ERISA (Employee Retirement Income Security Act)

The Employee Retirement Income Security Act (ERISA) is a federal law that sets standards for private-sector employee benefit plans, particularly retirement and health insurance plans. Enacted in 1974, it protects workers by requiring plans to provide important information, ensuring fiduciary responsibilities for those managing the plans, and establishing rights for participants to receive benefits. ERISA also sets guidelines for plan funding and requires certain protections against loss of benefits, contributing to financial stability for employees' retirement savings and health coverage.