ERISA

[uh-ris-uh]

noun

1. Employee Retirement Income Security Act.

Example Sentences

The Employee Retirement Income Security Act of 1974, called ERISA, requires retirement plan administrators to act solely in the interest of participants in the plan.

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Circuit Court of Appeals last year upheld the judge's decision, finding that the law does not require employers to create new plans or amend existing ones, thus is not barred by ERISA.

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It was one of a series of lawsuits challenging companies' management of defined contribution plans under the federal Employee Retirement Income Security Act, or ERISA.

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At another point, Fisher noted: “Your Honor mentioned the Little Sisters. Their insurance carrier stated that it will not provide contraception no matter what. Or their health plan. And because it’s a church plan exempt from ERISA, the government cannot enforce it. So, even if they didn’t have their separate injunction, their employees would not receive contraception. We’re not trying to challenge that at all.”

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These plans generally follow federal rules under the Employee Retirement Income Security Act of 1974, known as Erisa, which provide broad flexibility in designing a health care plan.

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