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

The Employee Retirement Income Security Act (ERISA) is a federal law that protects the interests of employees and employers in private employer-sponsored retirement and health plans. It sets standards for plan governance, including disclosure of important information such as plan features and funding, as well as the fiduciary duties of plan sponsors. ERISA also establishes a minimum level of protection for retirement plan participants by requiring plans to pay benefits that are vested, meaning that they cannot be taken away, and to pay benefits in a timely manner. In Rhode Island, ERISA is enforced by the Employee Benefits Security Administration (EBSA). EBSA enforces ERISA’s rules and regulations by monitoring employers and investigating and resolving complaints from employers and plan participants. EBSA also provides consumers with publications and resources to help them understand their rights and responsibilities under ERISA. ERISA provides great protection for workers, helping to ensure that employers are held accountable to their retirees and that employee benefits are paid in a timely way. It is important for employees and employers to understand their rights and responsibilities under ERISA so that they can ensure that their retirement plans are properly managed and that their benefits are secure.

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

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