ERISA is a federal law that sets minimum standards for retirement plans in private industry. This guide is intended to provide basic information about the New York State Teachers' Retirement.ERISA is a federal law that covers administrative aspects of employee benefit and retirement plans. ERISA covers most employer-sponsored retirement plans. But public employee plans, such as the state pension plan in answer "B," are exempt from coverage. Plan fiduciaries should acknowledge and understand their roles, and should take part in initial and ongoing fiduciary training. It's important not to overlook. A Summary Plan Description (SPD) describing their rights, benefits, and responsibilities under the plan in understandable language. Form 5500 is filed with the DOL and contains information about a 401(k) plan's financial condition, plan qualifications, and operation.