ERISA

​ The Employee Retirement Income Security Act established in 1974 better known as ERISA sets minimum standards on most voluntarily established retirement pensions and health plans in private industry to provide protection for individuals in these plans. Ever since being established there have been a number of amendments to ERISA for better protection of those under there employers. ERISA does not require employers to establish pension plans. Likewise, as a general rule, it does not require that plans provide a minimum level of benefits. Instead, it regulates the operation of a pension plan once it has been established.
 * __ERISA __**
 * Employee Retirement Income Security Act — ERISA**


 * Employee Benefits Security Administration Compliance Assistance Portal**

EBSA assists employers and employee benefits plan officials in understanding and complying with the necessary requirements that ERISA enforces as it applies to the administration of employee pension and welfare benefit plans. On the United States Department of Labor Website, EBSA's compliance assistance illustrates how ERISA's requirements and rules are enforced, such as COBRA, HIPAA, Genetic Information Non discrimination Act of 2008, Childrens Health Insurace Program, Retirement Plans, 401K Plans etc. [|United States Department of Labor]

Pension plans
ERISA does not require that an employer provide health insurance to its employees or retirees, but it regulates the operation of a health benefit plan if an employer chooses to establish one.

ERISA makes sure that the Employer pays the pensions properly depending on the circumstances if they offer it in those certain fields. One example is if an employee died and there spouse was left alone. The company pays the pension as a "joint-and-survivor annuity" that provides continuing benefits to the surviving spouse unless both the participant and the spouse waive the survivor coverage.

The Pension Benefit Guaranty Corporation was established by ERISA to provide coverage in the event that a terminated defined benefit pension plan does not have sufficient assets to provide the benefits earned by participants. Later amendments to ERISA require an employer who withdraws from participation in a multiemployer pension plan with insufficient assets to pay all participants' vested benefits to contribute the //Pro rata// share of the plan's unfunded vested benefits liability.

Health benefit plans
ERISA does not require that an employer provide health insurance to its employees or retirees, but it regulates the operation of a health benefit plan if an employer chooses to establish one. There have been several significant amendments to ERISA concerning health benefit plans:

The Consolidated Omnibus Budget Reconciliation Act also known as COBRA provides some employees and beneficiaries with the right to continue their coverage under an employer-sponsored group health benefit plan for a limited time the occurrence of certain events that would otherwise cause termination of such coverage, such as the loss of employment. Among the "qualifying events" listed in the statute are loss of benefits coverage due to (1) The death of the covered employee (2) An employee loses eligibility for coverage due to involuntary termination or a reduction in hours as a result of resignation, discharge (except for "gross misconduct"), layoff, strike or lockout, medical leave, or slowdown in business operations (3) Divorce or legal separation that terminates the ex-spouse's eligibility for benefits (4) A dependent child reaching the age at which he or she is no longer covered.
 * Consolidated Omnibus Budget Reconciliation Act (COBRA)**

COBRA imposes different notice requirements on participants and beneficiaries, depending on the particular qualifying event that triggers COBRA rights. COBRA also allows for coverage for up to 18 months in most cases. If the individual is deemed disabled by the Social Security Administration, coverage may continue for up to 29 months. In the case of divorce, coverage may continue for up to 36 months. Employers subject to Federal COBRA are required to:
 * Notify terminated employees of their potential rights under ARRA by sending a series of notices
 * Provide a method for qualified AEIs to enroll
 * Pay the full amount of the premiums and seek reimbursement of the 65% subsidy by including it in the Employer's Quarterly Federal Tax Return (Form 941)

Health Insurance Portability and Accountability ACT also known as HIPAA was created to protect employees and make sure they keep there health insurance through work or if something went wrong like loss of employment or denial due to previous medical records. there are many exceptions to this act but what it really does it make sure that the health insurance companies actually do provide coverage for the worker or his/her family if in a group plan. HIPAA also reinforces the privacy matter into medical issues and makes it so that the employee has to sign a waiver in order to let the health companies even see his/her medical past and to release this information other party individuals if the employee were to sign more waivers. the most time the employee can be foun not covered by the plan is in between plans and it is for 63 days if any more then the plan when reinstated must cover the past payments after the 63 day period. through the privacy security that this act enforces its main goal is to prevent fraud. and safe money transactions between the insurance companies and the medical companies.
 * Health Insurance Portability and Accountability ACT (HIPAA)**