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What happened to the pension plan?
The history of the pension plan in the United States dates back to 1875 when the American Express Company introduced the very first private pension plan for its employees. In these early pension plans retirees received a fixed monthly sum, fully funded by their employer, as explained by the Pension Benefit Guaranty Corporation (PBGC). However, it would take almost a century for the government to step in and provide some much-needed protections for this benefit. A pivotal moment in the pension plan’s history occurred in 1963 when Studebaker, an automaker, faced financial turmoil and decided to terminate its pension plan, leaving over 4,000 workers in South Bend, Indiana, without retirement income. It wasn’t until four years later that New York Senator Jacob Javits introduced legislation to safeguard pensions. In 1974, Congress passed the Employee Retirement Income Security Act, signed into law by President Ford, marking a significant turning point for pension plans, according to the PBGC. For more details please visit our website - https://www.hroutlook.com/2025/02/09/what-happened-to-the-pension-plan/
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Target State: Florida Target City : Florida City, Last Update : Nov 06, 2025 5:46 AM Number of Views: 6	Item Owner : hroutlook Contact Email: (None) Contact Phone: (None)

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Hot-Web-Ads > Communities > News & Events > Item ID 15710572

2025-11-06 (0.654 sec)