ERISA

The Employee Retirement Income Security Act (ERISA) is a federal law enacted in 1974 that sets minimum standards for pension and health plans in private industry. Its primary goal is to protect the interests of workers who participate in these plans. ERISA requires plans to provide participants with important information about their benefits, establishes rules for managing and protecting plan assets, and sets standards for fiduciary responsibilities of those who manage the plans. It also allows participants to sue for benefits and enforces regulations to ensure that employees’ rights to their benefits are upheld.