Which regulatory act is designed to protect employee benefit plans and sets fiduciary responsibilities?

• A. Employee Retirement Income Security Act (ERISA)
• B. The Patient Protection and Affordable Care Act (ACA)
• C. The Health Insurance Portability and Accountability Act (HIPAA)
• D. The Health Information Technology for Economic and Clinical Health Act (HITECH)

Answer: (A)

ERISA, the Employee Retirement Income Security Act, is designed to protect employee benefit plans and establish fiduciary responsibilities. It covers private-sector retirement and welfare plans (like pensions and 401(k)s) and sets the standards to ensure plan assets are managed for the benefit of participants. Fiduciaries must act with loyalty and prudence, follow the plan documents, diversify investments, avoid conflicts of interest, and provide required information and disclosures to participants.

Other acts address different concerns: health care reform and access come from the ACA; HIPAA focuses on protecting the privacy and security of health information; and HITECH strengthens HIPAA protections while promoting health information technology.