What is the Employment Retirement Income Security Act (ERISA)?
The Employment Retirement Income Security Act (ERISA) is an important federal law that sets requirements for private retirement plans in Mississippi and other parts of the United States. ERISA was passed in 1974 to protect employees and their retirement savings from mismanagement or fraud. ERISA requires employers to provide plans that are structured and administered in a way that benefits the participant. ERISA creates certain rules that plan sponsors must follow. For example, plan sponsors have to provide a summary plan description that outlines the features of the plan, provide participants with a statement about their current balance and quarterly benefit statements, and must protect their participant’s assets from those who are not legally entitled to them. ERISA also sets certain standards for participant rights. For example, employers must give the participants the right to know who’s managing their retirement savings and how they’re managing it. It also guarantees participants certain rights when it comes to challenging unfair or improper decisions made about their benefits. Overall, ERISA is meant to help protect employees’ rights when it comes to planning and managing their retirement savings. It helps ensure that employers are providing adequate information about the plan and its features. It also protects employee’s rights when it comes to challenging unfair or incorrect decisions made regarding their benefits.
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