Original sentence: Private pensions are governed by the Employee Retirement Income Security Act, which requires minimum levels of funding.Social Security, as a pay-as-you-system, relies instead on its broad base of public support.The inclusion of disability benefits also distinguishes Social Security from most private pensions.The purpose is to protect the workers from corporate mismanagement and outright bankruptcy.With millions of retirees having paid into the system during their working lives, it would be politically difficult for Congress to allow the system to fail
Edited sentence: Embarrasingly, if Social Security were regulated by the same legislation which regulates private pensions (the Employee Retirement and Income Security Act and subsequent regulations), the system would be grossly non-compliant with U.It would take a refusal of Congress to: (1) raise taxes, (2) cut benefits, or (3) take other measures to prevent bankruptcy, which is a highly unlikely scenario.To Social Security's credit, though, ERISA exists to protect workers from corporate mismanagement and, especially, bankruptcies; it is nearly impossible for Social Security, which possesses a monopoly on the administration of public pensions, to go bankrupt.law, which requires minimum levels of funding