On Tuesday, June 14, 2011, the Yale Law School Center for the Study of Corporate Law will host an alumni breakfast program in New York entitled “The Gap between States’ Fiscal Obligations and their Funding and What to Do about It?” The program will be held at The Century Association, 7 West 43rd Street (between 5th and 6th Avenues) from 8:00—9:00 a.m.
The fiscal difficulties of the states, in particular, their ability to meet their future financial obligations for public employee pensions and health care benefits, has been an increasing focus of legislative activity and media attention. Under their own accounting rules, state and local governments have $1.3 trillion of unfunded liabilities, but a growing number of economists argue that the true funding gap is 2-3 times larger. This matter, as we know, has created tremendous political tensions. How did state government finance become so troubled, and can states alter or escape any of the liabilities, especially for pension and retiree health plans? Joshua Rauh, Associate Professor of Finance at Northwestern University’s Kellogg School of Management will set the stage by providing an overview of his research that conveys the scope of the underfunding problem and the inadequacy of a number of policy options currently being considered. The discussion will then draw on YLS Sterling Professor of Law and Legal History John Langbein’s expertise in the federal regulation of private company pensions under ERISA and University of Pennsylvania S. Samuel Arsht Professor of Corporate Law David Skeel’s expertise in bankruptcy, to consider policy options for the states. Roberta Romano ’80, Oscar M. Ruebhausen Professor of Law and Center director, will moderate the panel discussion.
Breakfast will be available starting at 7:30 a.m. The program will begin promptly at 8:00 a.m. and end promptly at 9:00 a.m. A fee of $35 per person will be charged to cover the cost of the continental breakfast. The registration deadline is Wednesday, June 8, 2011.
Yale Law School has been certified by the New York State Continuing Legal Education Board as an Accredited Provider of CLE programs. One (1) CLE credit hour in Professional Practice (corporate) will be available for this program, which is transitional and non-transitional in nature. Preregistration is required for CLE credit. Please note that New York State requires you to sign in and sign out, in order to receive a CLE Certificate of Attendance at the end of the program. Program reading materials are available online at www.law.yale.edu/alumni/CLEreadings.htm and on the Center website at www.law.yale.edu/cbl/alumnibreakfasts.htm