Definitions for "Employee Retirement Income Security Act"
Pension law passed by the federal government to protect pension rights. The law sets minimum standards for pension plans, guaranteeing that pension rights cannot be unfairly denied to or taken from a worker, provides some protection for workers in the event certain types of pension plans cannot pay the benefits to which workers are entitled, and requires that employers provide full and clear information about employees' pension rights, including the way pension benefits accumulate, how the company invests pension funds, and when and how pension benefits can be collected.
A federal Act that governs the funding, vesting, administration, and termination of private pension plans. This Act also established the Pension Benefit Guaranty Corporation.
Adopted in 1974, the Act affects many aspects of pension and profit-sharing plans and regulates the investments such plans can make and the conduct of their fiduciaries.
Employer matchingcontribution earnings