTCY IN CALIFORNIA’S FOURTH YEAR OF DROUGHT Olivia Moe, Volume 100, Managing Editor This spring, as “extreme” to “exceptional” drought stretched across most of California—indicating that a four-year streak of drought was not about to resolve itself—Governor Jerry Brown issued an unprecedented order to reduce potable urban water [...]
Defying Auer Deference
DEFYING AUER DEFERENCE: SKIDMORE AS A SOLUTION TO CONSERVATIVE CONCERNS IN PEREZ v. MORTGAGE BANKERS ASSOCIATION Nicholas R. Bednar, Volume 100, Lead Articles Editor* On March 9, 2015, the Supreme Court of the United States handed down its decision in Perez v. Mortgage Bankers Association.F The Court overturned the D.C. [...]