What is the Employee Retirement Income Security Act?
The Employee Retirement Income Security Act, or ERISA, is a federal law that was enacted in 1974 to protect the interests of employees and retirees who participate in retirement and health plans sponsored by their employers. ERISA is also designed to ensure that employers who provide retirement and health benefits do so in a fair and timely manner. ERISA is a comprehensive federal law that sets minimum standards of protection for workers. Under ERISA, employers who provide retirement and health plans must: (1) provide certain information to participants and beneficiaries of their plans; (2) act solely in the interest of the plan’s participants and beneficiaries; (3) offer and administer plans with “prudent,” cost-effective management; and (4) protect participants’ rights by safeguarding their rights to receive benefits and by providing them with remedies for violations of ERISA. In addition, ERISA sets minimum standards for the timing and manner of benefit payments, and also governs investments made in employee benefit plans. While ERISA regulates all employee benefit plans, it does not apply to all employers – only those with at least one employee and more than twenty employees must comply with the law. ERISA is enforced by the U.S. Department of Labor and is implemented through the states. In Washington, employers and benefit plans must comply with both federal and state laws governing employee benefits. Employers must also follow all the requirements of Washington’s laws when providing employee retirement and health benefits.
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