Assess the importance of the Employee Retirement Income Security Act (ERISA) when an employer provides benefits of any kind. Classify two pros of an employee using employer-provided benefits, and at least one con, such as a conflict for an employee using such benefits. Note: Refer to cases in your textbook as you formulate your response. Importance of ERISA

The Employee Retirement Income Security Act of 1974 (ERISA) was created to create expectations for trustees of employee benefit plans to protect the interests of employees and their beneficiaries in employee benefit plans. It also provides adequate penalties, remedies and expedited access to federal courts (Warlick, 2019). Employers are not required by law to establish employee benefit plans. It includes enrollment requirements, transfer of benefits, and funding of old and new plans. Employers may not discriminate against plan beneficiaries or participants for exercising their rights under ERISA while the employer is engaged in interstate commerce. Plans that meet workers’ compensation, unemployment and disability insurance requirements, and state and religious pension plans are excluded from ERISA coverage (Schneider, 2019). Medical, surgical or hospital payments, sickness and disability payments, apprenticeship or other skill-building schemes, daycare and retirement schemes are just a few examples of covered schemes. continue…

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