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Employee Retirement Income Security Act of 1974 (ERISA)

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.

Employee Benefit Security Administration (EBSA)

The agency within the U.S. Department of Labor responsible for administering and enforcing the provisions of ERISA.

Enforcement status

A stage in an agency's process where it is actively pursuing compliance with laws, often through investigations or other actions.

Targeted compliance monitoring

A process where an agency closely watches a specific entity or area to ensure they are following rules and regulations.

Plan sponsor

The employer or employee organization that establishes and maintains an employee benefit plan.

Fiduciary

Anyone who exercises discretionary authority or control over a plan's management or assets, or provides investment advice for a fee, and is legally obligated to act in the best interest of plan participants.

Closing letter

A formal written notification from an agency indicating that an investigation or compliance monitoring process has concluded.