Employee Retirement Income Security Act

As stated, in 1974, the U.S. Congress passed ERISA. This forced Americans to invest in the stock market for their retirement through vehicles like the 401(k), which generally have high fees, high risk, and low-returns, and gave Wall Street control over the country's retirement money.

— Robert Kiyosaki; Rich Dad's Conspiracy of The Rich

All that changed in 1974, when the U.S. Congress passed the Employee Retirement Income Security Act. This act led to what we know as a 401 (k), IRA, Keogh, and other retirement plans. In 1974, money became important, and people had to learn to manage their own money or die poor, living on Social Security, as my dad did after he lost his government job.

— Robert Kiyosaki; Rich Dad's Conspiracy of The Rich