ERISA is a federal law that sets minimum standards for voluntarily established pension and health plans. ERISA's definition of "fiduciary" basically encompasses three categories of responsibility or activities with respect to an employee benefit plan.ERISA is one of the most important federal laws protecting the interests of participants in employee benefit plans and their beneficiaries. It governs how employers must handle all employee's benefits, from the front line worker all the way up to the CEO. Plan's Notice of Privacy Practices. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.