 Although his committee had already been dissolved by 1960 , McClellan began a related three @-@ year investigation in 1963 into the union benefit plans of labor leader George Barasch , alleging misuse and diversion of $ 4 @,@ 000 @,@ 000 of benefit funds . McClellan 's notable failure to find any legal wrongdoing led to his introduction of several pieces of new legislation including McClellan 's own bill on October 12 , 1965 setting new fiduciary standards for plan trustees . Senator Jacob K. Javits ( R ) of New York also introduced bills in 1965 and 1967 increasing regulation on welfare and pension funds to limit the control of plan trustees and administrators . Provisions from all three bills ultimately evolved into the guidelines enacted in the Employee Retirement Income Security Act of 1974 ( ERISA ) . 
