Ep. 3: Grading America's Retirement System
For all its successes, the retirement system is far from perfect. Hear from respected industry leaders and help grade the system on four crucial factors.
PGIM does not establish or operate pension plans.
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.
In this bonus episode, Frank Cummings (Guest from Ep.1) shares some key moments from his time on Capitol Hill working closely with the late Senator Jacob Javits. Here, Frank describes how he convinced Senator Javits to push for equal access for women in some crucial areas. He also shared a humorous story about former President Lyndon Johnson following the signing of ERISA.
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