ERISA applies to private-sector companies that offer pension plans to employees. This includes businesses that: Are structured as partnerships, proprietorships, LLCs, S-corporations, and C-corporations. No matter how your employer has structured his or her business, it is covered by ERISA if it is a private entity.
The easiest way to find out whether you are enrolled in a self-funded ERISA plan or whether you are enrolled directly in the state-regulated HMO or insurance company is to ask your employer.
All private employers and employee organizations, such as unions, that offer health plans to employees have to follow ERISA. Only churches and government groups are exempt. If you offer your employees health coverage, you'll have to follow certain rules and procedures as a result of ERISA.
ERISA encompasses all types of retirement and deferred compensation plans, along with welfare benefits (see below), and may also include severance benefits and other programs offered by employers.
Check Your Plan Documents: Review your Summary Plan Description (SPD) or other documents. ERISA plans must provide an SPD that clearly states they are an ERISA plan. Look at Employer Contributions: If your employer contributes to the plan or matches your contributions, it's likely an ERISA plan.
Your IRS/ERISA Plan Number can be found in your Summary Plan Description in section.
In general, ERISA does not cover plans established or maintained by governmental entities, churches for their employees, or plans which are maintained solely to comply with applicable workers compensation, unemployment or disability laws.
The Employee Retirement Income Security Act of 1974, or ERISA, protects the assets of millions of Americans so that funds placed in retirement plans during their working lives will be there when they retire. ERISA is a federal law that sets minimum standards for retirement plans in private industry.
All private employers and employee organizations, such as unions, that offer health plans to employees have to follow ERISA. Only churches and government groups are exempt.