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Simple English definitions for legal terms

ERISA

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A quick definition of ERISA:

ERISA: A law that sets rules for how companies manage their employees' retirement plans. It also gives employees the right to sue their employer if they don't follow these rules. If an employer breaks the rules, they have to make things right by giving the employee the money they lost. The law also says that the person in charge of the retirement plan can't be the same person who decides who gets the money. This is to make sure that the person in charge doesn't make decisions that are bad for the employees.

A more thorough explanation:

ERISA stands for the Employee Retirement Income Security Act of 1974. It is a federal law that sets minimum standards for how private industry pension plans are managed and how federal income taxes affect these plans. ERISA also gives employees the right to sue their employers if they breach their fiduciary responsibilities.

For example, if an employer fails to properly manage a pension plan and an employee loses money as a result, that employee can sue the employer for breach of fiduciary duty. The remedy for this breach is equity, which means the employee can seek "make whole money" to replace the amount lost.

ERISA also requires that plan managers cannot have both the responsibility of determining a participant's eligibility to receive benefits and the responsibility of paying the benefits. This creates a conflict of interest, which the court can consider when reviewing the reasonableness of an administrator's decision.

Overall, ERISA is important because it helps protect employees' retirement savings and ensures that employers are held accountable for properly managing pension plans.

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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