Who Must Abide by ERISA Law?
The protective laws under ERISA only apply to all private employers (non-government) that offer employer-sponsored retirement plans, such as 401(k) Plans, health insurance coverage and other benefit plans to employees. ERISA does not require employers to offer plans; it only sets rules for benefits that an employer chooses to offer. Reporting on 401(k) Plans and other benefits plans to employees is done annually by filing the 5500 form designated for this process. What Are Provisions Under ERISA? ERISA regulates and sets standards and requirements for: • Conduct: ERISA rules regulate the conduct for managed care (i.e., HMOs) and other fiduciaries (the person financially responsible for the plan’s administration). • Reporting and Accountability: ERISA requires detailed reporting and accountability to the federal government. • Disclosures: Certain disclosures must be provided to plan participants (i.e. Plan Summary the clearly lists what benefits are offered, what the rules are for getti
