ERISA is a federal law that sets minimum standards for retirement plans in private industry. ERISA does not mandate that employers provide pensions or health plans, but it sets standards for those who do.Title I of ERISA is generally applicable to "pension plans" and "employee welfare benefit plans. To the extent that an ERISA plan pays directly out of plan assets (a "self-funded plan"), it is exempt from state regulation. Specifically, Code section 413(c) addresses the taxqualified status of certain pension "plans" that cover the employees of multiple employers. In addition, FRS members must contribute 3 percent of their salary towards their retirement benefits.