Retirement Income Security Act (ERISA)

The Employee Retirement Income Security Act (ERISA) is a federal law enacted in 1974 that sets standards for pension and health plans in private industries to protect beneficiaries. It aims to ensure that employees receive promised benefits, offers guidelines for plan management, and requires plans to provide participants with important information about their benefits. ERISA also establishes fiduciary responsibilities for those managing the plans, ensuring they act in the best interests of the participants. Overall, it helps secure retirement income and healthcare benefits for American workers and their families.