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elaws - employment laws assistance for workers and small businesses

- ERISA Fiduciary Advisor

Based on your response, your plan is covered by ERISA.

Under ERISA, a plan is required to include certain key elements. These include:

  • A written plan document that describes the benefit structure and guides day-to-day operations;
  • A trust fund to hold the plan's assets1;
  • A recordkeeping system to track the flow of monies going to and from the retirement plan; and
  • Documents to provide plan information to employees participating in the plan and to the government.

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Footnote: 1. If a plan is set up through an insurance contract, the contract does not need to be held in trust.

ERISA Fiduciary Advisor / EBSA Home Page