The Employee Retirement Income Securities Act (ERISA) was put into place in 1974 to protect the mismanagement and abuse of private industry retirement or health plan funds. My research reveals that there have been epic failures resulting in a strain on the taxpayer to provide for those impacted by fiduciary failure and the lack of accountability imposed by the very agency who set regulations in place. More interesting is that churches and government groups are exempt from ERISA regulations.
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