ERISA Supplemental

The Employee Retirement Income Security Act of 1974 (ERISA) (Pub. L. 93-406 codified as 29 USCS § 1002) was enacted on September 2, 1974. ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries by:

  • Requiring the disclosure of financial and other information concerning the plan to beneficiaries;
  • Establishing standards of conduct for plan fiduciaries; and
  • Providing for appropriate remedies and access to the federal courts.

When designed as a top hat plan, phantom stock plans are exempt from Parts 2, 3 and 4 of Title I of ERISA pertaining to participation, vesting, funding and fiduciary responsibilities.