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March 30, 2011

Wednesday Weekly Acronyms in recognition of National Employee Benefits Day- ERISA and EBSA

Filed under: Benefits,Compliance,General HR Buzz10:29 am

As we near National Employee Benefits Day on April 4, 2011, our weekly acronym of the week will be related to benefits.  I had a difficult time narrowing it down to one so we have two that we will be reviewing.

First is the Employee Retirement Income Security Act of 1974 (ERISA), a federal law that sets minimum standards for pension plans in private industry. ERISA does not require any employer to establish a pension plan. It only requires that those who establish plans must meet certain minimum standards. ERISA requires plans to regularly provide participants with information about the plan including information about plan features and funding; sets minimum standards for participation, vesting, benefit accrual and funding; requires accountability of plan fiduciaries; and gives participants the right to sue for benefits and breaches of fiduciary duty.

The second acronym is the Employee Benefits Security Administration (EBSA) which is a DOL agency that enforces ERISA.   The EBSA assists employers and employee benefit plan officials in understanding and complying with the requirements of ERISA as it applies to the administration of employee pension and welfare benefit plans.

For more information, please visit the Department of Labor website which contains handy fact sheets and other helpful information.

http://www.dol.gov/compliance/laws/comp-erisa.htm

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