ERISA WAS ESTABLISHED IN 1974
ERISA (sometimes called the pension reform act) was intended to protect employees with corporate pension plans and those such as part time individual who might be able to participate in a pension plan.
ERISA covers issues such as:
Participation
Funding
Vesting
Communication
Nondiscrimination
THERE ARE FOUR TITLES WITHIN ERISA
Title 1 - Deals with the protection of employee rights.
Title 2 - Composed of amendments to Internal REvenenu Code (IRC) pension and benefit sections
Title 3 - Deals with the division of responsibilities of agencies administering new pension plans.
Title 4 - Deals with pension plan termination insurance provisions, and establishes the Pension Benefit Guaranty Corporation (PBGC).
HARDSHIP
DEATH
SPOUSAL CONSENT
When an employee takes money out of a pension plan they may need to get their spouses consent as a result of ERISA.
