Senator Patty Murray, D-Wash., recognized the anniversary of ERISA while calling for the Senate to finally confirm Lisa Gomez as the head of the Employee Benefits Security Administration (EBSA).
“On the 48th anniversary of this law, it is as critical as ever we have a strong leader interpreting and enforcing the ERISA protections that have for decades helped workers and retirees get the benefits they are entitled to,” Murray, Chair of the Senate Committee on Health, Education, Labor, and Pensions (HELP), said.
Reaffirming the importance ERISA plays in protecting the interest of participants in employee benefit plans and their beneficiaries and the need to encourage more workers to participate in saving for their retirement, she introduced the following resolution:
- Whereas September 2, 2022, marks the 48th anniversary of the signing into law of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq., referred to in this preamble as “ERISA”);
- Whereas the purpose of ERISA is to protect the interests of participants in employee benefit plans and their beneficiaries;
- Whereas, since ERISA become law, the number of employee benefit plans has nearly tripled from approximately 300,000 in 1974 to 730,000 in 2019;
- Whereas, since that same time period, the number of participants in employee benefit plans has increased over 200 percent from approximately 45 million in 1974 to 142 million in 2019;
- Whereas, employee benefit plans under ERISA continue to be an important factor affecting the stability of employment and the well-being and financial security of millions of employees and their dependents;
- Whereas, despite the enormous growth in employee benefit plans, only 56 percent of workers participate in such plans;
- Whereas, Congress is working to pass comprehensive retirement legislation to encourage more employers to offer robust employee benefit plans and help more employees to participate in such plans;
- Whereas, ERISA will play a critical role in protecting these additional participants and their beneficiaries: Now, therefore, be it
Resolved, That the Senate—
- Recognizes the importance the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq., referred to in this resolution as “ERISA”) plays in protecting the interests of participants in employee benefit plans and their beneficiaries; and
- Recognizes the work that remains to be done to encourage more workers to participate in such plans to save for retirement.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.