ERISA does not require any employer to establish a retirement plan. It only requires that those who establish plans must meet certain minimum standards.ERISA is a federal law that implements standards for certain employer-sponsored retirement and health plans. Plans covered under ERISA include 401(k)s, pensions, deferred compensation plans and profitsharing plans. Here's what you need to know. As an "employer," a group or association, as well as a PEO, can sponsor a defined contribution retirement plan for its members. We've outlined some key best practices to help fiduciaries navigate their plan governance, investments, operations, and other duties.