What does ERISA (1974) regulate?

ERISA, or the Employee Retirement Income Security Act of 1974, was enacted to regulate employer-sponsored retirement and health plans. The primary objective of ERISA is to protect the interests of employee benefit plan participants and their beneficiaries by promoting the disclosure of financial and other information. It establishes standards for the administration of these plans, ensuring that they are managed properly, and provides for remedies in the event of violations of fiduciary responsibilities.

This act applies to a wide range of employee benefit plans, including pension plans and health plans that are provided by employers. ERISA sets minimum standards for these plans to ensure that employees receive the benefits they are entitled to, and it mandates that employers provide plan participants with certain information regarding features and funding.

In contrast, the other options focus on different aspects of healthcare and insurance. Medicare is a federal health insurance program for individuals aged 65 and older, while the Affordable Care Act addresses health insurance reforms primarily for individuals rather than employer plans. State medical assistance programs, often known as Medicaid, provide health coverage to low-income individuals, but they are regulated at the state level and not under ERISA. Thus, the correct answer highlights the specific area that ERISA governs.