What does ERISA stand for?

The correct answer is the Employee Retirement Income Security Act, commonly abbreviated as ERISA. This U.S. federal law, enacted in 1974, is designed to protect the interests of employees who participate in employee benefit plans, which include retirement plans and health benefit plans. ERISA sets minimum standards for these plans to ensure that employees receive their promised benefits and that the plans are managed and funded properly.

Key components of ERISA include requirements for reporting and disclosure, fiduciary responsibilities for plan managers, and the establishment of a claims and appeals process for participants. By safeguarding employees' benefits, ERISA plays a crucial role in providing financial security for workers in retirement and health contexts, establishing a framework that ensures accountability and transparency in plan management.