95-926 -- Regulating Private Pensions:A Brief Summary of ERISA Updated January 15, 2004 CRS Report RL31507 , Employer Stock in Retirement Plans: Investment Risk and Retirement Security , Patrick J. Purcell CRS Report 97-1014, ERISA Primer: Its Origin and Development , by Ray Schmitt. CRS Report RL30122 , Pensions and Retirement Savings Plans: Sponsorship and Participation , by Patrick J. Purcell. CRS Report RL30196, Pension Issues: Cash Balance Plans , by Patrick J. Purcell. CRS Report 94-506, Private Pension Plan Standards: A Summary of ERISA , by Ray Schmitt.

Summary:
The Employee Retirement Income Security Act of 1974 (ERISA, P.L.93-406) protects the interests of participants and beneficiaries inprivate-sector employee benefit plans. It was passed in response to instances in which employers had failed toprudently manage pension funds, had terminated pension plans withoutsufficient assets to pay the benefits employees had earned, or had created impediments to earning a pension, suchas onerous age and service requirements. ERISA covers a number offringe benefits provided by employers, but most of its provisions deal with pension plans. Pension plans sponsoredby the federal, state, and local governments, or by churches generallyare exempt from ERISA. (This report will be updated for amendments to ERISA.)