A Congressional act establishing: 1. Standards for rights of pension plan participants, investment standards for plan assets and the disclosure of plan provisions and funding; 2. The Pension Benefit Guaranty Corporation (PBGC).
A Federal statute that requires persons engaged in the administration, supervision and management of pension monies to have a fiduciary responsibility to ensure that all investment-related decisions are made in a careful, skillful and prudent manner. inal Average Salary — A measure of a participant's level of earnings based on his/her average rate of salary for a specified period of time, usually the three, five or ten years immediately preceding retirement.
Legislation mandating standards for vesting requirements and funding of pension plans.
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.
This federal law that protects the retirement income of U.S. workers, setting reporting and fiduciary requirements rules for participation, vesting, funding; and plan termination guarantees for certain plans to be insured and administered by the Pension and Benefits Guaranty Corporation (PBGC). PBCG is an insurance company that guarantees payment of pension benefits up to a specified maximum, in the event of plan termination.
A federal law that imposes reporting and disclosure requirements on group health and welfare, savings and pension plans.
A federal law that originally set minimum standards for funding, vesting and termination of employer-sponsored pension and health benefits plans. ERISA applies to all employers, except church and government employers. Importantly, ERISA preempts all state laws that "relate to" an employee welfare benefit plan. But it "saves" from preemption those state laws that regulate the business of insurance, and it "deems" that an employer providing benefits is not in the business of insurance. Large employers are advantaged ONLY because they are better able to self-fund and bypass using an insurance company for their benefits.
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 requires plans to provide participants with plan information such as plan features and funding; provides fiduciary responsibilities for those who manage and control plan assets; requires plans to establish a grievance and appeals process for participants to get benefits from their plans; and gives participants the right to sue for benefits and breaches of fiduciary duty.
Federal law regulating how business pension and benefit plans operate.
ERISA sets requirements for the provision and administration of employee benefit plans. Employee benefit plans include health care benefits, profit sharing and pension plans, for example.
federal law governing the administration and management of employee benefit plans.
Federal law that regulates private pensions and established the Pension Benefit Guaranty Corporation.
A federal law governing the management of employee benefit plans. The act's regulatory reach extends to most aspects of employee benefit trust administration.
The basic law defining the rules of plan qualification, the rights of plan participants and beneficiaries and the obligations of plan fiduciaries, as well as the responsibilities of the IRS and DOL in enforcing its provisions.
A United States federal law establishing (a) the rights of pension plan participants, (b) standards for the investment of pension plan assets, and (c) requirements for the disclosure of plan provisions and funding. ERISA also established the Pension Benefit Guaranty Corporation (PBGC).
ERISA is a federal law that regulates employer-sponsored pension and health benefits plan. It is administered by the U.S. Department of Labor Employee Benefits Security Administration.
Federal law regulating the operation of private sector pension and benefit plans.
Federal law primarily enacted to enforce pension equality. ERISA subjects individuals or employers who administer, supervise or manage pension and welfare benefit plans- including self-funded health plans- to numerous responsibilities.
Federal law that affects pension and profit-sharing plans. Among other provisions, this law specifies a published summary plan must be distributed to participants within 120 days after adoption of the plan and within 90 days after an employee becomes a participant. The law requires that a summary plan description be issued every 5 years.
The primary federal law governing private pension plans. ERISA sets standards for funding and administering pension plans and governs investment practices of those plans.
(ERISA.) The law that covers pension plans, and other qualified employee benefit plans, including vesting requirements and plan design.
Law that established rules and regulations for retirement plans.
A federal law passed to protect pension rights. ERISA: sets minimum standards for pension plans, guaranteeing that pension rights cannot be unfairly denied to or taken from a worker provides some protection for workers in the event certain types of pension plans cannot pay the benefits to which workers are entitled, and requires that employers provide full and clear information about employees' pension rights, including the way pension benefits accumulate, how the company invests pension funds, and when and how pension benefits can be collected.
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 requires plans to provide participants with plan information including important information about plan features and funding; and requires plans to prepare financial reports and have annual audits generally for plans with more than 100 participants.