Erisa Section 502

It is the section which describes all of the causes of action which may be brought by plans or participants to enforce any part of the erisa law.

Erisa section 502. 1132 c provides for penalties for an administrator s refusal to supply required information. Under that section of erisa 1 any administrator. Erisa section 502 is the enforcement provision for erisa section 510 violations under which participants and beneficiaries may bring claims to recover benefits due under the terms of the plan enjoin any act that violates erisa or obtain other appropriate equitable relief.

Erisa section 502 is the civil enforcement section of the erisa law. Sets minimum standards. The employee retirement income security act of 1974 erisa is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.

Erisa 502 c 29 u s c. Section 502 a 3 permits participants to obtain relief for violations of erisa s substantive standards of conduct 5 in enacting section 502 a congress sought to protect plan participants and enhance enforcement of erisa s standards. Nothing in this act amending this section and enacting provisions set out as notes under this section and section 1001 of this title shall be construed to limit the legal standing of individuals to bring a civil action as participants or beneficiaries under section 502 a of the employee retirement income security act of 1974 29 u s c.

Erisa section 502 i 1 authorizes the secretary to assess a civil penalty against a party in interest who engages in a prohibited transaction with respect to either an employee welfare benefit plan or a non qualified pension plan. Erisa requires plans to provide participants with plan information including important information about plan features and funding. Section 502 a 2 provides participants beneficiaries fiduciaries and the secretary of labor the right to sue for damages on behalf of the plan.

This article examines the standards courts. Erisa fiduciaries can also be liable under 502 a for engaging in certain types of specified self dealing and prohibited transactions under erisa 406 that are per se fiduciary duty violations.