The term ERISA refers to the Employee Retirement Income Security Act of 1974.
ERISA is a Federal law that sets standards of protection for individuals in
most voluntarily established, private-sector retirement plans. ERISA requires
plans to provide participants with plan information, including important facts
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 claims
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,
defined benefit plan is terminated,
guarantees payment of certain benefits through the PBGC.
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