What does ERISA mean? Read on to discover the definition & meaning of the term ERISA - to help you better understand the language used in insurance policies.
Employment Retirement Income Security Act of 1974 (ERISA) is a law in the US that sets standards for the management of retirement plans of employees. The purpose of this law is to ensure that the people entrusted with retirement funds will not misuse them. It also allows employers to have access to vital information regarding these plans such as eligibility for participation and the timetable for the accumulation of benefits.
We hope the you have a better understanding of the meaning of ERISA.