What is the Employee Retirement Income Security Act?
The Employee Retirement Income Security Act (ERISA) is a federal law that sets standards for most voluntary retirement plans in California and across the United States. The law was enacted in 1974 and was designed to protect working people and their families by setting standards for their retirement savings plans, such as 401(k)s and 403(b)s. The law promotes the orderly and current administration of pension plans and requires plan sponsors to provide participants and beneficiaries with information about plan features and funding. ERISA also requires annual reports to the Department of Labor from plan sponsors and administrators. ERISA requires prudent and professional management of pension funds and fiduciaries, including plan sponsors, trustees, and plan administrators, to act in the best interest of the plan participants and beneficiaries. It also provides recourse for employees who suffer losses due to mismanagement of the plan funds. ERISA also establishes standards of conduct for employers and plan administrators to ensure that they are providing reasonable benefits and services to the participants. ERISA is a vital part of the labor relations law in California, as it provides workers with important rights and protections for their retirement savings plans. ERISA makes sure that employers are held accountable for their management of the retirement plans and provides protection for plan participants and beneficiaries.
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