Practice Quiz

CLEP Business Law

Category - Legal Envrmt

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Which federal statute establishes standards for the funding and operation of pension plans?
  1. Taft-Hartley Act
  2. Employee Retirement Income Security Act
  3. Family and Medical Leave Act
  4. Occupational Health and Safety Act
  5. Norris-LaGuardia Act
Explanation
Answer: B. The Employee Retirement Income Safety Act establishes standards for the funding and operation of pension plans. Enacted in 1974, ERISA covers pension plans and health benefits. It does not require that employers provide either type of plan. However, where employers do provide such plans, ERISA establishes rules that employers must follow.
Category: Legal Environment
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