What is the Employee Retirement Income Security Act?

The Employee Retirement Income Security Act (ERISA) is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans. ERISA was passed in 1974 and is administered by the Department of Labor. The goal of ERISA is to ensure that employee benefit plans are established and maintained in accordance with certain standards. It includes requirements for insurance companies that provide benefits such as disability insurance and retirement income, and it also requires employers to provide certain information to employees regarding the plans. ERISA provides workers with rights to obtain information about their pension and health benefits. ERISA covers both defined benefit and defined contribution plans. It also offers protection to participants from fiduciary abuse, and requires employers to provide financial statements on plan assets and annual reports. In Washington State, ERISA also applies to some governmental employee retirement plans, such as public employee retirement systems, which are covered by ERISA in addition to state laws. Overall, the Employee Retirement Income Security Act is a federal law that sets minimum standards for employee benefit plans to ensure that individuals in these plans are fully informed about their benefits and protected from abuse.

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What is the Employee Retirement Income Security Act?

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