Just about everything we take for granted with respect to qualified retirement plans today stems from passage in 1974 of landmark federal legislation called the Employee Retirement Income Security Act (ERISA). Even the Individual Retirement Account (IRA) was created with this pension law. Though it has been amended significantly since it was first signed into law, ERISA has come to represent the foundation of a qualified retirement plan.
ERISA's true impact is felt through the Internal Revenue Code, where the requirements set forth in ERISA have been codified. ERISA may have set the direction of modern pension law, but the Tax Code carries out the marching orders. ERISA is discussed in more detail in Section III.
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