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The Employee Retirement Income Security Act of 1974
(ERISA) is a federal law that sets minimum standards for most voluntarily
established pension and health plans in private industry to provide protection
for individuals in these plans.
ERISA requires plans to provide participants with
plan information including important information about plan features and
funding; sets minimum standards for participation, vesting, benefit accrual and
funding; provides fiduciary responsibilities for those who manage and control
plan assets; requires plans to establish a grievance and appeals process for
participants to get benefits from their plans; gives participants the right to
sue for benefits and breaches of fiduciary duty; and, if a defined benefit plan
is terminated, guarantees payment of certain benefits through a federally
chartered corporation, known as the
Pension
Benefit Guaranty Corporation (PBGC).
In general, ERISA does not cover retirement plans
established or maintained by governmental entities, churches for their
employees, or plans which are maintained solely to comply with applicable
workers compensation, unemployment or disability laws. ERISA also does not
cover plans maintained outside the United States primarily for the benefit of
nonresident aliens or unfunded excess benefit plans.
DOL Web Pages on This
Topic
Compliance
Assistance
Provides publications and other materials to assist employers
and employee benefit plan practitioners in understanding and complying with the
requirements of ERISA as it applies to the administration of employee pension
and welfare benefit plans.
Consumer Information on
Pension Plans
Provides fact sheets, booklets, and other pension plan
information from the Department's Employee Benefits Security Administration
(EBSA).
Consumer Information on
Health Plans
Provides fact sheets, booklets, and other health plan
information from EBSA.
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