The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that protects employee participants in retirement savings and health benefit plans offered through the workplace.
Minimum ERISA standards require employers to provide participants with important information about plan features and funding, vesting schedules, fiduciary responsibilities, grievance and appeals process, the right to sue for benefits, what happens if the plan terminates, and more.
Lawsuits involving ERISA breaches of fiduciary duty are increasingly common, in which employee participants in a 401k plan sue their employer (or plan sponsor) for acting against their best interest.