Structure of ERISA

ERISA contains four titles:

1. Title I provides certain key definitions and sets forth the rules governing reporting and disclosure, plan funding, fiduciary duty, prohibited transactions, and administration and enforcement. It is the responsibility of the Department of Labor.
2. Title II amended the Internal Revenue Code in areas of plan participation, vesting, and funding. These provisions are generally identical to the related provisions in Title I.
3. Title III deals with jurisdiction, administration, and enforcement.
4. Title IV sets forth a program of plan termination insurance for single and multiemployer plans, administered by the Pension Benefit Guaranty Corporation. The Pension Benefit Guaranty Corporation was created under the chairmanship of the Secretary of Labor to supervise termination of defined benefit plans and protect employee rights in such plans.

ERISA effected a major reorganization in the administrative responsibility for public sector plans. It shifted responsibility for retirement plans from the Internal Revenue Service to the Department of Labor and gave the Department of Labor greater responsibility for administering the rules regarding eligibility, vesting, funding, fiduciary responsibility, and reporting and disclosure. It also created both the Internal Revenue Service Office of Employee Plans and Exempt Organizations and the Pension Benefit Guaranty Corporation.