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

The Employee Retirement Income Security Act (ERISA) is a federal law that was passed in 1974. The purpose of ERISA is to protect workers’ retirement funds and their other benefits. ERISA sets minimum standards for pensions, health care plans, and other employee benefits, such as vacation and sick leave. In Pennsylvania, ERISA applies to all employers who provide benefits to their employees. This includes any employer who has five or more employees and provides any type of employee benefit. ERISA requires employers to act in the best interests of their employees when providing these benefits and to ensure the accuracy of financial statements related to the benefits. ERISA also establishes key duties for employers and plan administrators including providing a detailed summary of the benefits plan, issuing regular reports on the plan’s performance, and informing workers of their rights under the Act. In addition, the Act grants employees the right to take legal action against their employer for not following ERISA guidelines. Overall, the Employee Retirement Income Security Act of 1974 is an important law that protects workers’ retirement funds and other benefits in Pennsylvania. It sets minimum standards for employers to follow and gives employees the right to take action if their employers do not comply.

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

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