Employee Retirement Income Security Act
The Employee Retirement Income Security Act of 1974 (ERISA) (Pub. L. No. 93-406, codified in part at 29 USCS ยง 1002 et seq.) was enacted on September 2, 1974. ERISA is a federal law that establishes minimum standards for pension plans in private industry and provides for extensive rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries by:
- Requiring the disclosure of financial and other information concerning the plan to beneficiaries;
- Establishing standards of conduct for plan fiduciaries;
- Providing for appropriate remedies and access to the federal courts.
ERISA is sometimes used to refer to the full body of laws regulating employee benefit plans, which are found mainly in the Internal Revenue Code and ERISA itself.
Responsibility for the interpretation and enforcement of ERISA is divided among the Department of Labor, the Department of the Treasury (particularly the Internal Revenue Service), and the Pension Benefit Guaranty Corporation.
Read more about Employee Retirement Income Security Act: History, Pension Vesting, Pension Funding, ERISA Pre-emption, Non-ERISA Status and Bankruptcy, Finding Statutes
Famous quotes containing the words retirement, income, security and/or act:
“Douglas. Now remains a sweet reversion—
We may boldly spend, upon the hope
Of what is to come in.
A comfort of retirement lives in this.
Hotspur. A rendezvous, a home to fly unto.”
—William Shakespeare (1564–1616)
“The bread-winner must toil as in the fruitless effort of a troubled dream while the expenditure of an uneducated wife discounts the income in the lack of understanding to discern the broad possibilities of an intelligent economy.”
—Anna Eugenia Morgan (1845–1909)
“The reins of government have been so long slackened, that I fear the people will not quietly submit to those restraints which are necessary for the peace and security of the community.”
—Abigail Adams (1744–1818)
“In the deeper layers of the modern consciousness ... every attempt to succeed is an act of aggression, leaving one alone and guilty and defenseless among enemies: one is punished for success. This is our intolerable dilemma: that failure is a kind of death and success is evil and dangerous, is—ultimately—impossible.”
—Robert Warshow (1917–1955)