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ERISA

The Employee Retirement Income Security Act of 1974 is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.

Fiduciary

A person or institution that has discretionary authority or control over the management of a retirement plan or its assets, and who has a legal duty to act in the best interest of the plan's participants and beneficiaries.

Foreign Adversary Entity

An official government body, armed force, leading political party, or any entity organized in or controlled by a country designated by the U.S. government as a foreign adversary (e.g., China, Russia, Iran, North Korea).

Sanctioned Entity

A company or organization that appears on specific U.S. government blacklists, such as those maintained by the Department of the Treasury or Department of Commerce, typically due to national security concerns or military ties.

Plan

Refers to an employee retirement benefit plan covered under ERISA, such as a 401(k) or pension plan.

Covered Entity

A general term used in the bill to collectively refer to both 'foreign adversary entities' and 'sanctioned entities'.