Employee Retirement Income Security Act of 1974
A term to know.
More commonly known as ERISA (Pub.L. 93-406), this act establishes minimum standards for pension plans in private industry and creates extensive federal income tax rules for employee benefit plans. The act is intended to protect plan participants by (a) requiring the disclosure of financial and other information; (b) establishing standards of conduct for plan fiduciaries; and (c) providing for appropriate remedies in federal courts. Treasury (and the IRS), the Department of Labor, and the Pension Benefit Guaranty Corporation are jointly responsible for administering and enforcing ERISA.