Duties defined under Employee Retirement Income Security Act
ERISA does the following:
●It requires plans to provide participants with information about the plan including important
information about plan features and funding.
●Sets minimum standards for participation, vesting, benefit accrual and funding.
●Requires accountability of plan fiduciaries.
●Gives participants the right to sue for benefits and breaches of fiduciary duty.
●Guarantees payment of certain benefits if a defined plan is terminated, through a federally
chartered corporation, known as the Pension Benefit Guaranty Corporation.