The retirement law of the land—the Employee Retirement Income Security Act of 1974, commonly known as ERISA—is set to turn 50 in 2024. And the retirement industry is converging to commemorate that 50th anniversary with the ERISA 50th Anniversary Symposium and Gala on Thursday, September 12, 2024, in Washington, D.C.
The American Retirement Association announced that it and eight associations will host the event marking five decades since the landmark law’s passage.
The ERISA 50th Anniversary Symposium is a dynamic one-day program designed to honor, reflect upon, and envision the past, present, and future of ERISA. Considering the evolving landscapes of retirement, health care and other employee benefits, the symposium will provide a platform for engaging discussions and insights from thought leaders.
The ERISA 50th Anniversary Symposium is a dynamic one-day program designed to honor, reflect upon, and envision the past, present, and future of ERISA
Attendance at the ERISA 50th Anniversary Symposium will be by invitation and the Gala will be a ticketed event. Hosts and sponsors will begin issuing invitations in 2024. For those unable to join in person, the Symposium will be accessible virtually.
The Symposium will be followed by the ERISA 50th Anniversary Gala. Hosted at a historic site in the heart of Washington, D.C., the gala promises an evening of elegance and celebration.
According to a press release today, the ERISA 50th Anniversary Symposium and Gala will be “a convergence of the brightest leading thinkers, creating an educational and entertaining experience like no other.”
In addition to the American Retirement Association, other host associations include: AARP, American Council of Life Insurers, American Benefits Council, AHIP, Defined Contribution Institutional Investment Association, The ERISA Industry Committee, Investment Company Institute, and U.S. Chamber of Commerce.
Brief history of ERISA
As ARA’s Nevin Adams noted in an August 2023 column about ERISA turning 50, President Gerald Ford signed ERISA into law, appropriately, on Labor Day, Sept. 2, 1974—less than a month after becoming President in the wake of Richard Nixon’s resignation.
The Employee Benefits Security Administration (EBSA) is responsible for administering and enforcing the fiduciary, reporting and disclosure provisions of Title I of ERISA. The provisions of Title I of ERISA, which are administered by the U.S. Department of Labor, were enacted to address public concern that funds of private pension plans were being mismanaged and abused. ERISA was the culmination of a long line of legislation concerned with the labor and tax aspects of employee benefit plans.
Since its enactment in 1974, ERISA has been amended to meet the changing retirement and health care needs of employees and their families.
The goal of Title I of ERISA is to protect the interests of participants and their beneficiaries in employee benefit plans. Among other things, ERISA requires that sponsors of private employee benefit plans provide participants and beneficiaries with adequate information regarding their plans.
Also, those individuals who manage plans (and other fiduciaries) must meet certain standards of conduct, derived from the common law of trusts and made applicable (with certain modifications) to all fiduciaries. The law also contains detailed provisions for reporting to the government and disclosure to participants. Furthermore, there are civil enforcement provisions aimed at assuring that plan funds are protected and that participants who qualify receive their benefits.
In commemorating ERISA’s 48th anniversary back in 2022, Sen. Patty Murray (D-WA), chair of Chair of the Senate Committee on Health, Education, Labor, and Pensions (HELP), introduced a resolution stating, among other things, that since ERISA become law, the number of employee benefit plans has nearly tripled from approximately 300,000 in 1974 to 730,000 in 2019. The number of participants in employee benefit plans has increased over 200% from approximately 45 million in 1974 to 142 million in 2019.
For more information about the ERISA 50th Anniversary Symposium and Gala, visit www.erisa50.org.
SEE ALSO:
• Senator Marks ERISA Anniversary, Calls for Gomez Confirmation
• GE to Pay Record-Setting $61 Million to Resolve 401(k) Proprietary Funds ERISA Lawsuit
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.