February 1, 2024  |  By: NABIP
Compliance Corner  |  Employer-Sponsored Plans  |  ERISA

ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries. It sets minimum standards for plans and sets standards for providing information, fiduciary responsibility, procedures for handling benefits, and remedies for beneficiaries. A critical aspect of ERISA is its preemption clause. This means ERISA supersedes any state laws relating to employee benefit plans. NABIP strongly supports ERISA and opposes any attempts to circumvent or preempt it. However, we anticipate a host of bills at the state and federal levels in 2024 that would attempt to do just that...

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