Use the Internet to research the Employee Retirement Income Security Act (ERISA) and how it affects employers and employees.
Assess the importance of the Employee Retirement Income Security Act (ERISA) when an employer provides benefits of any kind. Classify two pros of an employee using employer-provided benefits, and at least one con, such as a conflict for an employee using such benefits.
Sample Answer
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans. ERISA also establishes standards for how these plans are governed.
ERISA applies to all employee benefit plans established or maintained by employers with 20 or more employees. This includes pension plans, health plans, and other plans that provide benefits to employees.
ERISA requires employers to provide certain information to employees about their benefits plans, such as the plan’s benefits, eligibility requirements, and how the plan is funded. ERISA also requires employers to establish a grievance and appeals process for employees who have problems with their benefits.
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