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Human Resoruce

In: Business and Management

Submitted By mediis23
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Three Landmark Pieces of legislation
ERISA, COBRA and HIPPA.

Employee Benefits

In the last forty years the three landmark pieces of legislation ERISA, COBRA and HIPPA brought great impact. These laws helped the wage earners, job searchers and the ones who retired. With the controlled environment becoming more demanding and complex, organizations have no other choice but to agree with these laws. The point of these three are to better working conditions, to put more advanced chances for profitable employment out in the workforce, shield employees, and to guarantee work associated benefits and rights.

These laws must be followed failing to do so will lead to consequences such as penalties, fines or even imprisonment. Acting accordance with these regulations is vital for organizations but also very time consuming, for this reason a company has to seek the best experts who will put into an effect a program to make sure everything is done the way it should.

Starting off with The Employee Retirement Income Security Act also know as ERISA which helped put forwards minimum standards for retirement, health, and other welfare benefit plans in private industry. ERISA secures that the funds placed by an individual in a their retirement plans are available to them even when they retire.

ERISA controls the establishment of discretionary benefits practices. For four long decades, ERISA has remained amended to meet the changing retirement and health care requirements of workers, retirees, and people who are part of their family. The requirements of ERISA, which are directed by the U.S. Department of Labor, were passed to report public concern that funds of private pension plans happened to be mishandled and abused. (United States Department of Labor) ERISA was the decision of an extensive line of legislation worried about the labor and tax parts of employee…...

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