Happy 40th, ERISA!

Joellen Leavelle
Pension Rights Center
09, 2014

Forty years ago this week, bell-bottom jeans were still in style, the Vietnam War was coming to a close, and Watergate was still riveting the nation.  

Against this backdrop of social unrest, there was also a focus on broken pension promises. Back then, tens of thousands of people were losing their pensions because few laws existed to regulate pension plans. A worker could lose his pension after working at the same company for 25 years because he left the company before turning 65. Employers could fritter away pension money on bad investments or bogus transactions often without facing any consequences. Bankrupt plans could leave workers and retirees with only a fraction of the benefits they earned and no recourse against their employer. In response, Congress passed the Employee Retirement Income Security Act of 1974, or ERISA, to put an end to such abusive practices.

Click here to read more at the Pension Rights Center.

Get Advice Join TDU Donate

Recent News

Team Canada IBT Slate is Accredited

The two IBT vice presidents from Canada and the president of Teamsters Canada have petitioned among Canadian Teamsters to accredit the Team Canada Slate in the IBT Election.  Yesterday the Election Supervisor reported that they submitted 8,156 petition signatures, far more than the needed number of 2,807 in Canada.

Fighting for Our Future at the TDU Convention

Hundreds of Teamsters made organizing plans, set our movement’s direction, and elected our TDU leadership for the coming year at the first (and hopefully last!) online TDU Convention.

View More News Posts