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The main purpose of
Erisa Law (the Employee Retirement Income Security Act) is to ensure that employees receive pensions and other benefits promised by their employers. ERISA law also incorporates and is tied to provisions of the Internal Revenue Code (IRC) that were enacted to encourage employers to provide retirement benefits to their employees. Many provisions of ERISA law and the IRC are intended to ensure that tax-favored pension plans do not favor the highest-paid employees over rank-and-file employees. To achieve this, Erisa law has a complex series of rules that cover pension, profit-sharing stock bonus, and most “welfare benefit plans,” such as health and life insurance. Erisa law supersedes almost all state laws that affect employee benefit plans and has thus created a single federal standard for employee benefits.
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Compliance with Erisa law and other related laws is extremely complex, and to make matters worse, Congress amends Erisa laws nearly every year. You need a trusted and current information source in order to keep up on all of the most recent Erisa law changes.
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As the laws in different states on Human Resources get more complex, keeping current can spell the difference between success and disaster for your business. The HR.BLR.com editorial staff monitors a host of private and government sources to keep you up-to-date on all the important human resource developments.
The HR Library has more helpful ERISA Law resources like these:
ERISA regulations
Facts about Erisa law
ERISA Compliance Checklist