The Employee Retirement Income Security Act of 1974 (ERISA) protects the retirement assets of Americans by implementing rules that qualified plans must follow to ensure that plan fiduciaries do not misuse plan assets.
It also:
1. Gives participants the right to sue for benefits and breaches of fiduciary duty.
2. Guarantees payment of certain benefits if a defined plan is terminated through a federally chartered corporation, known as the Pension Benefit Guaranty Corporation.
3. Protects the plan from mismanagement and misuse of assets through its fiduciary provisions.
2. Guarantees payment of certain benefits if a defined plan is terminated through a federally chartered corporation, known as the Pension Benefit Guaranty Corporation.
3. Protects the plan from mismanagement and misuse of assets through its fiduciary provisions.
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