The Employee Retirement Income Security Act (ERISA) is comprised of federal laws developed to protect the workforce. Those who qualify for ERISA work for private companies that offer employees retirement plans, health insurance and other benefits.
ERISA is an acronym for the Employee Retirement Income Security Act that was enacted in 1974. Contrary to popular belief, it is not a government program for which retiring workers can apply. Instead, it is a federal law that identifies the rights of employees -- and the obligations of employers -- regarding employee pension plans.