Question

Regarding ERISA employer-sponsored employee retirement and welfare and benefit plans, which one of the following is false?

a. An employer is required to provide a Summary Plan Description filed with the Department of Labor explaining benefits to the employee on an annual basis
b. ERISA provides protections for participants and beneficiaries in employee benefit plans, including providing access to plan information
c. An annual financial report must be filed with the state of California's Department of Insurance
d. Individuals who manage plans (and other fiduciaries) must meet certain standards of conduct under the fiduciary responsibilities specified in the law

Answer 1

The False statement is " An annual financial report must be filed with the state of California's Department of Insurance "

Step-by-step explanation:

The 1974 Employee Retirement Income Protection Act is a federal tax and labour statute on pension schemes in privately owned industry. This provides guidelines on the federal revenue tax effects of employee benefit arrangements activity.

Congress has promulgated ERISA to create a uniform federal legislation regulating benefit arrangements for workers. ERISA restricts states ' ability to enforce laws on welfare benefits for workers, including health insurance coverage provided by the government.

Under ERISA, a social welfare plan is an employer's medical, surgical or hospital care plan, program or fund to provide. Sickness benefits, injury benefits, disability insurance or death benefits. Payments for unemployment.