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The Employee Retirement Income Security Act of 1974, more commonly known as ERISA, established the standards on pension plans and the federal tax requirements on transactions involving employee retirement benefits. The U.S. Department of Labor refers to ERISA as “a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.”
Generally speaking, ERISA Law can refer to laws impacting pensions, retirement accounts and, in some cases, health benefits.
It’s worth noting that, since its arrival in 1974, ERISA has evolved to meet the changing dynamic of the workforce. For example, the popular health insurance extension program COBRA was born out of ERISA’s evolution.