Erisa Section 3 3

829 enacted september 2 1974 codified in part at 29 u s c.

Erisa section 3 3. The employee retirement income security act of 1974 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. And yet the services of these similarly named fiduciaries and the level of protection they provide are quite different. It states a general principle which can be applied to a large class of plans to determine whether they constitute employee benefit plans within the meaning of section 3 3 of the act.

Section 3 21 of erisa generally defines an erisa fiduciary as someone who exercises any discretionary authority or control regarding the management of an employee benefit plan or the disposition of its assets. This section clarifies the definitionin section 3 3 of the term employee benefit plan for purposes of title i of the act and this chapter. Under section 4 a of the act only employee benefit plans within the meaning of section 3 3 are subject to title i.

It contains rules on the federal income tax effects of transactions associated with employee benefit plans. The department had previously issued subregulatory guidance interpreting this section 3 5 of erisa that took a narrow view of the circumstances under which a group or association of employers could band together to act in the interest of employer members in relation to the offering of retirement savings plans. Sas 136 made significant changes to many aspects of employee benefit plan audits covered by erisa.

This means that a 3 38 can select monitor and replace investments for the plan. Erisa requires plans to provide participants with plan information including important information about plan features and funding. The employee retirement income security act of 1974 erisa pub l.

Sets minimum standards. Established or maintained by an employer or by an employee organization or by both to the extent that such plan fund or program was established or is maintained for the purpose of providing for its participants or their beneficiaries through the purchase of insurance or otherwise. Section 3 1 of erisa defines employee welfare benefit plan in relevant part as any plan fund or program.

A fiduciary under section 3 21 also refers to someone who renders investment advice in exchange for compensation. 18 is a federal united states tax and labor law that establishes minimum standards for pension plans in private industry. A section 3 21 fiduciary includes the plan trustee and plan administrator as further defined below.