Actually, it all bean in the 60's with JFK attemting to shore-up poorly funded pensions in the automobile industry. In the 70's -- it evolved into the
Employee Retirement Income Security Act of 1974 The ERISA was enacted in 1974 and signed into law by President Gerald Ford on September 2, 1974.
This was
BEFORE the Corporate Lobbyist bribed decades of candidates, and administrations into allowing for Corporate BK laws that would take advantage of what they now saw as "legal loophole" out of their pension plans.
It started as Democratic bill to protect workers, and ended as a corporate loophole for BIG BUSINESS-- like the major Airlines!
https://en.wikipedia.org/wiki/Pension_Benefit_Guaranty_Corporation
Incidentally, the same corporate lobbyist that oversaw the PBGC loophole, also helped create the 401k plan to further screw the American Worker out of retirement!
>SPIT<