Final answer:
ERISA does not require employers to provide health insurance; this is a requirement under the ACA's employer mandate for businesses with more than 50 employees. ERISA does regulate pension plans and includes requirements for pension insurance through the Pension Benefit Guarantee Corporation.
Step-by-step explanation:
The Employee Retirement Income Security Act (ERISA) does not require employers to provide health insurance to their employees or retirees. The statement in the question is therefore false. ERISA sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans. There is, however, an employer mandate under the Affordable Care Act (ACA), which requires all employers with more than 50 full-time employees to offer health insurance or face penalties. It's important to note this requirement came from the ACA, not ERISA.
Pension insurance is also a key feature of ERISA. Employers offering pensions are required to pay into the Pension Benefit Guarantee Corporation, which ensures that employees still receive some pension benefits if a company goes bankrupt and cannot fulfill its pension obligations.
Understanding terms like the employer mandate and pension insurance is crucial for compliance with U.S. health and retirement laws.