January 20, 2026 — Morning Report (SCOTUS Oral Arguments)
Hawaii passed a law criminalizing the carrying of concealed firearms onto private property without the explicit permission of the property owner. The Ninth Circuit upheld the law; the Second Circuit had struck down an identical law. The Supreme Court took the case to resolve the split. The argument turned on the Bruen test (2022): for a firearms restriction to be constitutional, the arm must be in "general use" and the restriction must be "rooted in the historic legal traditions" of the country. The Ninth Circuit relied on laws from the late 1800s to establish that tradition; four other circuits (Third, Fifth, Eighth, Eleventh) have held that's too late and the historical window must open earlier. Bryan covered the case reluctantly given Second Amendment content moderation risks, and Bryan's framing throughout was strict law-only — explicitly declining to address whether the policy was sound.
Under ERISA's multi-employer pension withdrawal liability rules, when an employer exits a shared pension fund, it must pay the actuarially determined shortfall its withdrawal causes, calculated as of December 31 of the prior year. M&K Employee Solutions withdrew from the IAM multi-employer pension fund during 2019. The plan's actuary performed the calculation in January 2019 and, as required by law, used the December 31, 2018 data — but also incorporated information that had become available in January (about interest rates, lifespans, or other actuarial factors) that she could not have known on December 31. This produced a higher withdrawal liability figure than a pure December 31 snapshot would have. The question: must an actuary perform the "best estimate" calculation using only information available as of the snapshot date, or using the best available information as of the date the calculation is actually performed?