If ever anything was ripe for a revolution in the employee benefits space, it would be the regulation of single employer defined benefit plans. For more than four decades, DB plans have been ruled rather tyrannically by ERISA and its voluminous subsequent regulations.

At the time ERISA was drafted, the chief concern of lawmakers was ensuring that pension promises made by employers to employees were 100% guaranteed. This seemed an appropriate goal for the era, considering the cutbacks participants had recently sustained from underfunded plan failures. Remember that 401(k) plans had yet to be invented, so DB was the only meaningful employer provided retirement benefit option available.

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