ERISA

Definition

Employee Retirement Income Security Act—the 1974 federal law that governs pension and benefits plans. Complicated enough that HR specialists need specialized certifications just to not violate it.

Example Usage

Our 401(k) administrator is ERISA-compliant, which means the paperwork is impeccable and nothing is illegal.

Origin

Enacted in 1974 in response to corporate pension scandals and worker protections movement

Fun Fact

ERISA compliance violations can result in penalties up to $200 per day per participant, incentivizing paranoia in benefits departments

Source: U.S. Department of Labor and employment law

Related Terms

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A budgeting approach where every expense must be justified from zero, which sounds reasonable until you spend three months justifying office supplies.

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people analytics

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position

A role, job title, or status within an organization; also, your strategic stance on a market, competitor, or issue (as in 'what's our position on price increases?').

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