September 2 - Protecting Pensions

Labor History in 2:00 · Sep 2, 2026 · 1m

On this day in Labor History the year was 1974.

That was the day that President Gerald Ford signed the Employee Retirement Income Security Act.

The act was passed over growing concern about the mismanagement of private pension plans.

In 1963, the Studebaker Corporation closed its auto plant.

Its pension plan was in shambles nearly seven thousand workers received only fifteen percent of their pension or nothing at all.

Across the country more and more workers were relying on private pensions.

In 1960 21.2 million workers had private pensions.

By 1970 the number stood at thirty million.

The…