# Frank Hoover Easterbrook > Federal judicial disclosures. URL: https://www.frixlaw.com/law-library/disclosures/1405 ## Record - **Judge:** Frank Hoover Easterbrook - **Year:** 2009 - **Pages:** 7 ## Text Vanguard Retirement Portfolio (mutual fund: blocked access) — Int/Div — Part JPMorgan Chase Bank (checking account) — Interest Senior Lecturer, University of Chicago Gift — Union League Club of Chicago — Signing privileges (see Part VIII) Reimbursement — Univensty of Pennsylvania — January 21-23, 2009 — Philadelphia, PA — Moot Court Competition — Transportation, meals, lodging Reimbursement — Berkeley Law School — April 12-14, 2009 — Berkeley, CA — Endowed Lecture in Law & Economics — Transportation, meals, lodging Reimbursement — The Federalist Society — November 12-14 2009 — Washington, D.C — Nat'l Lawyers Convention — Transportation, meals, lodging Income — University of Chicago - Salary (see Part VIII) — $25.365.00 Income — 2 — Harvard University Press - royalty — $398.83 Income — 3 — Thomson (West Publishing) - royalty — $390.97 1. (Part II): I have received the approval of the Judicial Council of the Seventh Circuit to teach at the University of Chicago. This income therefore is “outside earned income” rather than an “honorarium” within the meaning of the Ethics Reform Act of 1989. I accepted gross income exceedin the statutory cap (15% of Level Il of the Executive Schedule) because, under §3( 3) of the regulations of the Judicial Conference implementing this statute, “outside earned income” includes only net taxable income, and therefore excludes pension contributions as well as the “ordinary and necessary expenses paid or incurred in producing this income.” Some of the income reported in Part III was contributed to a pension plan through the University of Chicago as part of a salary reduction plan and therefore does not count for statutory purposes. Moreover, the ordinary and necessary expenses of producing the income—including the cost of commuting between the courthouse and the Law School, fees for parking at the University, and the expenses of equipment and books for my Law School office—are substantial. Net taxable income is less than the statutory maximum. 2. (Part V) The Union League Club extends to federa udges the privileges of the Club's facilities without formal membership. During J 009 it charged $7. per month for these privileges. (All meals and other services are paid for at the same price as members). The Committee on Codes of Conduct has concluded (Opinion 2071) that these privileges do not entail a gift element. 3. (Part VII): Dividends and capital gain distributions from the mutual funds marked “See Part VIII” are reinvested automaticall monthly. Shares were purchased and sold in the Vanguard Prime Money M arket Fund occasionally. I treat this as a checking account, and as in past years I do not report these flows (as opposed to year-end balances). Shares of value code J were sold in the Vanguard High-Yield Tax Exempt Fund; no other transactions in these funds occurred during 2009. 4. (Part VII): While I was emplo ed full-time by the University of Chicago preceding my appointment to t h e court, and again since 1992, pension contributions under a defined contribution lan were made on my behalf. TIAA- CREF holds the funds contributed before 1 % 8 3 (value code N). Pension contributions since 1983, and supplemental retirement annuity contributions since 1982, are held by the Vanguard Group, which also holds pension contributions made on my behalf during 1981-84 by Lexecon c., plus IRA contributions during that period. “Vanguard Retirement Portfolio” is an umbrella designation for these assets. Access to all funds in the Vanguard Retirement Portfolio is blocked until I reach retirement age. Vanguard invests these monies in four of its funds: Vanguard Money Market Reserves Prime Portfolio; Vanguard Fixed Income Securities Fund Long-Term Corporate; Vanguard Fixed Income Securities Fund High-Yield Corporate; and Vanguard International Value Portfolio. Investments within the Vanguard Retirement Portfolio may change from time to time, but only from one mutual fund to desirable. another (never to stock in an individual firm), making a consolidated listing --- Source: Frix Law Library, https://www.frixlaw.com/law-library/disclosures/1405. Public record. Not legal advice.