What problems led to the passage of ERISA? How does the act attempt to correct those problems? Research the issue and answer in proper essay form. Sentences has to be 3 to 5 sentences long.

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ERISA (Employee retirement Income Security Act) is a federal statute that was enacted in 1974. This Act established the minimal pension plan standards in private industries (Devine, 2008). This Act provides rules and regulations extensively that concern the federal income tax effects. There are several problems that led to the passage of the ERISA Act. …

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