The Research Of Employee Retirement And Income Security Act

Social Security System in the USA includes three important parts: the OASDI, theemployee benefit plan,and the Independent Retirement Account. Employee benefitplan include employee welfare benefit plan and employee pension benefit plan, whichis the most important income of Americans when they retired. The employee benefitplan has become a mature and stable system for it has been existed for almost100year.For the sake of protecting every participant’s legal right, ERISA (short for theEmployee Retirement Income Security Act)plays a key role since it was enacted in1974. The main point of this complex law is to guarantee the implementation ofregulations of employee benefit plans. For one hand, ERISA coordinate the differentdepartments’ administration; for another, ERISA is participants’ guard of their rights.Besides, ERISA also give permissions to DOL, Treasury Department and PBGC toregulate the pension plans.With the accelerated pace of population aging，the basic old-age insurancesystems has covered about80%population in our country. But the level ofcompensation of basic old-age insurance systems cannot meet the householdconsumption level. Enterprise supplementary pension insurance as the second pillar ofthe―three pillars‖of old-age insurance system，is constructed to provide a moresufficient security when an employee retired. Since the enterprise supplementarypension insurance was established in1991, it has made an achievement in the past20year, but still not enough. To study the ERISA, we can find some new methods andstand a new point to enhance the enterprise supplementary pension insurance in ourcountry.