Full Video Transcript
The Employee Retirement Income Security Act of 1974, or ERISA, is a federal law that sets minimum standards for most employer- and union-sponsored retirement and health plans in private industry. ERISA requires plans to provide participants with certain information about the plan, including plan features and funding. Those who manage and control plan assets have certain fiduciary responsibilities to plan participants, and plan participants may sue when those fiduciary duties are breached. Sometimes the retirement plan administrator, managers, and others involved with the plan make mistakes. If you find an error or have a question, contact your employer and
the plan administrator and ask them to explain what has happened and make a correction. If you don't get a satisfactory answer you have the right to sue your plan to enforce or clarify your rights in certain situations. If you have or suspect a problem with your retirement account or for more info about your rights under ERISA, contact an attorney in your area today.