ERISA is a federal law that sets standards for certain employer-sponsored retirement plans and rules for plan trustees.
The law has undergone a number of changes since its first adoption in 1974.
ERISA prohibits trustees from misusing funds and sets minimum standards for participation, entitlement, benefit accumulation, and retirement plan funding.
It also gives pension plan members the right to sue for benefits and breaches of fiduciary duty.
The rules and standards set by ERISA also apply to employer-sponsored health plans.
A Locked-In Retirement Account (LIRA) is a Canadian cumulative retirement account funded by money transferred from an employer-sponsored retirement plan by the beneficiary of the account.
The Teachers’ Retirement System (TRS) is a network of state-level organizations that primarily administer pensions and other retirement plans for teachers.
The Unemployment Benefits Amendments of 1992 are laws that allow an employee who has lost a job to transfer their employer-sponsored retirement savings to an individual retirement account (IRA) or other qualified retirement plan without tax implications.