What does ERISA mean and how does it affect me?
Posted on 06. Jan, 2010 by chad in FAQs
ERISA is an acronym for a federal statute referred to as the Employee Retirement Income Security Act. This name is somewhat misleading because it sounds as though it only relates to “retirement income,” in fact, the act governs your entitlement to just about any employment related benefit, including retirement income, pensions, 401ks, disability benefits, group medical benefits, life insurance and death benefits and others. In addition, despite Congress seemingly passing a statute designed to protect the employee, the statute, in fact, does anything but that. The statute is a trap for the unwary and its provisions are slanted in favor of the employer or insurance company. It is an area of the law in which a person should seek legal representation.