Which act sets uniform minimum standards for employee benefit and pension plans?

The Employee Retirement Income Security Act, commonly known as ERISA, sets uniform minimum standards for employee benefit and pension plans. This act was enacted in 1974 to protect the interests of participants in employee benefit plans and their beneficiaries. ERISA establishes guidelines for how these plans are managed and funded, including requirements for reporting, disclosure, and fiduciary responsibilities.

By creating a framework for the management of pension and welfare benefit plans, ERISA ensures that employees receive the benefits they are entitled to and provides necessary protections such as requiring plans to be transparently communicated to participants. Additionally, it enables the federal government to oversee plan activities, offering another layer of protection for plan participants and their beneficiaries.

Other options, while related to employee benefits and pensions, do not specifically set the uniform minimum standards that ERISA does. The Employee Benefits Protection Act, for example, focuses on the rights and protections of employees but does not establish the foundational standards for plans. The Pension Rights Act primarily addresses specific rights holders have in pension plans, not the regulatory framework that governs all employee benefit plans. The Fair Labor Standards Act pertains more to wage and hour laws rather than employee benefits or pensions.