Other than the mandates of the Internal Revenue Code (IRC) and a few other ineffectual reporting and disclosure requirements, benefit programs were practically unregulated by the federal government before the major shift that came with the enactment of the Employee Retirement Income Security Act (ERISA) of 1974, which was primarily aimed at traditional defined benefit (DB) pension plans but applicable to other employer-sponsored retirement and benefit programs. What is the government’s current role in regulating the administration of employee benefits? Do you think there is too little or too much government intervention? Why?

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