What did the Employee Retirement Income Security Act (ERISA) of 1974 do?
A) It set uniform minimum standards to assure that employee benefit plans are established and maintained in a fair and financially sound manner.
B) It mandated that companies create a financially sound employee pension plan for full- and part-time employees.
C) It developed standards for the minimum wages a company could pay its employees in order to fulfill Social Security retirement obligations.
D) It detailed what benefits a company must offer its employees.
E) It implemented a plan for job-sharing and flextime arrangements with employees who are paid on an hourly basis.

Question

Quizplus · Accepted Answer

The Employee Retirement Income Security Act (ERISA) of 1974 set uniform minimum standards to assure that employee benefit plans are established and maintained in a fair and financially sound manner. It did not mandate that companies create a pension plan, develop minimum wage standards, or detail specific benefits that must be offered. It also did not address job-sharing or flextime arrangements.

What Did the Employee Retirement Income Security Act (ERISA) of 1974