A Federal law that exempts self-insured health plans from state laws governing health insurance, including contribution to risk pools, prohibitions against disease discrimination, and other state health reforms.
ERISA A 1974 federal regulation mandating certain reporting and disclosure requirements for group health care and life plans. Allows exemptions from some state laws for certain self-insured plans.
(USA) The Employee Retirement Income Security Act ... Add a comment
Also called the Pension Reform Act, this act regulates the majority of private pension and welfare group benefit plans in the U.S.. It sets forth requirements governing, among many areas, participation, crediting of service, vesting, communication and disclosure, funding, and fiduciary conduct. Key legislative battleground now, because ERISA exempts most large self-funded plans from State regulation and, hence, from any reform activities undertaken at state level--which is now the arena for much healthcare reform.
Known as ERISA, a federal law, passed in 1974, establishing government requirements for private pension and profit-sharing plans, including vesting requirements, funding mechanisms and general plan descriptions. The law also specifically increased the tax deduction limits available to self-employed individuals utilizing Keogh plans, raising the dollar limit from $2,500 to $7,500 and the percentage limit from 10 percent to 15 percent. The Economic Recovery Tax Act increased these deductible limits in 1981; the Tax Reform Acts of 1984 and 1986 raised the limits even further. Currently, the maximum deductible amount is the lesser of 25 percent of compensation or $30,000.
Federal legislation enacted in 1974 applicable to most private pension and welfare plans. The legislation seeks to protect covered employees by establishing certain minimum standards for such plans.
The federal law that establishes the basic requirements for employee benefit plans. The authority for administering and enforcing ERISA is divided among three federal agencies: The Internal Revenue Service (IRS), the Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC).
A Federal law that prevents states from enacting laws or regulations that have an impact on employer welfare plans, including employer sponsored health benefits. States can regulate health plans. If an employer purchases a regulated health plan, then the members are covered by the state consumer protection laws. However, employers that pay directly for all of health services (self-funded or self-insured plan s) are not subject to the same state laws.
This law, enacted in 1974, applies to employee benefit plans, including health benefits. The law is designed to protect the interest of employees and requires full disclosure to the employees of their rights under the plan.
A law that protects the rights of benefit plan participants and beneficiaries.
In place since 1974, this act requires a bond of 10 percent of the value of pension and profit-sharing funds.
Abbreviated ERISA, it completely overhauled, in 1974, the federal pension law to protect the interests of retirement plan participants and their beneficiaries. ERISA established a new set of rules for participation in retirement plans, adding mandatory schedules for the vesting of benefits, fixed minimum funding standards, set standards of conduct for administering the plan and handling plan assets, required disclosure of plan information, and established a system for insuring the payment of pension benefits (defined benefit plans only). Governmental employers are exempt from ERISA.
A comprehensive pension reform law established in 1974 which established the use of, among other things, the Individual Retirement Account (IRA). p 80
is a group of federal statutes enacted in 1974 that, among other things, prohibits states from regulating the employee welfare benefit plans, including health plans, of self-insured businesses. ERISA does, however, establish certain regulations related to reporting and disclosure, fiduciary standards, claims review and enforcement. It also provides limited protection against discrimination to ERISA health plan participants. 31
A 1974 Federal law that established new standards and reporting and disclosure requirements for self-insured employers and their health benefit programs; self-funded health benefit plans operating under ERISA are exempt from State insurance laws and regulations.
ERISA is an acronym for the Employee Retirement Income Security Act of 1974. ERISA is designed to protect workers by setting uniform minimum standards
Legislation passed in 1974 applying to most private pension and welfare plans that requires certain minimum standards to protect participating employees.
A law that mandates reporting and disclosure requirements for group life and health plans.
Federal law passed in 1974 that regulates the establishment, management, operation, and funding of most non-government pension and benefit plans. See: Profit Sharing Retirement Plan
The 1974 law that regulates the operation of private pensions and benefit plans.
The federal Employee Retirement Income Security Act of 1974, which reserves for the federal government the power to enact any laws or regulations that "relate to" employer-sponsored benefit plans. These benefits have been broadly interpreted by the courts to include pensions, health plans, and other benefits. The Act leaves to the states the right to regulate commercial health insurance plans. Since states have been very active in this area, while the federal government has not, many large employers have established "self-insured" health plans that are not subject to state regulations on health plan rates, benefits, and other protections.
A U.S. federal law that regulates both employee welfare benefit plans, including group life and health insurance plans established by employers, and employer-sponsored retirement plans. ERISA requires that such plans be established and maintained in accordance with a written plan document, follow a variety of disclosure and reporting requirements, and include certain minimum plan requirements. See also welfare benefit plan.
ERISA is a 1974 federal law that established standards for large, intrastate, and self-funded employee pension and other benefit plans. Current understanding of ERISA is largely the construction of judicial review, particularly as applied to health plans. Under this framework, large employer and self-insured (or self-funded) health benefit plans are exempt from state regulations.
This act prescribes federal standards for funding, participation, vesting, termination, disclosure, fiduciary responsibility, and tax treatment of private pension plans.
A federal law passed in 1974 that regulates health & welfare, pension and profit sharing plans employee benefit plans. The act covers eligibility, funding arrangements, fiduciary responsibilities, and other standards, including financing, vesting and administration of pension plans in most private businesses and industries.
This law requires that persons engaged in the administration and management of private pensions act with the care, skill, prudence, and diligence that a prudent person familiar with such matters would use. The law also sets up an insurance program under the Pension Benefit Guarantee Corporation (PBGC) which guarantees some pension benefits even if a plan becomes bankrupt.
A broad-reaching law that establishes the rights of pension plan participants, standards for the investment of pension plan assets and requirements for the disclosure of plan provisions and funding.
Most pension and retirement plans became subject to government overview and the establishment of several federal limitations and practices under ERISA in 1974.
The 1974 federal legislation that created a requirement for a bond to be posted, in the amount of ten percent of the funds, on the fiduciary of pension funds and profit-sharing plans.
The Employee Retirement Income Security Act of 1974 (, , September 2, 1974), commonly known as ERISA, is a United States federal statute which sets minimum standards for pension plans in private industry and provides for extensive rules on Federal income tax effects of dealings in connection with various employee benefit plans. ERISA was enacted to protect interstate commerce and the interests of participants in employee benefit plans and their beneficiaries, by requiring the disclosure and reporting to participants and beneficiaries of financial and other information with respect thereto, by establishing standards of conduct, responsibility, and obligation for fiduciaries of employee benefit plans, and by providing for appropriate remedies, sanctions, and ready access to the Federal courts.