Workers' compensation is a state-regulated insurance program that typically will pay your medical bills and replace a portion of your lost wages. ERISA does not directly regulate workers' compensation.Under the Texas Payday Law, severance pay is not owed unless it is promised in a written policy. ERISA is a federal law that establishes guidelines for the administration of employee benefit plans such as health insurance and pension plans. Step 1: Find out if your employer has an ERISA plan or Workers' Compensation insurance. You Must Fill Out the Form Completely. Step 1: Find out if your employer has an ERISA plan or Workers' Compensation insurance. Contrary to some impressions, ERISA does not guarantee you longterm disability benefits if you are either injured or become sick. Like many employers in Texas, Macy's opted out of the state worker's compensation system. It relied on private, employer provided medical insurance. Mr.