ERISA is a federal law that stands for the “Employment Retirement Income Security Act” of 1974. This law is designed to protect retirement, pension and 401(k) plans.
ERISA requires employer plans to provide subscribers with specific information (such as disclosures about plan benefits and how the plan is funded). This law also assigns fiduciary responsibilities for those who manage and control plan assets.
Finally, the Act requires such plans to establish a grievance and appeals process for subscribers/employees and gives employees the right to sue for denials and breaches of fiduciary duty by plan administrators.
