What regulations govern employee benefit plans?

Employee benefit plans are regulated primarily at the federal level by the Employee Retirement Income Security Act of 1974 (ERISA). ERISA is a comprehensive law that establishes standards for employers who sponsor employee benefit plans, such as retirement, disability, or health insurance plans. It sets minimum standards for participation, vesting, benefit accrual and funding, and requires employers to provide yearly notices and statements to plan participants. In addition to ERISA, several other federal and state laws govern employee benefit plans in Florida. The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) requires employers to provide former employees with certain health insurance benefits. The Americans with Disabilities Act (ADA) prohibits discrimination against employees with disabilities in health plans. The Affordable Care Act (ACA) mandates certain health coverage requirements for employers with fifty or more full-time employees. The State of Florida has also enacted several laws related to employee benefits. The Florida False Claims Act, for example, encourages employees to report any fraudulent or illegal activities related to employee benefit plans. The Florida Health Care Responsibility Act requires employers with fifty or more employees to offer health coverage to full-time employees or pay a penalty. Lastly, the Florida Retirement System governs the retirement plans offered by public employers in the state. Overall, employers in Florida are subject to a number of federal and state laws in order to provide adequate employee benefits. These regulations ensure that employees receive the benefits they are entitled to and protect employers against potential fraud or abuse.

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What regulations govern employee benefit plans?

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