Assess the importance of the Employee Retirement Income Security Act (ERISA) when an employer provides benefits of any kind. Classify two pros of an employee using employer-provided benefits, and at least one con, such as a conflict for an employee using such benefits. Note: Refer to cases in your textbook as you formulate your response.
By creating expectations for fiduciaries of employee benefit plans, the Employee Retirement Income Security Act (ERISA) of 1974 was created to safeguard the interests of workers and their beneficiaries in employee benefit plans. It also offers suitable punishments, remedies, and quick access to the federal courts (Warlick, 2019). Employers are not compelled by the Act to establish employee benefit programs. It does provide requirements for participation, benefit vesting, and funding of both old and new plans. Employers are not permitted to treat beneficiaries or participants of a plan differently because they exercised their rights.All employer-provided benefit plans, union-provided plans, plans where the union representing employees in interstate commerce, and joint employer-union plans are subject to ERISA if the employer engages in interstate commerce. Plans managed to conform with workers’ compensation, unemployment, and disability insurance requirements, as well as government and religious pension plans, are excluded from ERISA coverage (Schneider, 2019). Medical, surgical, or hospital payments, sickness and disability payments, apprenticeships or other skills training, daycare facilities, and pension plans are just a few examples of covered schemes. Cont
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