Every year, National 401(k) Day (which was celebrated last week) gives us a chance to reflect on the importance of offering American workers the opportunity to save for a financially secure retirement—and all the progress that has been made in pursuit of that worthy goal.

This year, National 401(k) Day, September 6, coincided with an important anniversary for the retirement services industry. Fifty years ago, on September 2, 1974, President Gerald Ford signed into law the Employee Retirement Income Security Act (ERISA). To celebrate this milestone, industry professionals, government officials, regulators, and more will come together at the ERISA 50^th Anniversary Symposium & Gala in Washington, D.C. held this Thursday, September 12, 2024.

Much has changed over the past 50 years—most notably the eclipse of the defined benefit system (comprised of pension plans) by the defined contribution system (comprised of mainly of 401(k), 403(b) and 457 plans). But even as traditional pensions were being replaced by 401(k)s, the public and private sectors have worked together to help hardworking Americans save more for retirement. And with the American workforce much more mobile in 2024 than it was in 1974, public and private actors continue to pursue technological and operational innovations that make it easier for retirement plan participants, and plan sponsors, to easily move savings from one plan to another when participants change jobs.