What is the Employee Retirement Income Security Act?

The Employee Retirement Income Security Act (ERISA) is a federal law that was passed in 1974 in the United States. It protects the retirement plans of workers in Massachusetts by setting standards for the way benefits are managed, including the disclosure of information about your plan. This means that your employer must give you written information about the plan, how it works, and how it is funded. With the ERISA, you are also protected from any mismanagement of your retirement plan, as well as from any fraud or misleading information. The law requires your employer to safeguard your plan funds and properly manage them. Also, your benefits must be paid out on time and in the correct amount. The ERISA also helps give medical coverage to workers and their families. It sets standards for health care plans, including requirements for coverage and the right to appeal for reconsideration of a claim. Finally, ERISA makes sure that workers can get their retirement benefits when they retire. It requires employers to make sure that you can get your benefits in a lump sum, or as an annuity or other form of payment. It also requires employers to give you the information you need to understand your retirement benefits.

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What is the Employee Retirement Income Security Act?

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