Employee Retirement Income Security Act of 1974


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Employee Retirement Income Security Act of 1974

Legislation in the United States, passed in 1974, that established a number of regulations to ensure that employers and other involved parties do not misuse the funds entrusted to them in retirement accounts. Among other provisions, the Act requires retirement account managers to provide information to account holders on a regular basis. It also sets standards for managers' use of discretionary authority and allows account holders to sue their pensions for unpaid benefits.
References in periodicals archive ?
Such plans are subject to the requirements of the Employee Retirement Income Security Act of 1974.
Currently, the Employee Retirement Income Security Act of 1974 (ERISA) allows the pension plan administrator to elect to exclude from the audit the plan assets that are held in financial institutions.
The National Coordinating Committee for Multiemployer Plans (NCCMP) praised Congress for its actions, commending lawmakers on having the courage to recognize and respond to the need for bold action to change rules established over three decades ago with the enactment of the Employee Retirement Income Security Act of 1974.
411(a)-11(c)(2)(i), as long as the allocation is reasonable and satisfies the Title I Employee Retirement Income Security Act of 1974 (ERISA) requirements (e.
have introduced legislation intended to curb private pension plan fraud by amending audit requirements under the Employee Retirement Income Security Act of 1974 (ERISA).
The Department of Labor (DOL) has ruled that Title I of the Employee Retirement Income Security Act of 1974 (ERISA) will not apply to employee health savings accounts (HSAs) when employer involvement with the HSA it limited, even if the employer sponsors the employee's health plan.
In addition, numerous federal laws (such as the Age Discrimination Employment Act of 1967, the Occupational Safety and Health Act of 1970 (OSHA), the Employee Retirement Income Security Act of 1974 (ERISA), the Emergency Planning and Community Right to Know Act of 1986, the Americans with Disabilities Act of 1990 (ADA) and the Family Medical Leave Act of 1993) impose compliance costs on businesses when the number of employees exceeds certain thresholds.
In an effort to assist employers, plan officials, service providers and others in complying with the fiduciary responsibility, reporting and disclosure requirements of the Employee Retirement Income Security Act of 1974 (ERISA), the Department of Labor (DOL) adopted two employee benefit plan correction programs--the Voluntary Fiduciary Correction Program (VFCP) and the Delinquent Filer Voluntary Compliance Program (DFVCP).
Because these agreements involve the deferral of income and a benefit payable after retirement or termination of employment, they are subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
The Supreme Court recently held that the working owner of a business may qualify as a "participant" in a pension plan covered by the Employee Retirement Income Security Act of 1974 (ERISA), provided the plan covers one or more employees, other than the business owner and his or her spouse.

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