Nachman Corp. v. Pension Benefit Guaranty Corporation

On September 2, 1974, following almost a decade of studying the Nation’s private pension plans, Congress enacted the Employee Retirement Income Security Act of 1974 (ERISA), 88 Stat. 829, 29 U. S. C. § 1001 et seq. As a predicate for this comprehensive and reticulated statute,1 Congress made de*362tailed findings which recited, in part, “that the continued well-being and security of millions of employees and their dependents are directly affected by these plans; [and] that owing to the termination of plans before requisite funds have been accumulated, employees and their beneficiaries have been…