Employee Retirement Income Security Act (ERISA)

The Employee Retirement Income Security Act (ERISA) is a federal law that sets minimum standards for employee benefit plans in private industry to provide protection for individuals enrolled in these plans. ERISA applies to most private-sector employer-provided pension, health, and welfare benefit plans, including group health plans, disability plans, life insurance plans, and retirement plans.

Key features of ERISA include:

·Reporting and Disclosure Requirements: Employers are required to provide plan participants with detailed information about the plan, including plan rules, financial information, and other relevant details.

·Fiduciary Responsibility: Plan fiduciaries, such as plan administrators, trustees, and investment managers, are required to act in the best interests of the plan participants and beneficiaries and manage the plan's assets prudently.

·Vesting Requirements: ERISA requires that participants in defined benefit pension plans be fully vested in their benefits after a certain number of years of service.

·Portability and Continuation of Coverage: ERISA provides certain protections for employees and their families in the event of job loss or other changes in employment status, such as the right to continue health coverage for a certain period of time.

·Enforcement and Remedies: ERISA provides a range of remedies and legal protections for plan participants who believe that their rights under the plan have been violated, including the ability to sue the plan sponsor or fiduciary for damages