ERISA

What is ERISA? ERISA is the Employee Retirement Income Security Act which sets uniform minimum standards for establishing employee move on programs in a fair and financially sound manner. The single- rated pass away of this paper is to explain the history and purposes of ERISA. Within this paper the questions: What hoi polloi prompted the enactment of ERISA? , What types of benefits does ERISA protect? and How does ERISA protect these benefits? , What are some requirements that ERISA imposes on contrive administrators?Circumstances which prompted the enactment of ERISAIt was said that chairwoman thunder mug F. Kennedy began ERISA in 1961 when he created the Presidents Committee on Corporate hire Plans. In 1963 when the Studebaker partnership closed its plants; their poorly(predicate) planned gift plan could not meet the needs of their employee?s awards. The Studebaker Corporation created tether classes of employees. The first class was the workers who had reached reti rement age. These employees were eligible for unspoiled benefits. The import class was workers aged 49-50 who had been with the corporation for 10 years. These employees acquire a lump sum which was equal to 15% of the existing value of their benefits. The third class was the workers with no vested pensions. These employees received nix (Wikipedia, 2008).

In 1970 the NBC broadcast Pensions: The Broken Promise, an hour-long television special that showed millions of Americans the consequences of poorly funded pension plans and onerous vesting requirements, shook things up for Congress which squeeze them to retur n these pension issues. On September 2, 1974! , Labor Day, President Gerald hybridization signed ERISA into law (Wikipedia, 2008). Types of benefits ERISA protects and how ERISA protects these benefitsAlthough ERISA does not require a telephoner to establish pensions or provided health insurance they do however, model them once they are established. ERISA requires that if... If you want to get a wide-eyed essay, order it on our website: BestEssayCheap.com

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