SIE practice questionhardERISA
The Employee Retirement Income Security Act (ERISA) applies to which of the following?
- AIndividual retirement accounts (IRAs)
- BGovernment pension plans
- CSocial Security benefits
- DPrivate employer-sponsored retirement plans such as 401(k) plans✓ Correct answer
Explanation
Why D — Private employer-sponsored retirement plans such as 401(k) plans
ERISA (1974) sets minimum standards for private employer-sponsored retirement plans, including 401(k) plans, pension plans, and profit-sharing plans. It establishes fiduciary standards, reporting requirements, and participant protections. ERISA does NOT cover government plans (A), church plans, or IRAs (C). Social Security (D) is a federal program, not a private retirement plan. ERISA is enforced by the Department of Labor and the IRS.
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