ERISA Title I Fundamentals

Summary

This practice note describes the principal rules under Title I of the Employee Retirement Income Security Act of 1974 (ERISA), and are applicable to most employer-sponsored retirement, health and welfare, and fringe benefit plans. Among other things, ERISA Title I mandates certain reporting and participant disclosure obligations; sets forth requirements for plan terms, operation, and funding; imposes fiduciary duties on those operating ERISA plans; and establishes the enforcement mechanisms available to remedy ERISA violations and secure beneficial rights under ERISA plans. A thorough knowledge of ERISA concepts is essential for benefits counsel, and in-house attorneys for all types of employers should have a working knowledge of ERISA's basics and the scope of its reach.