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Home » Areas of Practice » Labor Laws

Employee Retirement Act

Employee Retirement Act| Attorneys for Orlando, Tampa, Fort Myers, Jacksonville and Miami

The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that regulates private industry pension and health plans and offers protection to those covered by these plans. Some of the duties of ERISA include:

  • Ensuring that plans make information available to covered individuals regarding specific features and financial backing.
  • Providing fiduciary duties for overseers of plan assets.
  • Calling for plans to uphold a grievance and appeals process to allow members to receive benefits.
  • Providing beneficiaries the opportunity to file lawsuits over benefits and violations of fiduciary responsibility.

ERISA has been amended several times to further enhance the methods to protect health plan recipients. A significant revision, the Consolidated Omnibus Budget Reconciliation Act (COBRA), gives employees and their families the option to temporarily maintain their health coverage under certain circumstances (i.e. unemployment). An additional amendment, the Health Insurance Portability and Accountability Act (HIPAA), offers additional safeguards for employed Americans and their families who have preexisting medical issues or may face bias in health coverage depending on their level of wellness. Other notable amendments to ERISA are the Newborns’ and Mothers’ Health Protection Act, the Mental Health Parity Act, and the Women’s Health and Cancer Rights Act.

Overall, ERISA does not cover group health plans founded and managed by government, churches, or those which exclusively concentrate on compliance with relevant workers’ compensation, unemployment, or disability laws. ERISA also does not support plans run from outside the US that benefit nonresident aliens or unfunded excess benefit plans.