September 2019 marks the 45th anniversary of PresidentGerald Ford signing the Employee Retirement Income Security Act,commonly called ERISA. Does it need to be changed to takeon the next 45 years? (Photo: Shutterstock)
September 2019 marks the 45th anniversary of President GeraldFord signing the Employee Retirement Income Security Act, commonlycalled ERISA. Of course, the issue of retirement income security isas relevant as ever, particularly given questions about thelong-term sustainability of current SocialSecurity benefit levels.
We can use this occasion to review the issues that thelegislation was intended to address, how the environment haschanged over the past 45 years, and potential changes to bolsterretirement security for the next 45 years.
Historical perspective
The American Express Company is generally credited with settingup the first U.S. private pension plan in 1875. Shortly thereafter,utilities, banking and manufacturing companies also began toprovide pensions.
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