The Employee Retirement Income Security Act (ERISA) is a federal law enacted in 1974 that sets standards for pension and health plans in private industry. Its primary goal is to protect the interests of employee benefit plan participants and their beneficiaries by establishing rules for plan management and funding. ERISA requires plans to provide participants with important information about plan features and funding. It also sets minimum standards for participation, vesting, benefit accrual, and funding, ensuring that employees receive the benefits they are promised upon retirement.