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Employee Retirement Income Security Act of 1974 (ERISA)

Legislation enacted in 1947 that protects workers from losing benefits that are provided through the workplace. The Act does not require employers to establish a benefit plan for employees but does include requirements for the plan when one is in place.

Actuarial Value

The percentage of health care costs paid by the insurance plan for an average enrollee. The average number is calculated through the expected cost for…