What is the Employee Retirement Income Security Act?

The Employee Retirement Income Security Act (ERISA) was enacted in 1974 and is a federal law that sets minimum standards for private employee benefit plans in the United States. ERISA is administered by the Department of Labor’s Employee Benefits Security Administration (EBSA) and was designed to protect the rights of employees and their benefits. ERISA establishes certain standards related to retirement plans, health plans, and other employee benefits. It requires that employers provide certain information to participants and beneficiaries about the plans, and it sets out rules for how the plans are to be funded and managed. ERISA also provides for the establishment and regulation of fiduciary responsibilities, which means those responsible for the management of the plan must act in the best interests of the participants and beneficiaries. With respect to California, ERISA preempts, or supersedes, any state law related to employee benefit plans. In other words, ERISA provides a national set of minimum standards for employee benefit plans, and California and other states are barred from providing additional or more specific standards. However, California does have a few laws that are not preempted, such as the state’s Unclaimed Property Law and the California Multiemployer Benefit Plan Funding Law.

Related FAQs

What are the rules for terminating an employee?
Are employers obligated to provide workplace accommodations for disabilities?
How do employers handle layoffs?
What are the child labor laws?
Are employers obligated to provide notice of termination?
What are the laws governing the payment of employee bonuses?
What are the legal rights and responsibilities of unions?
What are the laws governing vacation pay?
Can employers require employees to work off the clock?
What are the requirements for paying employee expenses?

What is the Employee Retirement Income Security Act?

Related FAQs

Related Blog Posts