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    Explain the history and purposes of ERISA.

    © BrainMass Inc. brainmass.com June 3, 2020, 8:21 pm ad1c9bdddf

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    The Employment Retirement Securities Act of 1974 became law on September 2, 1974. ERISA completely overhauled the federal pension law after Congress found that, in general:

    a. Employees with long years of service were losing anticipated retirement benefits because of application of strict vesting or years of service requirements;

    b. Many plans were "asset poor" and unable to pay the "promised benefits"; and,

    c. Plans were terminated before appropriate assets were sufficiently accumulated to pay employees and their beneficiaries promised retirement benefits.

    To ...

    Solution Summary

    Explain the history and purpose of ERISA.