Why we need pension reform

Article Abstract:

The US needs to reform its private pension system to curb the drop in defined benefit pension plans offered by employers. A starting point should be the reform of Employee Retirement Income Security Act (ERISA) to align it with social changes and current business practices. Specifically, legislation should be introduced to repeal the ERISA's provisions for limited scope audit exception as well as to improve pension portability and its enforcement. In addition, civil and criminal penalties for ERISA violations should be raised.

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Twenty-fifth anniversary reflections on ERISA

Article Abstract:

Two contradictory tendencies have persisted despite the enactment of the Employee Retirement Income Security Act (ERISA). One tendency is that upheld by pension rights activists that ERISA is a failure in terms of addressing shortcomings of the private pension system. The second, upheld by commercial service providers and plan sponsors, decried the heavy regulation of the private plans and the frequent tax changes. Nevertheless, for ERISA to serve its original purpose, it has to undergo a drastic overhaul.

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The costs and benefits of the Form 5500 annual report

Article Abstract:

Issues are presented concerning the advantages and disadvantages of the Form 5500 annual report. The reduction of legal violations and the questionable benefits gained from auditing by certified public accountants are discussed.

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