What Employee Retirement Income Security Act 1974 - 29 USC 1001 requires
Section 1001 of title 29 of the United States Code, the congressional findings and declaration of policy of the Employee Retirement Income Security Act of 1974 (ERISA, Public Law 93-406, enacted 2 September 1974), establishes the federal regulatory framework for private-sector employee benefit plans including pension, health, and other welfare plans. ERISA covers four major areas: Title I (Subtitle A subchapter I, fiduciary responsibility, reporting and disclosure, vesting, participation, and funding administered by the Department of Labor), Title II (Internal Revenue Code amendments establishing the tax treatment of pension plans), Title III (jurisdiction and administration), and Title IV (plan termination insurance through the Pension Benefit Guaranty Corporation). ERISA preempts state laws relating to employee benefit plans (subject to the savings clause for insurance, banking, and securities laws and the deemer clause). Section 404 (29 USC 1104) imposes fiduciary duties of loyalty, prudence, diversification, and adherence to plan documents on plan fiduciaries. Section 406 (29 USC 1106) prohibits transactions between plans and parties in interest. The Pension Protection Act of 2006 (Public Law 109-280) materially expanded ERISA including automatic enrolment, qualified default investment alternatives, and the diversification requirements. The SECURE Act of 2019 (Public Law 116-94) and SECURE 2.0 Act of 2022 (Public Law 117-328) further extended ERISA participation, lifetime income, and required minimum distribution rules.
Pillar: Insurance & Risk · Authority: United States Congress (Office of the Law Revision Counsel) · Version: 1.0.0 · Last updated:
Primary source: https://www.law.cornell.edu/uscode/text/29/1001
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Primary Citations — 8 traced to source
- 29 USC 1001 (ERISA Congressional findings and declaration of policy) https://www.law.cornell.edu/uscode/text/29/1001
- Employee Retirement Income Security Act of 1974, Public Law 93-406, enacted 2 September 1974
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