man hand holding paper with ERISA on it September 2019 marks the 45th anniversary of President Gerald Ford signing the Employee Retirement Income Security Act, commonly called ERISA. Does it need to be changed to take on the next 45 years? (Photo: Shutterstock)

September 2019 marks the 45th anniversary of President Gerald Ford signing the Employee Retirement Income Security Act, commonly called ERISA. Of course, the issue of retirement income security is as relevant as ever, particularly given questions about the long-term sustainability of current Social Security benefit levels.

We can use this occasion to review the issues that the legislation was intended to address, how the environment has changed over the past 45 years, and potential changes to bolster retirement security for the next 45 years.

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Historical perspective

The American Express Company is generally credited with setting up the first U.S. private pension plan in 1875. Shortly thereafter, utilities, banking and manufacturing companies also began to provide pensions.

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