ERISA's Midlife Crisis
This is a news story, published by Yahoo Finance, that relates primarily to ERISA news.
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retirement plansYahoo Finance
•Business
Business & Economics
How a 50-year-old law changed retirement and why it needs a facelift
85% Informative
Employee Retirement Income Security Act, or ERISA , turns 50 in September .
ERISA was created to protect workers by overseeing retirement accounts like 401(k) and 403(b) plans.
It does not, however, require any employer to establish a retirement plan.
Only one-third of employees at small businesses have access to an employer-sponsored retirement plan, according to Bipartisan Policy Center .
A typical worker sees a 10% increase in income when switching employers but a one percentage point decline in retirement saving rate.
When an employer does not offer automatic enrollment in its retirement plan, 1 in 4 new hires stop saving for retirement altogether.
Nearly two-dozen states have enacted new programs for private sector workers.
IRAs hold $15.2 trillion in assets compared to approximately $8.9 trillion in 401(k) plans.
VR Score
86
Informative language
84
Neutral language
71
Article tone
semi-formal
Language
English
Language complexity
54
Offensive language
not offensive
Hate speech
not hateful
Attention-grabbing headline
not detected
Known propaganda techniques
not detected
Time-value
short-lived
External references
13
Source diversity
12
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