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The Employee Retirement Income Security Act (ERISA) is 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. ERISA requires plans to provide participants with information about plan features and funding; sets standards of conduct for plan fiduciaries; and gives participants the right to sue for benefits and breaches of fiduciary duty. ERISA also provides for the establishment of the Pension Benefit Guaranty Corporation, which insures the benefits of participants in certain defined benefit pension plans.
The ERISA market is a subset of the Personnel and Human Resources industry, and includes companies that provide services related to the administration of employee benefit plans, such as retirement plans, health plans, and other welfare benefit plans. These services include plan design, plan document preparation, plan administration, compliance testing, and employee communications.
Examples of companies in the ERISA market include ADP, Ascensus, BenefitMall, BenefitStreet, and Fidelity Investments. Show Less Read more
