What is the Employee Retirement Income Security Act (ERISA)?

The Employee Retirement Income Security Act (ERISA) is a federal law that protects the retirement benefits of employees in Ohio and all over the United States. It was established in 1974 to help protect the retirement savings of individuals. ERISA sets standards for employers when they offer retirement benefits and health benefits to employees. It also creates rules and regulations that employers must follow when they establish and manage retirement plans. ERISA ensures that employee retirement plans are managed properly, that the funds are maintained in trust accounts, and that they are invested properly. It also sets minimum requirements for how long an employee must work in order to qualify for benefits and how long they must be employed in order to receive benefits. ERISA also sets rules for the distribution of benefits and how they are paid out to the beneficiaries, including spouses and dependents. ERISA protects the rights of employees by providing guidance and assistance in resolving disputes between the employer and the employee. It also provides for a dispute resolution process if an employee feels that their rights have been violated. By protecting the rights of employees, ERISA helps ensure that employees receive the benefits that they have earned during their time working for their employer.

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What is the Employee Retirement Income Security Act (ERISA)?

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