Asked by Kericia Halliday on Jun 04, 2024
Verified
Employers are required to provide ________ to plan participants under the Employee Retirement Income Security Act (ERISA) .
A) plan information (i.e.,features and funding)
B) a grievance and appeals process for participants to get benefits from their plans
C) the right to sue for benefits and breaches of fiduciary duty
D) plan information (i.e.,features and funding) ,a grievance and appeals process for participants to get benefits from their plans,and the right to sue for benefits and breaches of fiduciary duty
E) plan information (i.e.,features and funding) and a grievance and appeals process for participants to get benefits from their plans,but not the right to sue for benefits and breaches of fiduciary duty,
Employee Retirement Income Security Act
A federal law that sets minimum standards for pension plans in private industry to protect individuals in these plans.
Fiduciary Duty
A legal obligation of one party to act in the best interest of another. Often applicable in trustee, advisor, or agent relationships.
Plan Information
Detailed data and documentation regarding the specifics and provisions of a plan or program, often used in contexts such as retirement planning or insurance.
- Know the requirements and protections offered by the Employee Retirement Income Security Act (ERISA).
Verified Answer
CW
Camryn WilsonJun 05, 2024
Final Answer :
D
Explanation :
Under the Employee Retirement Income Security Act (ERISA)of 1974,employers must provide participants with the following rights:
a)plan information (i.e.,features and funding);
b)assurances of the fiduciary responsibility of those in charge of managing and controlling the plan assets;
c)a grievance and appeals process for participants to get benefits from their plans; and
d)the right to sue for benefits and breaches of fiduciary duty.
a)plan information (i.e.,features and funding);
b)assurances of the fiduciary responsibility of those in charge of managing and controlling the plan assets;
c)a grievance and appeals process for participants to get benefits from their plans; and
d)the right to sue for benefits and breaches of fiduciary duty.
Learning Objectives
- Know the requirements and protections offered by the Employee Retirement Income Security Act (ERISA).