“ERISA was adopted in 1974 in response to highly publicized instances of fraud and mismanagement in employee pension funds, which had resulted in thousands of workers losing retirement benefits accumulated over a lifetime of work. ERISA was intended primarily as an instrument for regulating pensions, as its title suggests, and most of its substantive provisions address protection of retirement benefits. ERISA also, however, applies to employee welfare benefit plans, and thus covers employer provided health insurance, the dominant vehicle for private finance of health care in the United States.” Barry R. Furrow et al., Health Law § 2–9, at 48 (2d ed. 2000).
employee retirement income security act
Employee Retirement Income Security Act. A federal statute that regulates private pension plans and employee benefit plans and that established the Pension Benefit Guaranty Corporation.29 USCA §§ 1001 et seq. — Abbr. ERISA. [Cases: Pensions 21–23. C.J.S. Insurance § 34; Pensions and Retirement Plans and Benefits §§ 7–10.]
