The Birth of ERISA (1970s)

Back in the ‘60s and early ‘70s, workers were getting burned. Take the Studebaker factory closure in 1963— over 4,000 employees lost pension benefits when the company tanked. Meanwhile, the Teamsters’ pension fund was loaning cash to shady Vegas deals. Congress said, “Enough.” ERISA was born to set rules for private-sector retirement and health plans, protecting workers from mismanagement.