Public Pensions and Fiduciary Law : A View from Equity

This Article advances the retirement reform debate by looking more closely at the fiduciary relationship that exists between trustees and beneficiaries involving public sector employee pension funds. It offers a singular view from historic equity. The Article aims to see how equity in the medieval world relates to the modern pension problem. From that viewpoint, it evaluates what the fiduciary relation means, or should mean, in the changing legal environment of public retirement systems. The main objective is to raise issues involving fiduciary law and public pensions that have been undervalued or ignored. Based upon fiduciary law's ancestry in equity, the Article offers guidance in assigning and defining obligations and associated remedies in the government pension situation. It contemplates the equitable dimension of the public pension problem, analyzes circumstances where fiduciary violations may arise, and suggests possible outcomes. It also comments on deficiencies in current law. Overall, the Article provides a deeper perspective of the fiduciary principle and corresponding doctrine in the context of government retirement systems