Income Security Act Research Paper

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Have you ever invested into a company or received benefits from a company? From insurance to social security, there are many different types of benefits you can receive from the firm you work for. What happens if you don’t receive the money you were suppose to get? Where do you go? Who helps you get the money you are suppose to receive? This is where the Employee Retirement Income Security Act comes into play. Established in 1974, the Employee Retirement Income Security Act is a federal law that was created to help workers receive their benefits even if they are terminated or retire. The Employee Retirement Income Security Act does more than just protect individuals; it applies certain requirements and regulations for the firms to follow and if the company does not follow the requirements than they can face substantial fines. On Labor Day, September…show more content…
Vested benefits refer to benefits and money you have the right to have even if you leave or are terminated. Vesting is an important term in the Employment Retirement Income Security Act. The Employee Retirement Income Security Act defends the entitlements of workers to obtain certain assured settlements, containing pension benefits and revenue from plans, after they have labored at a company for a period of time. No matter what happens, once the employee has vested and the money has been guaranteed by ERISA, then the worker is ensured the benefits. Regardless of the status between the worker and their employer, the employee can be fired or quit and they will still be qualified for the vested benefits. The only thing is that the payments that you make into the plan must be big enough to meet the future requirements. Also, the Employment Retirement Income Security Act launched an insurance plan that will defend workers if they firm goes out of
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