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

Zoom Call for IBT Election Volunteers on Saturday, August 14

TDU will hold a national zoom call on Saturday, Aug. 14 for Teamsters who are volunteering to elect the O’Brien-Zuckerman Teamsters United Slate. Join candidates, campaign coordinators and Teamster activists for an update and to make plans to Get Out the Vote and win this fall. Click here to register. 

Central States Assets Fall – But Relief is Coming!

The assets of the Central States Pension Fund fell to $9.8 billion at the end of March, a drop of $573 million in the first quarter.  The fund projects forward that it will pay $2.83 billion in pension benefits this year, while taking in $651 million in employer contributions.

View More News Posts