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

The Employee Retirement Income Security Act (ERISA) is a law that protects the rights of employees to receive the benefits that their employers have promised from retirement programs. In Tennessee, ERISA requires employers to clearly state the rights and responsibilities of their employees regarding retirement programs, such as 401(k) plans and pension plans. It also requires employers to provide financial information about the plan so that employees can make informed decisions when enrolling and managing their retirement account. ERISA also ensures that the assets of the plan are properly managed and invested. It requires employers to provide employees with information on the plan’s funding and the investment options available. It also sets out rules on how the assets of the plan may be distributed and how it may be used to pay for medical expenses related to retirement. Finally, ERISA provides guidance on how employers should handle disputes regarding retirement benefits. ERISA was enacted in 1974 to protect the retirement benefits of employees. Tennessee employers must comply with ERISA in order to ensure their employees are able to receive the benefits they have been promised from their retirement plan.

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

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

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