Define: ERISA

ERISA stands for the Employee Retirement Income Security Act, which is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry.

ERISA generally applies to private employers that offer employee benefit plans, such as pension plans, 401(k) plans, and health insurance plans.

ERISA provides various protections to employees, including the right to receive plan information, the right to sue for benefits, and safeguards against improper plan administration.

Yes, an employer generally has the right to terminate or modify an ERISA plan, but there are certain legal requirements and procedures that must be followed to ensure compliance with ERISA.

Yes, employees have the right to sue their employer under ERISA if they believe their benefits have been wrongfully denied or if the employer has breached its fiduciary duties.

Fiduciary duties under ERISA refer to the legal obligations of plan administrators and other individuals who have control over plan assets. These duties include acting in the best interests of plan participants and beneficiaries and prudently managing plan assets.

Yes, if an employer breaches its fiduciary duties under ERISA, an employee may be entitled to recover damages, including any losses suffered as a result of the breach.

Yes, ERISA requires employers to provide certain information to plan participants, such as summary plan descriptions, annual reports, and information about plan changes.

Yes, employers can face penalties and fines for failing to comply with ERISA requirements, including penalties for failing to provide required plan information or for breaching fiduciary duties.

While ERISA sets certain standards for the administration of employee benefit plans, there may be circumstances where an employee’s benefits can be denied, such as if the employee does not meet the eligibility requirements outlined in the plan. However, employees have the right to appeal such denials and seek legal recourse if necessary.