Federal law does not require employers to offer retirement plans to their employees. If employers choose to offer retirement plans, they must follow strict guidelines regarding how the plans are managed, operated, and presented to employees. The Employee Retirement Income Security Act (ERISA) is the law that governs all retirement plans in the United States. ERISA laws set the requirements for how a company retirement plan must be run. While ERISA does not apply to all employers, states may also set rules for how company plans must be managed.
The first step is to understand what type of retirement plan to offer your employees. There are two major types of plans, defined benefit and defined contribution in which either or both can be offered.
The first step is to understand what type of retirement plan to offer your employees. There are two major types of plans, defined benefit and defined contribution in which either or both can be offered.