Employee Benefits & ERISA - The Employee Retirement Income Security Act of 1974 (ERISA) covers most voluntarily established private sector employee benefit plans. Private-sector employers are responsible for making sure their retirement plans comply with ERISA regulations. ERISA sets forth the minimum standards for these plans, which include defined contribution plans, defined benefit plans, 401(k)s, Employee Stock Ownership Plans(ESOPs), Simplified Employee Pension Plans (SEPs), and Profit Sharing Plans.