President Gerald Ford signs the Employee Retirement Income Security Act into law on Labor Day in 1974.
ERISA is the culmination of a long line of legislation concerned with the labor and tax aspects of employee benefit plans. ERISA sets the minimum standards for retirement, health and other welfare benefits, today enforced by the Employee Benefits Security Administration. The administration of ERISA is divided among the U.S. Department of Labor, the Internal Revenue Service and the Pension Benefit Guaranty Corporation.
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