What legislation governs retirement and employee benefit plans, imposing fiduciary status on administrators?

The Employee Retirement Income Security Act (ERISA) is the legislation that governs retirement and employee benefit plans in the United States. This act was enacted in 1974 and is crucial because it establishes minimum standards for pension plans in the private industry to protect individuals in these plans. One of the key components of ERISA is that it imposes fiduciary responsibilities on administrators and other parties involved in the management and administration of employee benefit plans.

Fiduciary status means that administrators must act in the best interest of the plan participants and beneficiaries, placing their interests above their own. This encompasses a duty of care and a duty of loyalty, requiring transparency and prudent management of plan assets.

In contrast, the other options listed relate to different aspects of employee benefits or healthcare but do not specifically address retirement and employee benefit plans in the same comprehensive manner as ERISA. For example, the Health Insurance Portability and Accountability Act (HIPAA) focuses on the protection of health information, while the Consolidated Omnibus Budget Reconciliation Act (COBRA) provides for the continuation of health insurance coverage under certain circumstances, and the Federal Employees Health Benefits Program pertains specifically to federal employees' health insurance. None of these options impose fiduciary responsibilities in the way that ERISA