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Should You 'ERISA-fy' Your Severance Plan?

By John D. Shyer and Sandhya P. Chandrasekhar

Employers with severance plans need to know whether or not their plans are subject to the Employee Retirement Income Security Act of 1974 (ERISA). And if the employer finds that they are not, it may wish to consider amending the plans to bring them under ERISA. Although most people think of ERISA as applying exclusively to retirement and welfare plans, it can also apply to severance plans. To use the law to best advantage and avoid unpleasant surprises, it is essential to know whether a severance plan is covered by ERISA. Also, knowing these rules will help the employer design (or amend) a plan to take advantage of benefits that are only available to plans governed by ERISA.

When Does ERISA Apply?

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