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The main difference between ERISA 3(21) and ERISA 3(38) pertains to fiduciary responsibility. Under ERISA 3(21), plan sponsors share fiduciary duties with the advisor, while under ERISA 3(38), the advisor assumes full discretion over investment decisions. Understanding these distinctions helps in choosing the right advisory role for your plan, especially when considering the Hawaii Model Statement of ERISA Rights.
Health Savings Accounts (HSAs) may or may not be subject to ERISA, depending on how they are set up. If the HSA is associated with an employer's health plan, ERISA might apply. It's important to review your specific case carefully; the Hawaii Model Statement of ERISA Rights can help you navigate these complexities effectively.
Accounts Covered by ERISA ERISA can cover both defined-benefit and defined-contribution plans offered by employers. Common types of employer-sponsored retirement accounts that fall under ERISA include 401(k) plans, pensions, deferred-compensation plans, and profit-sharing plans.
ERISA requires a formal written plan document, a summary plan description (SPD), and a summary of benefits & coverage (SBC). Each of these requirements is discussed in more detail below. A formal plan document is required for every ERISA plan.
ERISA requires plans to provide participants with plan information including important information about plan features and funding; sets minimum standards for participation, vesting, benefit accrual and funding; provides fiduciary responsibilities for those who manage and control plan assets; requires plans to
ERISA requires plans to provide participants with plan information including important information about plan features and funding; sets minimum standards for participation, vesting, benefit accrual and funding; provides fiduciary responsibilities for those who manage and control plan assets; requires plans to
ERISA requires plans to provide participants with plan information including important information about plan features and funding; sets minimum standards for participation, vesting, benefit accrual and funding; provides fiduciary responsibilities for those who manage and control plan assets; requires plans to
Federal law (ERISA) requires that employers provide certain documents relating to their employee benefit plans to the people who are covered by the plans.
The plan document describes the plan's terms and conditions related to the operation and administration of the plan. It is required for each welfare benefit plan an employer maintains which is subject to ERISA, and it must be in writing.
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.