Brad Campbell Offers Insights on History, Future of ERISA for Pensions & Investments

In a Pensions & Investments article on the 50 year anniversary of the Employee Retirement Income Security Act (ERISA), benefits and executive compensation partner Brad Campbell discussed how ERISA has offered protections for American workers and how the law could potentially be updated.

The publication noted that ERISA, passed on Labor Day in 1974, established standards for private-sector pension plans, making it so retirement assets are managed in the best interest of the participant and that workers receive their earned benefits. 

“ERISA is the most important law that most people have never heard of,” Campbell said. “ERISA has resulted in a tremendous amount of capital in the hands of ordinary people.” 

Looking ahead to the future of retirement security legislation, Campbell said the next legislation similar to ERISA should focus on decumulation out of defined contribution plans. 

“I think that’s the next big phase of public policy, looking at how we can make the distribution phase have better outcomes for participants to address longevity risk,” he noted.