What does ERISA regulate primarily?

The Employee Retirement Income Security Act (ERISA) primarily regulates private retirement plans. This legislation was enacted to protect the interests of employees in employee benefit plans, including pension and health plans.

ERISA sets standards for the management of these plans, ensuring that individuals can rely on the retirement income they have earned after years of work. It requires plan fiduciaries to act in the best interests of plan participants and also mandates that plans provide participants with important information about plan features and funding.

While personal savings accounts, public pensions, and estate planning are important financial matters, they fall outside the primary scope of ERISA. The act specifically focuses on private sector employee benefit plans, defining the responsibilities of those who manage these plans and establishing minimum standards to protect the rights of participants and beneficiaries. Hence, the regulation of private retirement plans is the central focus of ERISA.