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 ?
The Employee Retirement Income Security Act of 1974 provides that retirement plan fiduciaries who make investment decisions are subject to a "prudent expert" standard of care and must act solely in the interest of the plan's participants.
Then there is the Employee Retirement Income Security Act of 1974, which must be considered when life insurance or annuities are included in a qualified plan.
The sheer complexity of qualifying under the Employee Retirement Income Security Act of 1974 (ERISA), as amended, and IRC administrative requirements greatly increases the burden of maintaining qualified plans, especially for small employers.
PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by nearly 41 million American workers and retirees participating in private-sector defined benefit pension plans.
The United States Court of Appeals for the Seventh Circuit recently held that the federal courts have jurisdiction, under the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.
Many provisions of benefit plans are governed by the Employee Retirement Income Security Act of 1974 (ERISA), which protects the interest of employees in different types of benefit plans via rules and regulations governing reporting, participation and vesting.
Employee Stock Ownership Plan ("ESOP") under the Employee Retirement Income Security Act of 1974 (ERISA) has been concluded.
Shumate, 504 US 753 (1992), the Supreme Court determined that an anti-alienation clause required for compliance with the Employee Retirement Income Security Act of 1974 (ERISA) and tax qualification, and contained in the debtor's plan, was a restriction on transfer enforceable under "nonbankruptcy law" within the meaning of Section 541(c)(2).
Currently, the Employee Retirement Income Security Act of 1974 (ERISA) allows the pension plan administrator to elect to exclude from the audit the plan assets that are held in financial institutions.
The regulation interprets section 404(c) of the Employee Retirement Income Security Act of 1974 (ERISA), which allows employers and other plan fiduciaries the option of limiting their responsibility for the investment decisions of employees who "exercise control" over their retirement assets.
411(a)-11(c)(2)(i), as long as the allocation is reasonable and satisfies the Title I Employee Retirement Income Security Act of 1974 (ERISA) requirements (e.

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