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View Diary: $6.6 Trillion Retirement Savings Deficit Shows 401(k)'s No Replacement for Pensions (47 comments)

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  •  Actually, just "Googled" ERISA, and as my Father (0+ / 0-)

    would say, "Here's a fine how-do-you-do."

    The ERISA bill was introduced by a Democrat from Pennsylvania, Rep John Dent.  It was signed into law by Gerald Ford.

    I'm rather skeptical of the "unintended consequences" defense, in most instances.  During my twenty plus years with the feds, I never say any policy proposed, much less implemented, unless every detail was scrutinized (and possible outcome).  Partly that was due to the "CYA" culture in the Dept of Defense.

    At any rate, IMO it is the responsibility of lawmakers to know full well the possible outcomes of their legislation (exceptions might be if a "9-11" type event actually affected the outcome, and it would have been impossible to have foreseen such an event).

    That's why they have expert staff, including but not limited to economists.  And if it's arguably not possible to know (within reason) the effect of such policies, "don't go there."

    I suspect that some of the time the PtB use the "unintended consequences" meme when they enact legislation that they KNOW would be wildly unpopular and/or harmful to large swaths of the American populace.

    At any rate, the situation needs to be fixed.  401K's are obviously no rational substitute for defined benefit plans.

    Mollie

    “If a dog won’t come to you after having looked you in the face, you should go home and examine your conscience.” -- Woodrow Wilson

    by musiccitymollie on Sat Jan 26, 2013 at 01:12:49 PM PST

    [ Parent ]

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