What is ERISA? 2017-08-31T12:37:23+00:00

WHAT IS ERISA?

ERISA (the Employee Retirement Income Security Act of 1974) is a federal law which deals with employee benefit plans, both qualified retirement plans (e.g., pension and profit sharing plans) and welfare benefit plans (e.g., group insurance and other fringe benefit plans).  The goals of ERISA are to provide uniformity and protections to employees.  ERISA imposes certain reporting (to the DOL) and disclosure (to plan participants) requirements on employers.  ERISA compliance is enforced primarily by the Department of Labor (DOL).  However, employee benefit plans may also be regulated by other government agencies, such as the Internal Revenue Service (IRS) and a state’s Department of Insurance.  Failure to comply with ERISA can result in enforcement actions, penalties, and/or employee lawsuits.

IMPORTANT NOTICE

Information on ERISAPros’ website and its publications is furnished as a general informational source. Information and articles are general in nature and are not intended to constitute legal or tax advice in any particular matter. Transmission of this information does not create an attorney-client relationship. ERISAPros, LLC is not a law firm and is not giving legal or tax advice. ERISAPros does not warrant and is not responsible for errors or omissions in the content on its website or in its publications.

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