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 to protect the rights of workers who have pension and other retirement-based plans. ERISA ensures that employers have certain responsibilities when it comes to their employees’ pension. It sets standards to protect the investments and benefits paid out of these plans. ERISA requires employers to give employees certain disclosures of their pension plan, including the plan’s name, how the plan is funded, what benefits the plan provides, and how the plan works. It also requires employers to maintain certain records about the plan and to provide certain protections to participants, such as vesting rights (the time a worker has to stay with their plan to keep their benefits) and limits on their own contributions to the plan. ERISA also sets a fiduciary responsibility for employers to manage the plan in the best interests of their employees. In Pennsylvania, ERISA is enforced by the US Department of Labor’s Employee Benefits Security Administration. If employers fail to comply with ERISA requirements, the US Department of Labor can take action against the employer on behalf of the employees. Employees may also be able to recover any lost benefits if the employer violated their ERISA duties.

Related FAQs

What are the laws concerning union dues and other fees?
What is the unequal pay between men and women?
What is the minimum wage?
How do I report a labor law violation?
What is the Migrant and Seasonal Agricultural Worker Protection Act?
What is the Family and Medical Leave Act (FMLA)?
What is the Workforce Investment Act (WIA)?
What does labor law cover?
What are the laws concerning non-compete agreements?
What are the Occupational Safety and Health Standards?

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

Related FAQs

Related Blog Posts