Asked by Patrick Alves on May 01, 2024

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Which federal law increased the responsibility of pension plan trustees to protect retirees?

A) the Consolidated Omnibus Budget Reconciliation Act (COBRA)
B) the Age Discrimination in Employment Act (ADEA)
C) the Americans with Disabilities Act (ADA)
D) the Fair Labor Standards Act (FLSA)
E) the Employee Retirement Income Security Act (ERISA)

Employee Retirement Income Security Act

The Employee Retirement Income Security Act (ERISA) is a federal law that sets minimum standards for retirement and health benefit plans in private industry to protect individuals in these plans.

Pension Plan Trustees

Individuals or a group of individuals who hold responsibility for managing and overseeing the assets and operation of a pension fund.

Retirees Protection

Measures and policies designed to safeguard the health, income, and overall welfare of retired individuals.

  • Identify the legal mandates and effects of national legislation on worker advantages.
  • Understand the importance of retirement schemes and their effect on enduring employment affiliations.
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ZK
Zybrea KnightMay 06, 2024
Final Answer :
E
Explanation :
The Employee Retirement Income Security Act (ERISA) increased the responsibility of pension plan trustees to protect retirees by establishing standards for private sector pension plans and ensuring that they are managed in the best interest of plan participants and beneficiaries. The law requires plan trustees to act prudently and responsibly, diversify plan investments, disclose plan information to participants, and take steps to ensure that plan fiduciaries are not engaging in self-dealing or other prohibited activities.