ERISA is a federal law which sets minimum standards for most voluntarily recognized retirement and health plans in private industry to give security for people in those plans.
ERISA requires plans to provide participants with strategy Details Including important information regarding plan features and financing; sets minimum standards for participation, vesting, benefit accrual and funding; provides appropriate responsibilities for people that control and manage plan resources; necessitates aims to establish a grievance and appeals process for participants to have benefits in their aims; gives participants the right to sue for benefits and breaches of fiduciary responsibility; also, in case your defined benefit plan has been terminated, guarantees payment of certain benefits via a chartered corporation, called the Pension Benefit Guaranty Corporation (PBGC).
Generally, ERISA doesn’t cover plans maintained with Governmental entities, churches because of their own employees, or plans which are Maintained only to comply with applicable workers compensation, Unemployment or disability legislation.
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