Employee Retirement Income Security Act of 1974

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Long title

• An Act to provide for pension reform

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The Employee Retirement Income Security Act of 1974 (ERISA) is a federal United States law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions associated with employee benefit plans. The act was enacted to protect the interests of employee benefit plan participants and their beneficiaries by requiring the disclosure of financial and other information concerning the plans, by establishing standards of conduct for plan fiduciaries, and by providing for appropriate remedies and access to the federal courts.

Provisions

ERISA sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans. The law requires plans to provide participants with information about plan features and funding, and it sets minimum standards for participation, vesting, benefit accrual, and funding. The law also defines the fiduciary responsibilities for those who manage and control plan assets.

Fiduciary Responsibilities

Under ERISA, fiduciaries are required to act solely in the interest of plan participants and beneficiaries and with the exclusive purpose of providing benefits to them. They must act prudently and diversify the plan's investments to minimize the risk of large losses. Fiduciaries who do not follow these principles may be held responsible for restoring losses to the plan.

Enforcement

ERISA is enforced by the Employee Benefits Security Administration (EBSA), a division of the United States Department of Labor. The Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) also have roles in enforcing ERISA.

Amendments

ERISA has been amended several times since its enactment. Notable amendments include the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985, which provides some employees with the ability to continue health insurance coverage after leaving employment, and the Health Insurance Portability and Accountability Act (HIPAA) of 1996, which provides protections for individuals with pre-existing conditions.

Related Legislation

• Consolidated Omnibus Budget Reconciliation Act
• Health Insurance Portability and Accountability Act
• Pension Protection Act of 2006
• Affordable Care Act

See Also

• Pension
• Employee Benefits Security Administration
• Internal Revenue Service
• Pension Benefit Guaranty Corporation
• United States Department of Labor