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Employee Retirement Income Security Act Of 1974

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Employee Retirement Income Security Act Of 1974
Retirement is every working persons dream. We all work hard during our working lives and have aspirations for retirement. When our pension’s plans are not properly funded we lose. The Employee Retirement Income Security Act (ERISA) of 1974 was signed into law by President Gerald Ford on September 2, 1974. The events leading up to ERISA involved the closing of the Studebaker Automobile Company out of South Bend, Indiana. The Studebaker Company had one of the finest pension plans for all 7,000 employees. In 1963 the Studebaker Company shutdown and employees expected the promised benefit pay out. When the time for employee payouts came around the company came to the realization that the pension plan was not adequately funded. The pension plan
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