ERISA is one of the most important federal laws protecting the interests of participants in employee benefit plans and their beneficiaries. ERISA is a federal law that sets minimum standards for voluntarily established pension and health plans.Learn what ERISA protects and its rules ERISA rules can be complicated. As such, they may deter some small business owners from setting up retirement accounts for their employees. In all likelihood, yes. You should seek out the help of an ERISA attorney for your case. Under ERISA, a pension plan is defined as a plan, fund, or program that provides retirement income to employees, or that results in a deferral of income by. It also focuses on setting up protections for individuals utilizing these plans. If you plan to file a claim using ERISA law, it is in your best interest to save all relevant materials as they relate to your case.