", HealthCare.gov. ERISA imposes specific duties on fiduciaries of defined benefit plans to enforce that promise. Is Your Business ERISA Compliant? While the median pension of a federal government retiree is approximately $27,600 (according to data reported by the Pension Rights Center), private pensions and annuities pay out an average of less than $11,000 per year. "Health Plans and Benefits. Employers must follow ERISA rules that dictate which employees are eligible and how a company handles employee contributions, and they are required to clearly spell out details of the plan's features within a summary plan description. There are alternatives that allow these companies to sidestep some of the confusing regulations. @media (max-width: 992px){.usa-js-mobile-nav--active, .usa-mobile_nav-active {overflow: auto!important;}} Not all retirement plans are governed by ERISA. A defined contribution (DC) plan is a retirement plan in which employees allocate part of their paychecks to an account funding their retirements. Plans that fall under its mandate include defined-benefit plans and defined-contribution plans, such as 401(k) plans, 403(b) plans, employee stock ownership plans (ESOPs), and profit-sharing plans. It also requires transparency and accountability, ensuring that participants have access to information about their plans. [CDATA[/* >