Enacting ERISA
Enacting ERISA
H.R. 2, now christened the Employee Retirement Income Security Act of 1974 (ERISA), was among the first measures Gerald Ford signed after assuming the presidency. More than two months after the House passed H.R. 2, House and Senate staffers appeared still to be deadlocked on a number of issues. The first installment of the staff summary covered jurisdiction, vesting, funding, and portability. These four issues of conferees are addressed, together with termination insurance, effective dates for termination insurance, preemption, fiduciary standards, and taxation of retirement plans. The Steelworkers and Auto Workers pressed the conferees to phase in insurance coverage for benefit increases. They also urged the conferees to reconsider their earlier decision to phase in coverage for existing plans. On September 2, 1974, legislators and committee staff, officials from the executive branch, and representatives of labor and management gathered at the White House. The ERISA of 1974 was law.
Keywords: Employee Retirement Income Security Act, White House, Senate, Steelworkers, Auto Workers, jurisdiction, vesting, funding, portability, fiduciary standards
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