The Employee Retirement Income Security Act of 1974 (ERISA) sets standards for private industry pensions. This federal law is designed to protect employees from financial fraud related to pensions and other retirement benefits. Common types of benefits that are regulated by ERISA include Employee Stock Ownership Plans (ESOP) and 401(k) plans. The standard also specifies the requirements for employee health care plans. If fiduciary duties for ERISA-governed plans are violated, plan fiduciaries may be liable to the participants for their losses.
if you believe a fiduciary of your benefit plan has violated fiduciary duties, you should seek the advice of an attorney who may bring a private action to enforce ERISA.