ERISA does not mandate that employers provide pensions or health plans, but it sets standards for those who do. As a new employee, you have a choice of two FRS retirement plans: the Investment Plan and the Pension Plan.Learn about the Employee Benefit Plan Audit services offered to companies in Florida including 401k, 403b and other retirement plan audits. This document is not intended to include every program detail. Complete details can be found in Chapter 121,. This page breaks down exactly what ERISA covers and provides helpful information about filing disputes in case you should ever need it. Wrap plans are used to comply with ERISA's plan document and SPD requirements. ERISA covers both defined benefit and defined contribution plans that are offered through employers. This also extends to pensions and profit-sharing plans. ERISA covers employersponsored health and welfare benefit plans.