How a 50-year-old law changed retirement and why it needs a facelift

Published On Feb 8, 2025, 10:30 AM

The article discusses the limitations of the Employee Retirement Income Security Act (ERISA), which was established in 1974 to protect workers' retirement savings. While ERISA has provided substantial benefits, such as ensuring benefit security through funding requirements and the establishment of the Pension Benefit Guaranty Corporation, it is now seen as outdated. The decline in traditional pensions, the rise of gig work, and increasing lifespans all necessitate a re-evaluation of this legislation. Current regulations leave millions of workers, particularly those in small businesses or freelance roles, unprotected, highlighting the urgent need for legislative updates to better safeguard retirement savings.