ERISA
Summary
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There is no requirement that an employer provide employee benefit plans (except such plans as Workers Compensation). However, once private sector employee retirement and other benefit plans (such as health, disability and death benefits, prepaid legal services, day care centers etc.) are established, most of them are subject to ERISA (The Employee Retirement Income Security Act of 1974).
ERISA sets uniform minimum standards to ensure that employee benefit plans are established and maintained in a fair and financially sound manner. Employers have an obligation to provide promised benefits and satisfy ERISA's requirements for managing and administering private pension and welfare plans.
In addition to other provisions, ERISA mandates that employees be given information about Plan benefits on request.
No one may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA.
ERISA does not cover plans established or maintained by government entities or churches for their employees, or plans which are maintained solely to comply with workers' compensation, unemployment, or disability laws.
Terms To Know
- What Is An Employee Welfare Plan?
- The Plan Administrator.
- The Summary Plan Description (Including required contents).
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