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I. INTRODUCTION When ERISA was passed in 1974, it was heralded as a landmark statute that would protect the economic security of millions of Americans--largely through extensive regulation of pension [...]

TABLE OF CONTENTS INTRODUCTION I. UNCERTAINTY IN THE BENEFIT PROMISE A. Performance Uncertainty B. Expectation Uncertainty C. Collective Uncertainty II. THE ERISA BENEFIT PROMISE A. The Defined Benefit Pension Promise [...], In the United States, retirement income and health insurance are largely provided through private promises made incident to employment. These 'benefit promises ' are governed by a statute called ERISA, which many health care and pension scholars argue is the cause of fundamental problems with our nation's health and retirement policy. Inevitably, however, they advance narrowly tailored proposals to amend the statute. This occurs because of the widely held view that reform should leave undisturbed the underlying core of the statute. This Article develops a theory of ERISA designed to illustrate the unavoidable need for structural reform.

In the United States, retirement income and health insurance are largely provided through private promises made incident to employment. These "benefit promises" are governed by a statute called ERISA, which many health care and pension scholars argue is the cause of fundamental problems with our nation's health and retirement policy. Inevitably, however, they advance narrowly tailored proposals to amend the statute. This occurs because of the widely held view that reform should leave undisturbed the underlying core of the statute. This Article develops a theory of ERISA designed to illustrate the unavoidable need for structural reform. [ABSTRACT FROM AUTHOR]