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ERISA sits like an heirloom in your grandparents’ musty basement. It reeks of the mold of over-regulation, but it has such powerful meaning, it’s really hard to simply throw away. We can try some quick fix patches but, really, how many modifications can you make on a buggy whip so it remains useful in a universe of driverless cars? 

This cornerstone piece of legislation was created in an era when pensions dominated the retirement landscape. Today, pensions have been recognized for the folly that they are, but we’ve already covered that ground. They’re rarely seen in the private arena, and then only as the benefits legacy of the largest and oldest corporations. Today, the 401(k) plan dominates the retirement benefit world, and ERISA needs to be fundamentally restructured to fit into this new world. Don’t take my word for it, see what others say in “These Six Structural Changes to ERISA Can Improve Employee Retirement Readiness.” 

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