[9] The EBRI was founded in 1978 by a group of benefits-related companies following enactment of the Employee Retirement Income Security Act of 1974 (ERISA), the major federal law governing private-sector benefits.
It is based on three principles: That employee benefit plans serve an essential function in the United States economy by providing citizens with opportunities to achieve financial security; an ongoing need exists for objective, unbiased information regarding the employee benefits system; and that its members’ common business interests will be furthered by having the Institute develop and disseminate such information.
[19] In conjunction with the Investment Company Institute (ICI),[20] EBRI created and operates the EBRI/ICI 401(k) database,[21] the largest microdatabase of its kind in the nation tracking individual 401(k) participants.
[24] It has also reported likely results if deficit reduction efforts in Congress reduce or eliminate existing tax preferences for 401(k)s.[25] The EBRI’s Social Security modeling allows it to quantify the impact of various reform proposals.
Its 1998 analysis was the first in-depth look at the many administrative issues involved with adding private accounts to Social Security,[26] at the time a major policy proposal.