A resolution commemorating the 48th anniversary of the signing into law of the Employee Retirement Income Security Act of 1974, recognizing the importance the Employee Retirement Income Security Act of 1974 plays in protecting the interests of participants in employee benefit plans and their beneficiaries, and recognizing the need to encourage more workers to participate in such plans to save for their retirement.

Bill: 117-sres-752
Sponsor: full_name: Sen. Murray, Patty [D-WA]
Introduced: 2022-09-06
Policy area: Labor and Employment
Latest action: action_date: 2022-09-06
text: Referred to the Committee on Health, Education, Labor, and Pensions. (text: CR S4443)

Summaries:
action_date: 2022-09-06
action_desc: Introduced in Senate
text: <p>This resolution recognizes the importance the Employee Retirement Income Security Act of 1974 plays in protecting the interests of participants in employee benefit plans and their beneficiaries.</p>

tv_txt: III 117th CONGRESS 2d Session S. RES. 752 IN THE SENATE OF THE UNITED STATES September 6, 2022 Mrs. Murray submitted the following resolution; which was referred to the Committee on Health, Education, Labor, and Pensions RESOLUTION Commemorating the 48th anniversary of the signing into law of the Employee Retirement Income Security Act of 1974, recognizing the importance the Employee Retirement Income Security Act of 1974 plays in protecting the interests of participants in employee benefit plans and their beneficiaries, and recognizing the need to encourage more workers to participate in such plans to save for their retirement.

Whereas September 2, 2022, marks the 48th anniversary of the signing into law of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1001 et seq. ) (referred to in this preamble as ERISA ); Whereas the purpose of ERISA is to protect the interests of participants in employee benefit plans and their beneficiaries; Whereas, since ERISA became law, the number of employee benefit plans has nearly tripled from approximately 300,000 in 1974 to 730,000 in 2019; Whereas, during that same time period, the number of participants in employee benefit plans has increased more than 200 percent from approximately 45,000,000 in 1974 to 142,000,000 in 2019; Whereas employee benefit plans under ERISA continue to be an important factor affecting the stability of employment and the well-being and financial security of millions of workers and their dependents; Whereas, despite the enormous growth in employee benefit plans, only 56 percent of workers participate in such plans; Whereas Congress is working to pass comprehensive retirement legislation to encourage more employers to offer robust employee benefit plans and help more workers to participate in such plans; and Whereas ERISA will play a critical role in protecting these additional participants and their beneficiaries: Now, therefore, be it

That the Senate— (1) recognizes the importance the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1001 et seq. ) plays in protecting the interests of participants in employee benefit plans and their beneficiaries; and (2) recognizes the work that still remains to be done to encourage more workers to participate in such plans to save for their retirement.