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KXLY April 6, 2021 4:46 AM E. Napoletano - Forbes Advisor Posted: Updated: April 6, 2021 10:21 AM The Employee Retirement Income Security Act (ERISA) of 1974 establishes minimum standards for retirement and health plans in the private sector. With ERISA, Congress enacted tax and labor standards for employer benefit plans, to protect employees. What Is ERISA? ERISA is a federal law enforcing minimum standards for most retirement and health plans in the private sector. Administered by the Department of Labor, It covers both defined benefit plans commonly known as pensions and defined contribution plans like the 401(k). “Before ERISA, there was little federal protection for employees covered by corporate retirement plans,” says Kristen Ventre, Senior Vice President of Retirement Plan Services at Girard Advisory Services, LLC. Employers could revoke retirement and pension promises in the blink of an eye, without any legal repercussions.

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