Episode 1 - Part 1: The History of Early Retirement Plans: Unions, Corruption, and the Studebaker Collapse
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Episode 1 - Part 1: The History of Early Retirement Plans: Unions, Corruption, and the Studebaker Collapse
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The next time you’re browsing through your 401(k) statement, consider this: If not for the collapse of a once-iconic car company in the 1960s, your retirement plan may look dramatically different.
The history of pensions and retirement savings is a fascinating one. From the impact of world wars, the shift in workforce demographics to squabbling labor unions, organized crime, and, yes, even the demise of the Studebaker, how employers structure retirement plans for their workers is a complex and compelling story. In fact, it’s why we launched our new podcast, The Accidental Plan Sponsor, hosted by PGIM’s head of institutional defined contribution, Josh Cohen.
In Part 1 of the premiere episode, Josh is joined by Professor James Wooten at the University at Buffalo School of Law. During their conversation, Professor Wooten explains a series of crucial events that led to the creation of the Employee Retirement Income Security Act (ERISA) and how employers ultimately became responsible for their employees’ retirement.