ERISA Proves Value to Private Sector Workers; Government Workers Miss Out

What is ERISA?

The Employee Retirement Income Security Act (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in the private industry.

It was enacted in 1974 to protect the interests of employees and their beneficiaries in these plans.

ERISA sets minimum standards for participation, vesting, funding, and fiduciary responsibility.

How ERISA Benefits Private Sector Workers

ERISA provides several benefits to private sector workers, including:

• Protects their retirement savings from creditors.
• Ensures that they have access to their retirement savings when they need them.
• Helps them save for retirement by providing tax breaks.

Why Government Workers Miss Out on ERISA

Government workers are not covered by ERISA because they are employed by the government, not by a private employer.

As a result, they do not have the same protections and benefits as private sector workers.

For example, their retirement savings are not protected from creditors, and they do not have access to the same tax breaks.

Call to Action

If you are a government worker, you should contact your elected officials and urge them to extend ERISA coverage to government workers.

You deserve the same protections and benefits as private sector workers.