Employee Retirement Income Security Act


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Employee Retirement Income Security Act

The Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C.A. § 1001 et seq. (1974), is a federal law that sets minimum standards for most voluntarily established Pension and health plans in private industry to provide protection for individuals enrolled in these plans. ERISA regulates the financing, vesting, and administration of pension plans for workers in private business and industry. The 1974 enactment of ERISA by Congress was intended to preserve and protect the rights of employees to their pensions upon retirement by establishing statutory requirements that govern such matters.

ERISA requires retirement plans to provide participants with information including important details about plan features and funding. ERISA also describes fiduciary responsibilities for those who manage and control plan assets, requires plans to establish a grievance and appeals process for participants seeking benefits from their plans, and gives participants the right to sue for benefits and breaches of fiduciary duty. A number of amendments to ERISA expand the protections that are available to health-benefit-plan participants and beneficiaries. One important amendment, the Consolidated Omnibus Budget Reconciliation Act (COBRA), 29 U.S.C. §§ 1161–1168 (1994), provides some workers and their families with the right to continue their health coverage for a limited time after certain life events, such as the loss of a job. Another amendment to ERISA, the Health Insurance Portability and Accountability Act (HIPAA), 29 U.S.C. §§ 1181–1182, provides important new protection for working Americans and their families who have preexisting medical conditions or who might otherwise suffer discrimination in health coverage based on factors related to health. Other important amendments include the Newborns' and Mothers' Health Protection Act, the Mental Health Parity Act, and the Women's Health and Cancer Rights Act. In general, ERISA does not cover group health plans established or maintained by government entities, churches, or plans that are maintained solely to comply with applicable workers compensation, unemployment, or disability laws. ERISA also does not cover plans maintained outside the United States primarily for the benefit of non-resident Aliens or unfunded excess benefit plans.

Cross-references

Employment Law.

References in periodicals archive ?
I am writing to comment on a proposed regulation issued by the Pension Benefit Guaranty Corporation (PBGC), relating to the annual financial and actuarial reporting requirements imposed under section 4010 of the Employee Retirement Income Security Act of 1974 (ERISA).
8) The Third Circuit Court's decision noted that the Employee Retirement Income Security Act was designed to ensure that all interested parties, including beneficiaries, would know how a plan may be changed and who may make the alterations.
According to several authorities, a taxpayer does not have any tax basis in qualified retirement plan assets such as IRAs or 401(k)s because the Employee Retirement Income Security Act of 1974 established a taxpayer has zero basis in a traditional IRA because no taxes were paid on either the contributions or earnings.
The Employee Retirement Income Security Act (ERISA) exempts self-insured plans from state regulation since they are regulated by federal law.
The benefits case involves the federal Employee Retirement Income Security Act, which requires pension benefits to be vested in five years, which means a worker cannot be forced to give up those benefits.
Qualified plans are governed by the Employee Retirement Income Security Act (ERISA) and must be offered to all employees.
PBGC) lien arising from the Employee Retirement Income Security Act of 1974 (ERISA) and vicarious tort liability.
The Employee Retirement Income Security Act of 1974 established standards for employee-benefit plans, including health plans, which gained significant exemptions from state regulation.
The DOL is holding nationwide seminars to improve workers' health and retirement security by educating employers and service providers about their fiduciary responsibilities under the Employee Retirement Income Security Act.
While the Employee Retirement Income Security Act (ERISA) establishes clear funding requirements, those apparently have not guaranteed prudent funding levels by plan sponsors.
These firms perform more than 55% of the approximately 80,000 audits conducted annually in compliance with the Employee Retirement Income Security Act (ERISA).
The Department of Labor and the AICPA recently announced they have partnered in a national campaign to educate employers and service providers about their fiduciary responsibilities under the Employee Retirement Income Security Act.

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