Employee Retirement Income Security Act (ERISA)

The Employee Retirement Income Security Act (ERISA) is a federal law that sets standards for retirement and health benefit plans in private companies. It protects employees by ensuring that plans are managed fairly and that funds are available when needed. ERISA requires employers to provide important information about the plans, guarantees the payment of certain pensions, and sets rules for reporting and disclosure to participants. Essentially, it helps ensure that employees can rely on their retirement and health benefits.