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    ERISA

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    Engr.bilal
    The Employee Retirement Income Security Act of 1974 (ERISA) protects retirement plan assets by implementing rules for qualified plans. It requires plans to provide participants with important information, sets minimum standards for participation, vesting, benefits and funding, and requires accountability of plan fiduciaries. ERISA also gives participants the right to sue for benefits or breaches of duty, and guarantees certain benefits if a defined plan terminates. The act was enacted to address irregularities in large pension plans' administration.

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    ERISA

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    Engr.bilal
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    The Employee Retirement Income Security Act of 1974 (ERISA) protects retirement plan assets by implementing rules for qualified plans. It requires plans to provide participants with important information, sets minimum standards for participation, vesting, benefits and funding, and requires accountability of plan fiduciaries. ERISA also gives participants the right to sue for benefits or breaches of duty, and guarantees certain benefits if a defined plan terminates. The act was enacted to address irregularities in large pension plans' administration.

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    The Employee Retirement Income Security Act of 1974 (ERISA) protects retirement plan assets by implementing rules for qualified plans. It requires plans to provide participants with important information, sets minimum standards for participation, vesting, benefits and funding, and requires accountability of plan fiduciaries. ERISA also gives participants the right to sue for benefits or breaches of duty, and guarantees certain benefits if a defined plan terminates. The act was enacted to address irregularities in large pension plans' administration.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    101 views1 page

    ERISA

    Uploaded by

    Engr.bilal
    The Employee Retirement Income Security Act of 1974 (ERISA) protects retirement plan assets by implementing rules for qualified plans. It requires plans to provide participants with important information, sets minimum standards for participation, vesting, benefits and funding, and requires accountability of plan fiduciaries. ERISA also gives participants the right to sue for benefits or breaches of duty, and guarantees certain benefits if a defined plan terminates. The act was enacted to address irregularities in large pension plans' administration.

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    What Does Employee Retirement Income Security Act - ERISA Mean?

    The Employee Retirement Income Security Act of 1974 (ERISA) protects the retirement
    assets of Americans by implementing rules that qualified plans must follow to ensure that
    plan fiduciaries do not misuse plan assets.

    1. Requires plans to provide participants with important information about plan features
    and funding. The plan must furnish some information regularly and automatically. Some
    of this information is available free of charge.

    2. Sets minimum standards for participation, vesting, benefit accrual and funding. The
    law defines how long a person may be required to work before becoming eligible to
    participate in a plan, to accumulate benefits and to have a non-forfeitable right to those
    benefits. The law also establishes detailed funding rules that require plan sponsors to
    provide adequate funding for the plan.

    3. Requires accountability of plan fiduciaries. ERISA generally defines a fiduciary as


    anyone who exercises discretionary authority or control over a plan's management or
    assets, including anyone who provides investment advice to the plan. Fiduciaries who do
    not follow the principles of conduct may be held responsible for restoring losses to the
    plan.

    4. Gives participants the right to sue for benefits and breaches of fiduciary duty.

    5. Guarantees payment of certain benefits if a defined plan is terminated through a


    federally chartered corporation, known as the Pension Benefit Guaranty Corporation.

    6. Protects the plan from mismanagement and misuse of assets through its fiduciary
    provisions.

    This act was enacted to address irregularities in the administration of certain large
    pension plans - particularly the Teamsters Pension Fund, which had a rather colorful
    history involving questionable loans to certain Las Vegas casinos.

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