The Employee Retirement Income Security Act of 1974 (ERISA) is a piece of federal law that establishes basic requirements for the majority of voluntarily organised retirement and health plans in the private sector.
The Employee Retirement Income Security Act (ERISA), a federal legislation, safeguards the retirement savings of American workers. The law, which came into effect in 1974, established regulations that qualifying plans must adhere to in order to guarantee that plan fiduciaries do not improperly use plan funds. Other non-retirement accounts, such employee health plans, are also covered by it.
Plans are required by law to provide participants with regular updates on the features and funding of their offerings. EBSA, a division of the Department of Labor (DOL), is responsible for enforcing ERISA, a federal law.
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