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What is ERISA?

ERISA is an acronym for the Employee Retirement Income Security Act, which enforces the administration of retirement and benefit plans. Though employers do not have to offer such benefits, when they do, they must meet ERISA regulations and they must file benefit plan descriptions and annual reports with the Department of Labor and the IRS. Furthermore, ERISA requires that a copy of the employer’s plan descriptions be given to employees and if an employer offers a retirement plan, any employee over 21 who has worked for the company at least a year must be eligible.