By: Pearl Walia What is ERISA in Simple Terms? ERISA, the Employee Retirement Income Security Act of 1974, is a federal law that establishes standards for most employer-sponsored retirement and health benefit plans in order to protect employees’ retirement assets. Before ERISA, employers often mishandled funds and failed to deliver promised benefits, leaving workers vulnerable to arbitrary coverage denials. In response, Congress enacted ERISA to protect employees by setting minimum requirements for how benefit plans must be administered, outlining the responsibilities of plan guidelines of plan fiduciaries, and establishing legal remedies when benefits are improperly denied or mishandled. Because ERISA…
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