September 5, 2024

The National Institute on Retirement Security celebrated the 50th anniversary of the Employee Retirement Income Security Act of 1974 (ERISA) during webinar with top retirement experts reflecting on the successes and continued challenges with America’s private employer retirement system. ERISA is the federal law that for the first time set important standards for retirement and health plans in the private sector to protect individual participants and beneficiaries.

Key provisions of ERISA require plans to provide participants with essential plan information; set minimum standards for participation, vesting, benefit accrual, and funding; establish fiduciary responsibilities for those who manage plan assets; and guarantees payment of benefits through what is the Pension Benefit Guaranty Corporation (PBGC) for terminated defined benefit pension plans. Speakers included: Dan Doonan, NIRS Executive Director; Mark Iwry, Nonresident Senior Fellow at The Brookings Institution; Jason L. Russell, Senior Vice President and Actuary with Segal; and Chantel Sheaks, Vice President of Retirement Policy at the U.S. Chamber of Commerce.