The Erisa Act
The Employee Retirement Income Security Act of 1974 (ERISA) is an American statute that establishes minimum standards for pension plans in the private sector. Additionally, it provides rules for income tax effects on transactions linked to employee benefits. Enforced by the Department of Labor and the Department of the Treasury, ERISA was created to protect employee benefit plan participants and their beneficiaries by requiring the full disclosure of financial details of the plans by employers. Codes of action for fiduciaries and access to federal courts are also required under the Act.
Tags: employee benefits, pension plans, retirement income security, ERISA