Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

Employee Retirement Income Security Act (ERISA)

Read a random definition: mete out

A quick definition of Employee Retirement Income Security Act (ERISA):

Employee Retirement Income Security Act (ERISA): A law made in 1974 that created new rules for how companies manage retirement plans for their employees. This law was made because many people lost their retirement money when their company went bankrupt. ERISA made it so that employees have to be told important information about their retirement plan, like how much money they need to put in and how long they have to work before they can retire. Companies also have to make sure they have enough money to pay for their employees' retirement. If a company can't pay, the government has a special agency called the Pension Benefit Guaranty Corporation (PBGC) that will help pay for the retirement plan.

A more thorough explanation:

The Employee Retirement Income Security Act of 1974 (ERISA) is a law that sets standards for privately-sponsored employee retirement plans. It was created to prevent situations where employees lost their retirement benefits due to mismanagement of funds, such as the Studebaker collapse of 1963.

ERISA requires employers to provide certain information to employees about their retirement plans, including how much they need to contribute and how long they need to work before they can claim benefits. Employers are also required to have funding systems in place to support their pension plans, and pension plan managers have new fiduciary duties.

One important aspect of ERISA is the creation of the Pension Benefit Guaranty Corporation (PBGC), which is a government agency that ensures payments to employees for certain pension plans if the employer becomes insolvent.

For example, if an employee works for a company for 20 years and contributes to their pension plan, they can expect to receive retirement benefits once they reach a certain age. ERISA ensures that the employer has a funding system in place to support the pension plan and that the employee is informed about the details of their plan.

employee | employer

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
snow
20:08
You got this! :)
madollyy
20:09
thank you snow <3
Dkk
20:15
@madollyy: use LSAT Demon!
Dkk
20:16
Watch their youtube channel too
madollyy
20:23
Would an internship through CHCI help my application as well?
Dkk
20:29
@madollyy: It would help as a soft but the big focus should be GPA while you can and LSAT right now. I would say GPA is 40% of the app, LSAt 50% and everything else 10%.
snow
20:31
I agree with dk ^
madollyy
20:31
Got it, thank you. I don't think there is much I can do for my GPA now since I only have 1 semester left for ug but I definitely will be studying my butt off for the LSAT.
Dkk
20:32
Nice!
madollyy
20:32
I really appreciate your advice, guys <3 Wishing you luck on your endeavors!
JumpySubsequentDolphin
20:32
@madollyy: is that your CAS GPA?
madollyy
20:33
That's what's on my transcript! I haven't done that one yet tbh. I get mostly A's, some B's. Got dragged down a bit too much from one D in my first semester though ><
JumpySubsequentDolphin
20:34
do you have any A+’s? that could help your gpa!
JumpySubsequentDolphin
20:36
bc LSAC recalculates A+ to 4.3
madollyy
20:39
Noo :( Unfortunately. I'm surprised that I don't, there were definitely some classes that I remember scoring 98-100% but it doesn't show on my transcript
madollyy
20:41
Acutally
madollyy
20:41
My university does not list A+
JumpySubsequentDolphin
20:42
yeah my university’s the same way, so frustrating! still a great GPA and with a killer LSAT score you’ll be good to go :)
JumpySubsequentDolphin
20:42
if you have the means, I’ve heard private tutoring is the way to go
madollyy
20:44
Fingers crossed! I mean I'd be so so glad to go to law school period, but I am a bit of an overachiever. Dream is Berkeley rn, but I'm of course happy to go anywhere that lines up with my plans. And is kind enough with scholarships lol
madollyy
20:44
I'll have to see if my parents are willing to support that. I'm living on my own but ik if it'd help me they'd be willing to help
JumpySubsequentDolphin
20:47
who knows, you might not even need a tutor! Take a diagnostic and see where you stand :)
Dkk
21:03
@madollyy: yeah that happend to me too with my community college transcript. You can try calling to see if they can alter your transcript but like mine would not do it.
Dkk
21:04
Ask @babycat to tutor you @madollyy
cat food is expensive tho
21:09
I HOPW THAT ISNT REAL
@JumpySubsequentDolphin: I would push back on this. I think for the vast majority of people LSAT tutoring is unnecessary.
21:09
oh its from nov 12 phew
21:09
i was about to have a heart attack
21:09
at the berk decision lmao
LSD+ is ad-free, with DMs, discounts, case briefs & more.