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Does Your Business Need To Comply With ERISA?

by | Oct 13, 2015 | Firm News

The Employee Retirement Income Security Act of 1974 (ERISA) will have an impact on the plans that you have arranged for your employees. A law with very wide-ranging coverage, ERISA provides the foundation for the legalities behind benefit plans of private employers in the United States. If your company fails to follow ERISA, your company is taking a legal risk.

ERISA’s impact on employee benefit plans is so widespread that every business that complies with it must understand:

• What it is• Whether their benefit plans are covered by the law• How it works

ERISA enforces the requirements of employee benefit plans, including:

• Employee retirement plans – which provide retirement income for employees.• Employee welfare benefit plans – which provides employee income for any benefit other than retirement pensions.

If an employer provides the above benefits to employees, it must comply with ERISA.