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For ERISA to Have a Future, Return It to Its Roots
Former PBGC Director Joshua Gotbaum, in Pensions & Investments Link to more items from this source
Oct. 27, 2014
"Forty years after ERISA, we don't have more retirement security -- we have less. Experts quibble whether this is a 'crisis,' but today more people worry about their retirement than their health care. In the late 1970s, only 25% were concerned about their retirement; today it's 61% -- and rising. Many fear they can never retire at all.... [T]he original law allowed far more flexibility than is currently allowed after its many amendments and after the thousands of pages of regulations and interpretive guidance that have been issued by the DOL and the Internal Revenue Service. Each time a company plan sponsor or two engaged in questionable behavior, the response was to reduce the flexibility of everyone else: regulating the many instead of enforcement against the few."

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