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 (ERISA) regulates the employee benefit plans of nearly all for-profit businesses in the U.
Keightley, General Counsel of the Pension Benefit Guaranty Corporation, relating to the annual financial and actuarial reporting requirements imposed under section 4010 of the Employee Retirement Income Security Act of 1974 (ERISA).
But most employer-based group health insurance plans are governed by a federal law called the Employee Retirement Income Security Act (ERISA).
Supreme Court has ruled that the standard provision in many employer-provided benefit plans allowing a company to amend its plan at any time does comply with the Employee Retirement Income Security Act.
New provisions under the Employee Retirement Income Security Act (ERISA) give employees greater choice and flexibility in pension plans in which they direct their own investment decisions.
The laws in the database are current to March 1991, including the most recent amendments to previously published laws and recently enacted tax laws affecting The Employee Retirement Income Security Act (ERISA).
Investors include a mix of public pension plans, Employee Retirement Income Security Act (ERISA) plans, endowments, family offices and high net worth individuals.
Regulations of the Internal Revenue Code, Employee Retirement Income Security Act, and Age Discrimination in Employment Act will affect efforts by employers to extend benefits beyond age 65.
6081-1lT, Form 5558, Application for Extension of Time To File Certain Employee Plan Returns, has been revised to allow administrators and sponsors of employee benefit plans subject to the Employee Retirement Income Security Act of 1974, an automatic 2 1/2-month filing extension.
The Department of Labor's Employee Benefits Security Administration (EBSA) has begun a new enforcement initiative to monitor the quality of audits of employee benefit plans subject to the Employee Retirement Income Security Act.
Regardless of materiality, failure to remit or untimely remittance of participant contributions is a prohibited transaction under the Employee Retirement Income Security Act (ERISA), notes Linda S.
Department of Labor are expanding their nationwide campaign to improve workers' health and retirement security by educating employers and service providers about their fiduciary responsibilities under the Employee Retirement Income Security Act.

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