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While walking in the woods, you come across some low-growing plants clustered at the base of a tree. You collect one as a specimen for biology class. Upon examination in the lab, you find that the leaf-, stem-, and root-like structures contain no vascular tissue. The plant is
Employee Retirement Income Security Act (ERISA)
A federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans.
Mandated Benefit
Benefits that employers are required by law to provide to their employees, such as social security, unemployment, and workers' compensation.
Workers' Compensation
An insurance type that offers medical benefits and compensates for lost wages to workers hurt while performing their job duties.
Nonmandated Benefits
Refer to additional perks or compensations provided by employers that are not legally required, such as retirement plans, health insurance beyond the legal minimum, and paid vacation.
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