What is the Employee Retirement Income Security Act?
The Employee Retirement Income Security Act (ERISA) is a federal law that sets standards for employee retirement plans and other employee benefits. ERISA was passed by Congress in 1974 and is enforced by the United States Department of Labor. ERISA is designed to protect employees from employers who might misuse or mismanage funds set aside for employee benefits, such as retirement savings. ERISA requires employers to provide certain benefits and assurances about those benefits, such as information about the benefit plan, required disclosure of financial information, vesting of benefits, and fiduciary responsibility. ERISA also requires employers to provide a summary of the plan in writing and to provide an appeals process for benefit claims that are denied. In South Carolina, ERISA applies to all companies, public and private, that offer employee retirement plans and other employee benefits. The South Carolina Department of Labor, Licensing and Regulation has a Division of Financial and Retirement Security that enforces ERISA in the state. This division works to ensure that employers meet the requirements of ERISA and appropriately manage employee retirement funds and health benefits. ERISA helps protect employees and their families from employers who would otherwise misuse or mismanage the funds that are set aside for employee benefits. ERISA provides important information to employees about their retirement plans and other employee benefits, and it also holds employers accountable for their proper use of retirement funds.
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