From Volume 90, Number 4 (May 2017)
This Article sets out the case for repealing the $1 million tax cap on executive pay. The cap is easily avoided and, when not avoided, widely ignored. Since enactment in 1993, the cap has had little effect in reducing executive pay or in linking pay to performance. Even worse, the cap increases corporate tax liabilities—liabilities that likely burden workers and investors. In effect, the cap punishes rank-and-file employees and shareholders for pay deals made by directors and executives. This Article demonstrates why prominent reform proposals would be ineffective and counterproductive. It then devises a novel reform approach—a confiscatory tax on excessive executive pay—that would limit executive pay without burdening workers or investors. But this Article rejects the confiscatory tax because of the serious distortions that it would cause for business-organization and labor-supply decisions. Ultimately, the superior policy position is to repeal the cap. Concerns about income inequality are better addressed through robust progressive taxation, and concerns about corporate governance are better addressed through non-tax mechanisms, such as reform of the business-judgment rule and expansion of director liability.
From Volume 84, Number 1 (November 2010)
This bibliography serves as the 2006–2008 update to Gerontology and the Law: A Selected Annotated Bibliography. First published in 1980 by Law Library Journal, the bibliography has since been updated eight times between 1982 and 2007 in the Southern California Law Review. The original bibliography and the first five updates provided citations to a variety of books, articles, and other law-related materials on various aspects of the law and gerontology. Starting with the sixth update, the style and content of the bibliography was changed in two ways: first, the bibliographers took a more selective approach in choosing resources to include; and second, the bibliographers added annotations that briefly describe the source after each citation.
From Volume 82, Number 1 (November 2008)
In the waning days of the Bush administration, the Department of Labor (“DOL”) issued Interpretive Bulletin 08-1 (“IB 08-1”) concerning the legal obligations of employee benefit plan fiduciaries when they invest the plan assets they control. Specifically, IB 08-1 addresses plan fiduciaries’ duties in the context of “economically targeted investing,” the investment of plan assets in pursuit of benefits for third parties rather than for plan participants and their beneficiaries. IB 08-1 revises prior regulations on economically targeted investing issued early in the Clinton administration.
The assets held in trust by employee benefit plan fiduciaries represent compensation earned by plan participants. In accordance with the duty of loyalty codified by the Employee Retirement Income Security Act of 1974 (“ERISA”), such assets must be invested with single-minded concern for the welfare of the participants and their beneficiaries. Economically targeted investing contravenes ERISA’s duty of loyalty by permitting, indeed encouraging, plan trustees to invest plan assets to generate ancillary benefits for persons other than the participants whose labor is embodied in those assets.
From Volume 80, Number 5 (July 2007)
This bibliography serves as the 2002-2005 update to Gerontology and the Law: A Selected Annotated Bibliography. First published in 1980 by Law Library Journal, the bibliography has since been updated seven times between 1982 and 2001 in the Southern California Law Review. The original bibliography and the first five updates provide citations to a variety of books, articles, and other law related materials on various aspects of the law and gerontology. Starting with the sixth update, the style and content of the bibliography was changed in two ways: first, the bibliographers took a more selective approach in choosing resources to include and second, the bibliographers added descriptive annotations briefly describing the source after each citation.
From Volume 76, Number 3 (March 2003)
This bibliography serves as the 1999–2001 update to Gerontology and the Law: A Selected Annotated Bibliography. The Gerontology and the Law Bibliography was first published in the Law Library Journal in 1980. Subsequently, six updates to the bibliography were published in the Southern California Law Review between the years 1982 and 1999. The original bibliography and the five subsequent updates provided citations of books, reports, and articles focusing on law-related topics concerning gerontology, the elderly, and aging. Following the format of the sixth update, this seventh update is more specific than its early predecessors in terms of its coverage of topics and types of materials. Like the sixth update, this annotated bibliography provides descriptive annotations that summarize the topics and/or major points discussed in the cited books or articles.