Since the adoption of the Employee Retirement Income Security Act of 1974, many employers have adopted more than one pension or profit sharing plan for a variety of reasons. The rules governing the design and structure of multiple pension plans have remained relatively static since 1974 until the adoption of the Tax Equity and Fiscal Responsibility Act of 1982. This article will explore some of the radical changes made by TEFRA to the design and operation of multiple pension plans, particularly by small employers.

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