History of Pensions

[Gary]

I am at a point where I feel I need to not only learn current pension law, but also know the history and evolution of US pensions.

First, I need to be aware of all the Acts and legislation that has been passed over the years.

Then I need to know the highlights of what changes to pension laws resulted from each Act or legislation.

Then I need to decide which Acts, etc. I need to get a copy of and how or where I could obtain them.

For eg. a summary of all Acts could look something like this (just for sample purposes only):

ERISA 1974

TEFRA 1982

DEFRA 1983

REA 1984

TRA '86

You get the picture.

My question is how would you suggest I go about this endeavor?

Thanks much.

Gary

[Guest]

A rather daunting task. Pension actually started back in the railroad days of the 1800s.

You may want to start with the U.S. Code for ERISA and trace the amendments forward. There were tax changes to ERISA in each ofthe years 1987 - 92 as I recall and the changes due to GATT.

Good luck

[david rigby]

There are several texts that could be useful. I suggest looking for a copy (even an old copy) of "Fundamentals of Private Pensions" or "Pension Planning". Neither will be a technical resource, but both can provide some history.

Also, try

http://www.benefitslink.com/links/20000912-006899.html

http://benefitslink.com/boards/index.php?showtopic=5824

[jeanine]

There are a couple of good chapters in the "Pension and Employee Benefit Law" text, John H. Langbein, Bruce A. Wolk, that will give you a good overview. Perhaps you can borrow it through a university/law school library instead of purchasing it. The copy I have is a Second edition, but a first edition would probably have the same material.

[Guest meggie]

EBRI (Employee Benefit Research Institute) produced a history in outline form. It stops with 1996. I was able to get it off of their website early this year. website:

http://www.ebri.org/facts/0398afact.htm

Contact at EBRI is mcdonnell@ebri.org. Sources used were EBRI Databook on Employee Benefits, 4th Edition, 1997; "World War", By Barry B. Burr; Pensions & Investments (8/7/95), and Trends in Pensions, Dan Beller (Gov Printing Office, 1992)

[Larry M]

and, when you have finished with the other sources, consider reviewing each of THE PROCEEDINGS of the Conference of Consulting Actuaries (nee Conference of Actuaries in Public Practice) starting with the first issue in 1951.

The Proceedings include lots of practical discussions concerning pensions - why, who, how, etc.

and, as an aside from a very curious actuary, WHY are you doing this? Did you lose an election bet? Or, worse yet for future actuaries, are you on the examination committee?

[Gary]

I don't necessarily want to know every detail. Ideally I would simply want the main acts of legislature that shaped our pension plan design evolution.

For eg. as a reference I would like to have the significant Acts as a resource in my library. Perhaps starting w/ enactment of ERISA (or anything else of importance prior to ERISA) and moving ahead to the more substantial Acts (over past 25 years since ERISA), like TRA '86, REA, GATT. Something like that.

Gary

[Larry M]

The 1994 EA meeting had a session on the first twenty years of ERISA - and it included comments concerning the events leading up to erisa as well as changes implemented during that time.

[Gary]

Thanks Larry I'll check into that,

Gary

[Guest Brian4]

For a background on the history and evolution of pensions, I suggest The Promise of Private Pensions by Steven Sass. This will not give technical details on legal requirements. But, it will describe the formation of private pensions in the U.S. starting in the 19th Century, and also gives subsequent history.