Employee Retirement Income Security Act (1974)
10 July 2006Employee Retirement Income Security Act (1974),
29 U.S.C. §§1001-1461
Coverage and Prohibition: The Employee Retirement Income Security Income Act (“ERISA”) sets standards and requirements for the substantive provisions and administration of employee benefit plans and employee welfare plans, including, for example, pension and profit-sharing plans. ERISA requires disclosure of benefits information to employees and regulates reporting, recordkeeping, participation, funding, and vesting. ERISA does not apply to plans maintained solely to comply with workers’ compensation, unemployment compensation, or disability insurance laws; plans maintained outside the United States for nonresident aliens; and excess benefit plans.
Enforcement: ERISA is enforced by the Department of Labor. The Pension Benefit Guaranty Corporation guarantees minimum levels of pension benefits to payees and controls the termination of plans. Participating employees, beneficiaries, and alternate payees also may sue for violations of ERISA.
Remedies: ERISA sets out specific penalties for noncompliance with its requirements. Private litigants can recover damages caused by the violation and, if successful, reasonable attorney’s fees. In addition, plan administrators can be personally liable for failure to provide requested plan information and be fined up to $110 a day.
Related Regulations:
Department of Labor, Employee Benefits Security Administration: ERISA Rules and Regulations, 29 C.F.R. Parts 2509 – 2590.
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