Question

annotated Bibliography Outline on Retirement benefits (ERISA)

Answer 1

Outline of Retirement benefits (ERISA):

ERISA is the Employee Retirement Income Security Act of 1974, governing the retirement plans of millions of Americans, when they get retirement.

ERISA is a federal law that sets minimum standards for retirement plans in private industry.

The following are the key functions of ERISA:

·         Requires plans to provide participants with information about the plan covering significant information about plan features & funding.

·         Sets minimum standards for participation, benefit accrual & funding. The law defines how long a person may be required to work before becoming eligible to participate in a plan.

·         Requires accountability of plan of trustee.

·         Guarantees payment of certain benefits if a defined plan is terminated, through a federally chartered corporation, recognized as the Pension Benefit Guaranty Corporation.

Regulatory aspects and Accountability of ERSIA:

The responsibility for interpretation & enforcement of ERISA is divided among the Department of Labor, the Department of the Treasury (particularly the Internal Revenue Service), and the Pension Benefit Guaranty Corporation.

Furthermore in this context there are various future plans related to general and health issues.