The Employee Retirement Income Security Act is a United States federal law enacted in 1974 that establishes minimum standards for most voluntarily established private sector pension and health benefit plans. It requires plan administrators to provide participants with information about plan features and funding, establishes fiduciary responsibilities for those who manage and control plan assets, and created the Pension Benefit Guaranty Corporation to insure certain private defined benefit pension plans. The Act does not require employers to establish retirement plans, but it sets detailed rules governing plans that employers choose to offer.
Facts
EraSourced to the subject's own account Promulgated BySourced to the subject's own accountUnited States Congress. 1 Jurisdiction ScopeSourced to the subject's own accountUnited States federal law; governs private-industry pension and employee benefit plans nationwide. 1 Regulatory DomainSourced to the subject's own accountMinimum standards for private pension plans, fiduciary conduct, and employee benefit plan disclosure. 1 Classification
Legal StatusSourced to the subject's own account Jurisdiction Scope
Jurisdiction Scope (category)Sourced to the subject's own account Era
Era (category)Sourced to the subject's own account20th Century (1900-1999) 1 FAQs
Does ERISA require employers to offer retirement plans?
No, it only sets rules for plans employers choose to offer.
No. The Act does not require employers to establish retirement plans, but it sets detailed rules governing the plans that employers choose to offer.
What protections does ERISA give plan participants?
Disclosure, fiduciary standards, and pension insurance through the Pension Benefit Guaranty Corporation.
It requires plan administrators to give participants information about plan features and funding, establishes fiduciary responsibilities for those who manage plan assets, and created the Pension Benefit Guaranty Corporation to insure certain private defined benefit pension plans.
Connections
Associated With
Source United States labor law (Wikipedia)
HIPAA Title I portability provisions for group health plans amended ERISA
In Legal System
United States federal statute, within the common law tradition.
Source Major Legal Systems in the World TodayRene David and John E.C. Brierley
Sources
1. Employee Retirement Income Security Act of 1974 (Wikipedia)
WikipediaLead paragraph (era)
The Employee Retirement Income Security Act of 1974 (ERISA) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries by:Requiring the disclosure of financial and other information concerning the plan to beneficiaries;
Establishing standards of conduct for plan fiduciaries;
Providing for appropriate remedies and access to the federal courts.
Lead paragraph (promulgated-by)
The Employee Retirement Income Security Act of 1974 (ERISA) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries by:Requiring the disclosure of financial and other information concerning the plan to beneficiaries;
Establishing standards of conduct for plan fiduciaries;
Providing for appropriate remedies and access to the federal courts.
Lead paragraph (jurisdiction-scope)
The Employee Retirement Income Security Act of 1974 (ERISA) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries by:Requiring the disclosure of financial and other information concerning the plan to beneficiaries;
Establishing standards of conduct for plan fiduciaries;
Providing for appropriate remedies and access to the federal courts.
Lead paragraph (regulatory-domain)
The Employee Retirement Income Security Act of 1974 (ERISA) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries by:Requiring the disclosure of financial and other information concerning the plan to beneficiaries;
Establishing standards of conduct for plan fiduciaries;
Providing for appropriate remedies and access to the federal courts.
In Group: Employment Rights and Pension Statutes, Introduction, sentence 2
18) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry.
View the Source Major Legal Systems in the World Today
Rene David and John E.C. Brierley, Stevens and Sons, 1985In Legal System: Law of the United States
United States labor law (Wikipedia)
Associated With: Fair Labor Standards Act, Lead section (same paragraph naming the Fair Labor Standards Act of 1938 and ERISA as parts of the federal labor statute framework)Quote, Associated With: Fair Labor Standards Act, Lead section (same paragraph naming the Fair Labor Standards Act of 1938 and ERISA as parts of the federal labor statute framework)
the Employee Retirement Income Security Act of 1974 requires standards of prudent management and good governance if employers agree to provide pensions, health plans or other benefits
Reader Challenges (0)
No disputes yet. Spotted an error or a better source? Open the first one.
Sign in to dispute this or suggest a correction.