Practice Quiz

SPHR Human Resources

Category - Rewards

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Employers are required to provide a portable retirement plan to employees based on which of the following?
  1. Employee Retirement Income Security Act
  2. Omnibus Budget Reconciliation Act
  3. Older Worker Benefit Protection Act
  4. Retirement benefits are not required by federal law
Explanation
Answer - D - No federal law requires employers to provide a retirement plan to employees.

Key Takeaway: If employers do provide retirement benefits, ERISA regulates how the plans are offered and administered. OBRA capped executive pay, required health plans to honor qualified medical child support orders, and required that group health plans provide coverage for dependent adopted children of employees. The OWBPA amended the ADEA to prohibit discrimination against older workers in benefit plans and defined requirements for employee waivers of their rights under the act.
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