ERISA
Retirement benefits statute
ERISA is the Employee Retirement Income Security Act, a 1974 federal law that sets standards for private pension plans and employee benefit programs.
It establishes rules for funding, vesting, and fiduciary responsibility, and it preempts most state laws governing employer-sponsored benefits: The company's health plan is governed by ERISA.
Workers file ERISA claims to recover denied benefits.
Statute from central government
- pension reformChanging retirement payment systems
- 1974A calendar year
- CongressU.S. lawmaking body
- Department of LaborFederal agency managing employment matters
statute · regulation · compliance · amendment · preemption · enforcement · mandate · provision
Federal agency managing employment matters
- IRSFederal tax collector
- Treasury DepartmentFederal agency managing government finances
- auditFormal accounts examination
- investigationFormal examination of facts
Obligation to act loyally
- loyaltyFaithful commitment to another
- trusteeOne managing another's assets
- self-dealingMisusing fiduciary position
- conflict of interestCompromised impartiality from competing stakes
due diligence · diversification · bonding · liability · breach · investment policy
Retirement savings arrangement
- 401kEmployer-sponsored retirement savings
- defined benefitPredetermined retirement payment arrangement
- health insuranceProtection against medical costs
- welfare benefitsGovernment aid for poor
retirement savings · employee benefits · disability coverage · life insurance · profit sharing · stock ownership · annuity · vesting
Refusal to pay out
- appeal processProcedure for contesting decisions
- class actionLawsuit filed for many
- disgorgementSurrender of ill-gotten gains
- attorney feesPayment for legal services
federal law
Statute from central government
- pension reformChanging retirement payment systems
- 1974A calendar year
- CongressU.S. lawmaking body
Department of Labor · statute · regulation · compliance · amendment · preemption · enforcement · mandate · provision · requirement
Department of Labor
Federal agency managing employment matters
- IRSFederal tax collector
- Treasury DepartmentFederal agency managing government finances
- auditFormal accounts examination
fiduciary duty
Obligation to act loyally
- loyaltyFaithful commitment to another
- trusteeOne managing another's assets
- self-dealingMisusing fiduciary position
conflict of interest · due diligence · diversification · bonding · liability · breach · investment policy
pension plan
Retirement savings arrangement
- 401kEmployer-sponsored retirement savings
- defined benefitPredetermined retirement payment arrangement
- health insuranceProtection against medical costs
welfare benefits · retirement savings · employee benefits · disability coverage · life insurance · profit sharing · stock ownership · annuity · vesting · accrual
claim denial
Refusal to pay out
- appeal processProcedure for contesting decisions
- class actionLawsuit filed for many
- disgorgementSurrender of ill-gotten gains
- Federal Lawbankruptcy code, criminal code, tax code, antitrust law, bankruptcy law
- benefitsadvantage, healthcare coverage, dental insurance, benefit, health screening
- labor lawlabor code, labor law, labor laws, labor standards, labour law
- legal termstrial, legal, appeal, lawsuit, law
- employee benefitshealth insurance, pension, 401k, 401(k), retirement
- lawsuitslawsuit, litigation, civil suit, suit, court case