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What is ERISA?

Texan residents have a number of protections in place to ensure that they get proper pay, receive their benefits, and aren't cheated out of anything they're owed. The Employee Retirement Income Security Act, or ERISA, is just one of those many protections. But just what does ERISA do?

The United States Department of Labor has stated that the primary goal of ERISA is to make sure that you're protected when it comes to health plans and pensions in any private industry. To do so, ERISA sets a minimum standard that private entities must meet when it comes to the pensions and benefits for any individual. Private entities can choose to rise above these minimum standards and often do to stay competitive. ERISA does not, however, cover protections for government or church sanctioned pensions and health plans.

Under ERISA, your employer must also tell you if any changes are to be made to your pensions or health plans. This includes funding and plan features, as well as benefit accrual, vesting, and the minimum standards of participation that are required in order for you to reap these benefits. This transparency will keep you from being cheated by employers who might want to change terms of participation or other standards without alerting employees.

ERISA is just one tool that can be used to help protect yourself and your assets, both in the present and in the future. Knowing more about ERISA can also enable you to successfully help yourself if you ever find yourself dealing with any benefit or pension-related issues in the future.

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The Law Office of Jessica Taylor, PLLC

The Law Office of Jessica Taylor, PLLC
14100 San Pedro Avenue
Suite 602
San Antonio, TX 78232

Phone: 210-265-6759
Phone: (210) 402-4022
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