Section 3 Of Erisa

The purpose of this regulation is to establish such requirements.

Section 3 of erisa. The fund has described itself in form 5500 annual returns reports filed with the government as a multiemployer plan within the meaning of section 3 37 of erisa subject to title i. Under section 4 a of the act only employee benefit plans within the meaning of section 3 3 are subject to title i. To the extent that these plans funds and programs constitute employee welfare benefit plans within the meaning of section 3 1 of the act and 2510 3 1 they will be covered under title i.

Section 3 37 of the act contains in paragraphs a i iv a number of criteria which an employee benefit plan must meet in order to be a multiemployer plan under the act. 1002 38 b ii as amended by subsection a relating to provision to the secretary of labor of a copy of the form referred to therein if a copy of such form or substantially similar information is available to the secretary of labor from a centralized electronic or other record keeping database. However they will not be subject to parts 2 and 3 of title i of the act.

Under this definition only plans which provide benefits described in section 3 1 a of the act or in section 302 c of the labor management relations act 1947 hereinafter the lmra other than pensions on retirement or death constitute welfare plans. Sets minimum standards. 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.

Erisa requires plans to provide participants with plan information including important information about plan features and funding. For example a system of payroll deductions by an employer for deposit in savings accounts owned by its employees is not an employee welfare benefit plan within the meaning of section 3 1 of the act because it does not provide. A fiduciary shall be treated as meeting the requirements of section 3 38 b ii of the employee retirement income security act of 1974 29 u s c.

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. 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.