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 ?
Justice Thurgood Marshall, writing for the six-member Court majority, said the proposed audit "is entirely reasonable" in light of the provisions of the Employee Retirement Income Security Act of 1974. Continuing, Marshall said that audits of all employee records are "a proper m eans of verifying that the employer has accurately determined the class of covered employee," particularly in view of the fact that the number of covered employees reduces the employer's liability to the funds.
The Association of BellTel Retirees, which filed a federal lawsuit on November 29 to halt the sale of the defined benefit plan assets on behalf of Verizon's 41,000 pensioners, stated in its complaint that the transaction would permit Verizon to "evade the dictates of the Employee Retirement Income Security Act of 1974 and the protection accorded by the Pension Benefit Guaranty Corporation."
This book is designed as a comprehensive reference to Title I of the Employee Retirement Income Security Act of 1974 (ERISA), for consultants, plan administrators and plan trustees, investment managers, accountants, attorneys, pension professionals, and employee benefit plan fiduciaries, as well as plan participants and beneficiaries.
The comments focused on the Department of Labor's proposed modification of the definition of "Fiduciary" under the Employee Retirement Income Security Act of 1974 (commonly known as "ERISA").
In addition, the PPA amended several Employee Retirement Income Security Act of 1974 (ERISA) provisions related to defined benefit (DB) plans in bankruptcy.
1.6081-1lT, Form 5558, Application for Extension of Time To File Certain Employee Plan Returns, has been revised to allow administrators and sponsors of employee benefit plans subject to the Employee Retirement Income Security Act of 1974, an automatic 2 1/2-month filing extension.
* The Employee Retirement Income Security Act of 1974 established standards for employee-benefit plans, including health plans, which gained significant exemptions from state regulation.
As a result, more companies find that despite their adherence to the Employee Retirement Income Security Act of 1974 (ERISA), their decision to offer employees company stock as one investment option among many is being tested by groups of plaintiffs' lawyers whenever a stock's price experiences a sudden and significant decline."
* Traditional tort suits against managed care entities, based on direct liability for acts or omissions in utilization management or vicarious liability for the acts of physicians in its provider network, have been limited in the past by the protection of the federal Employee Retirement Income Security Act of 1974 (ERISA).
Although cash balance plans behave like DC plans, they are subject to all the complex regulatory provisions for DB plans under the Employee Retirement Income Security Act of 1974 (ERISA) and all subsequent Federal pension legislation.
LeRoy's firm offers to take over clients' work related to the Employee Retirement Income Security Act of 1974, "and in some cases the firms are very pleased to give it to us." Because ERISA audits were a brand-new practice area after passage of the act, many firms fell into doing these audits for existing clients without much preparation for their complicated requirements.
Prior to Keystone and Wood, the Department of Labor had issued an advisory opinion regarding sections 406(a)(1)(A) and 406(c) of the Employee Retirement Income Security Act of 1974, which are basically identical to the Code provisions at issue in Keystone and Wood.

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