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Simple English definitions for legal terms
Pension and Welfare Benefits Administration
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A quick definition of Pension and Welfare Benefits Administration:
Term: Pension and Welfare Benefits Administration
Definition: The Pension and Welfare Benefits Administration is a part of the U.S. Department of Labor that makes sure companies follow the rules for employee retirement plans. They also have offices that make sure these rules are being followed.
A more thorough explanation:
The Pension and Welfare Benefits Administration (PWBA) is a department within the U.S. Department of Labor that oversees and regulates employee pension plans under the Employee Retirement Income Security Act (ERISA). The PWBA is also responsible for enforcing the ERISA through its field offices.
For example, if a company offers a pension plan to its employees, the PWBA would ensure that the plan meets the requirements set forth in the ERISA. Additionally, if an employee believes that their pension plan is not being managed properly or that their benefits are being mishandled, they can file a complaint with the PWBA's field office for investigation.
The PWBA's role is to protect the retirement and welfare benefits of employees and ensure that employers are following the regulations set forth in the ERISA. This helps to ensure that employees receive the benefits they are entitled to and that their retirement savings are secure.