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Employee Retirement Income Security Act

   Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia 0.04 sec.
Employee Retirement Income Security Act (ERISA),
n.pr a federal act, passed in 1974, that established new standards and reporting and disclosure requirements for employer-funded pension and health care benefits programs. To date, self-funded health care benefit plans operating under ERISA have been held to be exempt from state insurance laws. This exemption is currently under review.


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The 1974 Employee Retirement Income Security Act set standards for company retirement plans based on the belief that employees would make good decisions regarding their retirement if they were properly educated, informed and given reasonable choices.
These firms perform more than 55% of the approximately 80,000 audits conducted annually in compliance with the Employee Retirement Income Security Act (ERISA).
Congress has also sought to protect workers' pension benefits through direct regulation, notably the Employee Retirement Income Security Act (ERISA) of 1974 (Public Law 93-406).
 
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