The Employee Retirement Income Security Act, or ERISA, is a federal law that sets standards for private sector retirement plans. It was enacted in 1974 to protect employees' retirement benefits by requiring employers to adequately fund and manage their plans. ERISA also establishes guidelines for reporting and disclosure of plan information to participants, as well as fiduciary responsibilities for those managing the plan. This legislation has had a significant impact on the retirement industry and continues to be a vital component in safeguarding employees' future financial stability. As a knowledgeable professor, it is essential to have a thorough understanding of ERISA and its implications for retirement planning.
