Eighty percent of employees say they\u2019d choose additional benefits over a pay raise \u2013 and employers have taken note. <\/p>\n\n\n\n
In the past few years,\u00a098% of leaders\u00a0added or expanded at least one employee benefit to equip people with the support and flexibility they need. As a result, organizations saw increased productivity and retention, and they created a culture that attracted top talent.\u00a0<\/p>\n\n\n\n
However, compliance with state and federal regulations regarding these benefits proved daunting for many business owners. One such federal regulation is the Employee Retirement Income Security Act of 1974 (ERISA), which sets standards and regulations for private sector employee benefit plans, including retirement plans, such as 401(k)s and health insurance plans.<\/p>\n\n\n\n
DOWNLOAD THE CHECKLIST<\/a><\/p>\n\n\n\n ERISA is a comprehensive federal law that regulates pension, health and welfare, and other employee benefits. It was primarily designed to protect employees\u2019 interests in employer-sponsored benefit plans.<\/p>\n\n\n\n In a nutshell, ERISA protects the interests of participants and beneficiaries by:<\/p>\n\n\n\n Plans that fall under ERISA include defined benefits and defined contributions plans, 401 plans(k), 413b plans, ESOPs, or profit-sharing plans. ERISA also covers private health plans such as health maintenance organizations (HMOs) and Flexible Spending Accounts (FSAs).<\/p>\n\n\n\n Pension or health plans provided by federal, state, or local governments, Indian Tribal entities, and churches are not required to follow ERISA.<\/p>\n\n\n\n Please note that the following is just a general list of benefits subject to ERISA and is not meant to be all-encompassing. <\/em><\/p>\n\n\n\n ERISA covers general benefits that aid employees in the event of sickness, accident, disability, death, or unemployment. <\/p>\n\n\n\n These benefits include:<\/p>\n\n\n\n ERISA covers various types of retirement benefit plans offered by employers in the private sector. <\/p>\n\n\n\n The main types of retirement benefits covered by ERISA are:<\/p>\n\n\n\n ERISA can cover vacation benefits funded by employers for their employees. These benefits may include accrued paid time off or vacation days that employees can use for personal leisure or relaxation. Employers may establish policies regarding the accrual, use, and payment of vacation benefits, subject to ERISA\u2019s reporting and disclosure requirements.<\/p>\n\n\n\n ERISA can cover apprenticeship benefits offered by employers to individuals participating in formal apprenticeship programs<\/a>. These benefits may include contributions to apprentices\u2019 retirement accounts, health insurance coverage, or other welfare benefits. <\/p>\n\n\n\n ERISA can cover care assistance programs employers provide to help employees manage caregiving responsibilities for dependents<\/a>, such as children, elderly parents, or disabled family members. These programs may include employer-sponsored daycare services, eldercare assistance, or referral services for finding caregivers. <\/p>\n\n\n\n ERISA can cover higher education benefits employers offer to help employees pursue further education or training to enhance their skills and qualifications. These benefits may include tuition reimbursement programs, scholarships<\/a>, or educational assistance loans. <\/p>\n\n\n\nWhat is ERISA?<\/h2>\n\n\n\n
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List of ERISA Plans<\/h2>\n\n\n\n
Medical, Surgical, or Hospital Care Benefits<\/h3>\n\n\n\n
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ERISA-Covered Retirement Plans<\/h3>\n\n\n\n
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Funded Vacation Benefits<\/h3>\n\n\n\n
Funded Apprenticeship Benefits<\/h3>\n\n\n\n
Care Assistance Program<\/h3>\n\n\n\n
Higher Education Benefits<\/h3>\n\n\n\n
Holiday Benefits<\/h3>\n\n\n\n