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Employee Retirement Income Security Act
Federal legislation (U.S. Code Title 29, Chapter 18, associated Internal Revenue Code and miscellaneous provisions) adopted in 1974 that preempts state regulation of workers' medical and pension benefits. It imposes a fiduciary responsibility on persons who administer, supervise and manage private pension plans. It regulates plan funding, participation, vesting, termination, disclosure and federal tax treatment. Under ERISA, an insurance program has been established to guarantee that employees receive their pension benefits in the event that a pension plan is terminated.
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