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ERISA@50

Recognizing the Law's Impact Yesterday, Today and Tomorrow.

On September 2, 2024, the Employee Retirement Income Security Act of 1974 (ERISA) turned 50.

ERISA, signed into federal law on Labor Day in 1974, provides rules for private-sector employee benefit plans, including retirement plans and health benefit plans. It was created to protect the rights of participants in these plans by setting guidelines for plan management and funding, fiduciary responsibilities and information disclosure. More on ERISA.

In addition to marking the law’s 50th anniversary, Segal is proud to celebrate our long history of innovation in employee benefits.

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Bookmark this page and visit throughout the year to access our insights related to ERISA and its impact.

Segal to Sponsor ERISA 50th Anniversary Symposium and Gala

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Insights related to ERISA

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    Keeping up with ERISA regulations

    Monitoring changes in the regulations that help protect employee benefits can be challenging. Whether offering a traditional defined benefit pension plan, a hybrid pension plan, such as a cash balance arrangement, or a defined contribution retirement savings plan — like a 401(k), 403(b), 457 or money purchase arrangement — Segal has the actuarial, governance, plan design, administration and compliance professionals to help you achieve your goals and comply with federal guidelines.

    See how we can help

    ERISA’s impact on organizations and participants

    With the enactment of ERISA, sponsors of private sector employee benefit plans are obligated to manage them according to specific standards, including for plan administration, reporting and disclosure. As plan fiduciaries, sponsors are required to prioritize the interests of plan participants, adhere to prudent investment practices and oversee proper plan administration. Failure to comply with ERISA regulations could lead to penalties, fines and legal repercussions. Moreover, ERISA gave plan participants the ability to take legal action against the plan if they believed the plan sponsor was breaching fiduciary responsibilities.

    There are advantages to following ERISA regulations. By complying with ERISA guidelines, organizations can mitigate the risk of lawsuits related to employee benefit plans. For private sector employers, compliance with ERISA regulations signals to stakeholders, including investors, that the company values its employees, thereby boosting the reputation of a business.

    Many public sector employers and plans choose to follow ERISA guidelines although they are not subject to the law. This speaks to the value of ERISA in establishing sound plan management practices.