What is the Employment Retirement Income Security Act (ERISA)?
The Employment Retirement Income Security Act (ERISA) is a federal law enacted in 1974 that ensures workers have access to a certain standard of retirement security. ERISA is designed to protect the retirement benefits of workers by controlling the administration of pension and other employee benefit plans. The plan is overseen by the United States Department of Labor and is subject to federal law. In Massachusetts, ERISA protects workers who are participants in pension and other employee benefit plans from any improper administration or management of these plans. ERISA requires employers to provide certain information to plan participants, including a description of the plan, a summary of the plan’s provisions, a description of plan eligibility, and information about any plan investments. In addition, ERISA requires employers to provide financial disclosure of the plan’s assets and operations. The law also requires employers to report any changes in the plan to the plan beneficiary within 30 days. Finally, ERISA requires employers to follow certain guidelines when investing plan assets, and it protects individual plan participants from any mismanagement of assets. ERISA also requires employers to maintain certain standards of fiduciary responsibility, such as providing participants with accurate information, properly managing plan assets, and acting in the best interest of the plan beneficiaries. By providing protections and guidelines for the administration of pension and other employee benefit plans, ERISA helps ensure that workers in Massachusetts have access to a secure retirement plan.
Related FAQs
What is the Age Discrimination in Employment Act (ADEA)?What is the difference between a voluntary and an involuntary termination?
What are the rights of an employee who is being laid off?
Are sexual orientation and gender identity protected by employment law?
What is the difference between a non-solicitation and an anti-raiding agreement?
Are employers allowed to require dress codes?
Are employers allowed to require a drug test?
What is the difference between constructive dismissal and wrongful dismissal?
What are the rights of employees in a collective bargaining agreement?
What is the difference between a non-compete and a non-disclosure agreement?
Related Blog Posts
Employment Law Overview: What Employers Need to Know - July 31, 2023Understanding Compensable Time in Employment Law - August 7, 2023
Minimum Wage Standards in Employment Law: What Employers Need to Understand - August 14, 2023
An Overview of Unemployment Benefits and Related Employment Laws - August 21, 2023
Common Mistakes Employers Make in Employment Law - August 28, 2023