This is a federal law that sets minimum standards for pension and health plans. It provides protection for the employees. The law says that employers need to do several things when they offer these plans. First, they need to give their workers the information about the plans. They need to manage and control the plans responsibly.
They must also have a process in place for any grievances or appeals. Lastly, the employees are given the right to sue in case of impropriety of these funds. There are exceptions to the law and additional amendments are often added, so it is important for businesses to stay on top of these changes.