This coverage protects the insured from claims brought by his employees alleging a breach of obligation or duty with respects to any employee benefit plan or sponsored trust.
ERISA applies to two types of plans - "Employee Welfare Benefit Plans" and "Employee Pension Benefit Plans."
An "Employee Welfare Benefit Plan" [ERISA § 3(1); DOL Reg. § 2510.3-1] is
Any plan, fund, or program established or maintained by an employer or by an employee organization, or by both, which provides any of the following benefits, through insurance or otherwise
· health insurance
· group life insurance
· long-term disability income
· severance pay
· funded vacation benefits, apprenticeship or other training programs, or day care centers, scholarship funds, or prepaid legal services; and
· any benefit described in section 302(c) of the Labor Management Relations Act (other than pensions on retirement or death)
"Payroll practices" (see ER3) and certain group or group-type insurance programs with minimal employer or employee organization involvement are not included.
An "Employee Pension Benefit Plan" [ERISA § 3(2); DOL Reg. § 2530.3-2] is
Any plan, fund, or program established or maintained by an employer or by an employee organization, or by both, which
· provides retirement income to employees, OR
· results in a deferral of income by employees for periods extending to the termination of covered employment or beyond
Employee Pension Benefit Plans include:
· Profit-sharing retirement plans
· Stock bonus plans
· Money purchase plans
· 401(k) plans
· Employee stock ownership plans
· Defined benefit retirement plans
ERISA = Employee Retirement and Income Security Act. See below link:
Employee Retirement Income Security Act (ERISA) See below link for further information:
Employee Retirement Income Security Act
No. Same-sex married couples are entitled to the same rights under ERISA as opposite-sex married couples.
Are you looking for an ERISA bond? Erisa and other fiduciary bonds are priced based on assets within the plan along with other factors that help the carriers understand the risk of the bond being garnished. However, these bonds aren't expensive. Most erisa bonds are less than $200 per year.
Someone can find more information about the ERISA law by visiting the United States Department of Labor website. The Employee Retirement Income Security Act (ERISA) is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry. It was signed in 1974.
an ERISA qualified pension is protected from creditors.
ERISA is a piece of legislation passed in 1974 which deals with the proper management of funds in private retirement accounts. It was passed after some concern that private pension funds were not being properly managed to the detriment of the retirees holding those accounts.
No, retirement accounrts (ERISA qualified) are protected from seizure.