ERISA

Employee Retirement Income Security Act of 1974

The policy underlying ERISA or the Employee Retirement Income Security Act of 1974  is to protect the interests of retirement plans participants and their beneficiaries in employee benefit plans by establishing standards of conduct, responsibility and obligation for fiduciaries and any person providing services to a retirement plan.

In general, these standards of conduct and obligations are set forth in the fiduciary duty and prohibited transaction provisions of ERISA. These rules are also set forth in the Internal Revenue Code (IRC) denying favorable tax treatment to noncomplying plans and plan sponsors and some state statutes such as the Uniform Prudent Investors Act (UPIA) and the Uniform Management of Institutional Funds Act (UMIFA).

This section focuses on ERISA but remember that the IRC, UPIA, and UMIFA impose similar restrictions on transactions involving trusts, estates, endowments, and foundations even if ERISA does not apply. This section identifies retirement and other employee benefit accounts that are covered by ERISA and briefly summarizes the fiduciary duty and prohibited transaction rules.

• Fiduciary Definition of ERISA
• ERISA Act 1974
• ERISA Law
• ERISA Regulations
• ERISA Rules
• ERISA Fiduciary Duties
• To Avoid ERISA Duties 
• IRC and ERISA Law
• ERISA Exemptions