Happy Birthday! The IRA Turns 45
September 18, 2019 by John Sullivan, Editor-In-Chief
They say it’s your birthday.
The Investment Company Institute helpfully marked the 45th birthday of the individual retirement account, which actually occurred (not coincidentally) on Labor Day.
“Signed into law on September 2, 1974, the Employee Retirement Income Security Act (ERISA) introduced bold steps to safeguard Americans’ employer-sponsored pensions (both defined contribution and defined benefit plans) and created the IRA,” ICI’s Sarah Holden and Elena Barone Chism note. “Forty-five years later, IRAs have become a significant component of US households’ retirement assets, holding $9.4 trillion in assets, or about one-third of the total US retirement market, at the end of March 2019.”
Click HERE to read the full story via 401k News.
Originally Posted at 401k News on September 13, 2019 by John Sullivan, Editor-In-Chief.
Categories: Industry Articles
