ERISA Flashcards
1974 Law Employee Retirement Income and Security Act name, general goal and general difference from Fully Insured Plans
ERISA is an acronym that means:
Employee Retirement Income and Security Act
ERISA was passed by congress and signed into law in what year?
1974
What does ERISA intend to accomplish?
ERISA is regulation that aims to secure employee benefits.
What two main benefits does ERISA regulate and secure?
ERISA regulates how employers manage employee retirement dollars and employee healthcare.
How does ERISA define a “plan?”
Plans represent the funds used by employers, VEBA trusts and labor unions to cover their respective employees. Employers, VEBA trusts and labor unions must follow the laws of ERISA. They are often called “ERISA” Plans.
What are present day requirements for ERISA plans?
SPD, 5500, HIPAA, janets law, others
What states have mandates that must be added to self funded plans?
New York
