A process used to eThe Employee Retirement Income Security Act of 1974 is a federal law that sets minimum standards for employee benefit plans offered by private employers, such as pension, health, and welfare plans, offered by private sector employers.
ERISA sets minimum standards for the administration of these plans and requires that plan sponsors provide participants with certain information, such as details about the plan’s features, funding, and operation, and establish a grievance and appeals process. Additionally, ERISA imposes fiduciary duties on those who manage plan assets.