What US Employee Retirement Income Security Act (ERISA, 29 USC ch 18): Fiduciary Duties, Disclosure and Enforcement requires
The Employee Retirement Income Security Act of 1974 (ERISA, 29 U.S.C. ch. 18) sets federal minimum standards for most private-sector employee benefit plans, administered by the Employee Benefits Security Administration of the Department of Labor (with tax aspects under the Internal Revenue Service and pension insurance under the Pension Benefit Guaranty Corporation). Section 1001 states the congressional findings and policy of protecting participants and beneficiaries through disclosure, reporting and fiduciary standards. Section 1002 supplies the definitions, including employee benefit plan and fiduciary. Section 1021 imposes duties of reporting and disclosure to participants. Section 1104 sets the core fiduciary duties: a fiduciary must act solely in the interest of participants and beneficiaries, for the exclusive purpose of providing benefits and defraying reasonable expenses, with the care, skill and diligence of a prudent person, and must diversify investments. Section 1106 prohibits specified transactions between the plan and parties in interest. Section 1109 makes a fiduciary personally liable to make good any losses to the plan resulting from a breach. Section 1132 provides the civil enforcement scheme, including suits by participants, beneficiaries, fiduciaries and the Secretary, and section 1133 requires a full and fair claims and appeals procedure. The Act is the legal foundation of US retirement and welfare plan governance and fiduciary liability.
Pillar: Insurance & Risk · Authority: US Congress / Employee Benefits Security Administration, Department of Labor · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title29/html/USCODE-2022-title29-chap18-subchapI-subtitleA.htm
SHA-256 integrity: c158adcb6927207c74cd0209203203459b263b96f8eb15196a981a2757517cbe
Primary Citations — 8 traced to source
- ERISA, 29 U.S.C. 1001 - congressional findings and declaration of policy.
- ERISA, 29 U.S.C. 1002 - definitions (employee benefit plan, fiduciary).
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