The Future of Retirement Security

The current state of retirement security is concerning, with millions of employees and their dependents struggling to make ends meet. However, there are steps being taken to address this issue.

Amending the Employee Retirement Income Security Act (ERISA)

Section 504(f) of ERISA has been amended to promote private pension plans as integral to continued well-being and security of employees and their dependents. This policy aims to encourage voluntary establishment and maintenance of such plans.

• Millions of employees and their dependents are directly impacted by retirement security
• The amendment promotes voluntary sponsorship and maintenance of pension plans
• The goal is to facilitate the establishment and maintenance of these plans

Transparency and Accountability in Adverse Assistance Agreements

The amendments also require transparency and accountability in adverse assistance agreements. The Secretary of Labor must identify parties to each agreement and may not include any information that could be used to identify other persons.

This includes employers, plan sponsors, plan fiduciaries, service providers, and other potential defendants.

"It is hereby declared to be a policy of this Act to promote, encourage, and facilitate the voluntary establishment and maintenance of, and contribution to, such plans."