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The Legal Landscape of Employee Benefits
Prior to 1974, workers had no guarantee that they would receive the pensions promised by their employers. The movement for pension reform gained momentum in the early 1960s when the Studebaker Corporation, an automobile manufacturer, closed its plant and announced that the pension plan was so poorly funded it could not afford to provide all employees with their pension. Around the same time, President Kennedy created the President’s Committee on Corporate Pensions. The issue came to a head in 1972 when NBC broadcast Pensions: The Broken Promise, an hour-long special that showed the consequences of poorly funded pension plans and onerous vesting requirements. On September 2, 1974, Labor Day, President ...
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