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Essay / Research Paper Abstract
A 3 page summary of the Employee Retirement Income Security Act of 1974. Bibliography lists 1 source.
Page Count:
3 pages (~225 words per page)
File: JR7_RAact74.rtf
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Unformatted sample text from the term paper:
they had no benefits, no insurance that they would be able to survive economically. While some professions did make such allowances, it was generally the case that most people could
not look forward to any benefits upon retiring. The Employee Retirement Income Security Act of 1974 is one act that addressed this condition in various regulatory measures. The following paper
summarizes this act. The Employee Retirement Income Security Act of 1974 "The Employee Retirement Income Security Act of 1974,...commonly known as
ERISA, is a United States federal statute which sets minimum standards for pension plans in private industry" (Wikipedia, 2006). Overall it is an act that was implemented in order to
protect interstate commerce as well as the participants interests in such things as benefit plans (Wikipedia, 2006). It does this "by requiring the disclosure and reporting to participants and beneficiaries
of financial and other information with respect thereto" (Wikipedia, 2006). It establishes particular conduct standards and standards of responsibility and obligation concerning the "fiduciaries of employee benefit plans, and by
providing for appropriate remedies, sanctions, and ready access to the Federal courts" (Wikipedia, 2006). In simpler terms, one of the things this particular
act does is require all pension plans to possess the vesting of pension rights of the employees after a particular number of years (Wikipedia, 2006). It protects the employees benefits
and protects their insurance as well (Wikipedia, 2006). There is also the condition wherein, if an employee has not worked the specified number of years, some benefits or minimal coverage,
is presented and solidified (Wikipedia, 2006). Interestingly enough, this act does not, contrary to perhaps common opinion, require all employers to possess
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