The evolution of ERISA and employee retirement plans
Employers that choose to provide retirement benefits then must comply with ERISA in both the design and administration of the plans.
By Joseph N. Frabizzio|November 19, 2018 at 12:47 PM|The original version of this story was published on The Legal Intelligencer
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To understand the scope and importance of ERISA, it is helpful to consider how private pension plans were regulated prior to its passage. Tax-favored status of employer-based retirement plans has deep roots. Early versions of the 1920s-era Revenue Acts permitted employers to deduct pension contributions from income and allowed the funds to grow tax-free.
Over time, the law began to require certain disclosures and minimum employee coverage requirements. The U.S. Department of Labor (DOL) eventually became an overseer of the plans, with legislation intended to prevent abuse and mismanagement of funds by employers and unions.
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