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 The Employee Retirement Income Security Act of 1974 (ERISA) sets requirements for the provision and administration of employee benefit plans. Employee benefit plans include health care benefits, profit sharing, and pension plans for example. ERISA requires companies that meet certain criteria to file a form (Form 5500) annually with the Internal Revenue Service that discloses basic information about each benefit plan, such as plan expenses, income, assets, and liabilities [See http://www.irs.gov/newsroom/lists/0,,id=98040,00.html (select IR-2002-043) for more information] . ERISA also requires employers to submit a Summary Annual Report annually to plan participants and beneficiaries.
Penalties for non-compliance: The IRS and the Department of Labor jointly enforce ERISA requirements. Willful violations result in criminal and civil penalties.
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