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ERISA Law: Explanation & Importance

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is true of a fiduciary under ERISA?

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1. How is a defined benefit plan different from a defined contribution plan?

2. What federally charted corporation is established by ERISA?

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About This Quiz & Worksheet

The Employee Retirement Income Security Act of 1974 is a truly important program that ensures the financial future of American workers, and this quiz and worksheet combo will help you test your understanding of this piece of legislation. The questions on this quiz will test how well you know the purpose and protections guaranteed by ERISA.

Quiz & Worksheet Goals

In these assessments, you'll specifically be tested on:

  • The regulatory purposes of ERISA
  • Types of plans that are covered by ERISA
  • The specific features of ERISA as well as the impact of these features
  • The entity that oversees ERISA

Skills Practiced

This quiz and worksheet will allow you to test the following skills:

  • Reading comprehension - ensure that you draw the pertinent information on the features and impact of ERISA from the related lesson
  • Interpreting information - verify that you can read information regarding ERISA and understand who it protects and how
  • Information recall - access the knowledge you've gained regarding what federally charted corporation is established ERISA

Additional Learning

To learn more about the features and impact of ERISA, review the accompanying lesson of that same name. This lesson covers the following objectives:

  • Learn what ERISA stands for
  • Define the individual features of ERISA
  • Explore the impacts of ERISA
  • Identify what employees can do if tthe employer denies benefits
  • Differentiate between the types of retirement plans that are covered by ERISA
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