ERISA was passed to reduce the number of private employer retirement plans.

Question

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ERISA, the Employee Retirement Income Security Act, was passed in 1974 to protect the interests of employees who participate in private sector retirement plans, such as 401(k)s and pension plans. It set minimum standards for employer-provided retirement and health plans and established guidelines for the administration of those plans. Its goal was to increase employee protections, not reduce the number of plans available to them.

ERISA Was Passed to Reduce the Number of Private Employer