ERISA: Monitor compliance to avoid legal challenges — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

ERISA: Monitor compliance to avoid legal challenges

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in Employee Benefits Program,Firing,Human Resources

THE LAW. The Employee Retirement Income Security Act of 1974 (ERISA) governs the administration of private employers' employee benefit plans and the rights of plan beneficiaries. Congress passed the law in response to perceived retirement-plan abuses by private companies. But ERISA covers many other areas beyond retirement benefits, including:

 

  • Medical, surgical or hospital benefits.

     

     

  • Benefits for sickness, accident, disability or death.

     

     

  • Vacation benefits.

     

     

  • Apprenticeship and training programs.

     

     

  • Holiday or severance pay.

     

     

    Under ERISA, employees can participate in your plan if they are age 21 with at least one year of service (any 12-month period in which they work 1,000 hours or more).

    ERISA pre-empts state laws relating to employee benefits with a few exceptions regarding insurance, banking or securities laws. Government benefit plans, foreign plans, church plans...(register to read more)

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