What is the Employment Retirement Income Security Act (ERISA)?
The Employment Retirement Income Security Act (ERISA) is a federal law that protects workers’ rights and benefits, including pensions and health insurance. It was passed in 1974 and applies to most private-sector employee benefit plans. Under ERISA, employee benefit plans must provide a summary plan description (SPD) to all participants. This document must include information about plan eligibility, vesting, and benefit amounts. It also must provide contact information for plan administrators and list important documents related to the plan such as the trust agreement and insurance contracts. ERISA also requires plan administrators to provide an annual report (Form 5500) to the Department of Labor. In addition, ERISA regulates the fiduciary responsibilities of those who manage employee benefit plans. A fiduciary has a legal duty to act solely in the interest of plan participants to ensure that they receive their benefits. ERISA also covers the activities of employer and plan sponsors, including their disclosure of plan information, reporting, and compliance with various other rules. In West Virginia, ERISA is enforced by the Employee Benefits Security Administration (EBSA). EBSA conducts investigations and audits to ensure that employee benefit plans are in compliance with the law. In cases of suspected misconduct, EBSA can bring an enforcement action and impose penalties and fines. ERISA also provides a private right of action, which allows participants to file a lawsuit if they are denied benefits or have not received the appropriate information about their plan.
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