The Accidental Plan Sponsor®

In Part 1 of the premiere episode, we touched on one of the most important events in the history of retirement savings, the collapse of Studebaker in 1963. Today's guest, Frank Cummings, was back then just beginning his 70-year law career with one of his very first clients…Studebaker.

In Part 2 of this episode, Frank recounts his journey from New York to South Bend, Indiana, to Washington, DC as lead bargainer for the auto company. He recalls his meeting with Senator Jacob Javits, with whom he embarks on a series of 'Road Shows' centered on the tragic stories of people losing their pensions, all in the hopes of providing the public with better information around pension reform legislation.

Listen in to this incredible account of policy reform, a journey that spanned four presidents, nearly 50 states, Watergate, and finally, a Rose Garden signing that helped pave the way for the modern retirement system and the regulations Plan Sponsors are still living with today.

The next time you're browsing through your 401(k) statement, consider this: If not for the collapse of a once-iconic car company in the 1960s, your retirement plan may look dramatically different.

The history of pensions and retirement savings is a fascinating one. From the impact of world wars, the shift in workforce demographics to squabbling labor unions, organized crime, and, yes, even the demise of the Studebaker, how employers structure retirement plans for their workers is a complex and compelling story. In fact, it's why we launched our new podcast, The Accidental Plan Sponsor, hosted by PGIM's head of institutional defined contribution, Josh Cohen.

In Part 1 of the premiere episode, Josh is joined by Professor James Wooten at the University at Buffalo School of Law. During their conversation, Professor Wooten explains a series of crucial events that led to the creation of the Employee Retirement Income Security Act (ERISA) and how employers ultimately became responsible for their employees' retirement.

Most retirement benefits for American workers are built up through workplace savings plans where employers play a pivotal administrative and legal role as the Plan Sponsor. PGIM's new podcast, The Accidental Plan Sponsor™, hosted by Josh Cohen, Head of Institutional Defined Contribution, explores the origins, evolution, and trends within the employer-based retirement system.

Most retirement benefits for American workers are built up through workplace savings plans where employers play a pivotal administrative and legal role as the Plan Sponsor. PGIM's new podcast, The Accidental Plan Sponsor™, hosted by Josh Cohen, Head of Institutional Defined Contribution, explores the origins, evolution, and trends within the employer-based retirement system.