Chapter6: Business Expenses
Section: Chapter Questions
Problem 16DQ
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Question
Define Employee Retirement Income Security Act (ERISA)
Expert Solution
Step 1
The 1974 Employee Retirement Income Security Act secures American pension resources by enforcing requirements required by eligible programs to guarantee that fund administrators do not abuse plan assets.
Step 2
Under ERISA the schemes shall include members with function data and financing data on the schemes and provide them freely on a routine basis. ERISA also established standards participatory, conferral, income accrual, and financial requirements.
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