ERISA is a federal law that sets minimum standards for retirement plans in private industry. ERISA is a federal law that establishes the requirements for some voluntary retirement and health plans in the private sector.This GRIST provides a basic primer on ERISA's preemption of state laws, including various exceptions, exclusions and court rulings. "Alternative investment. " An investment in a private equity fund, private debt fund, venture fund, real estate fund, hedge fund or absolute return fund. In reality, ERISA can apply to benefit plans of nearly every shape and size, including those established under individual employment agreements. ERISA's "Prudent Man". Rule changed (1979).