ERISA is one of the most important federal laws protecting the interests of participants in employee benefit plans and their beneficiaries. ERISA contains various standards that a plan must meet in order to receive favorable tax treatment, and also governs plan termination.ERISA is a federal law that governs most employersponsored group benefit plans and sets the minimum standards of protection for plan participants. This GRIST provides a basic primer on ERISA's preemption of state laws, including various exceptions, exclusions and court rulings. As an "employer," a group or association, as well as a PEO, can sponsor a defined contribution retirement plan for its members. ERISA requirements address the federal income tax effects of transactions associated with employee benefit plans. Fifty years later to the day, ERISA still stands as landmark law in the pension and retirement space. But not all employee benefit plans fall under ERISA. The law does not require employers to establish a pension plan, and it does not set a minimum amount of benefits that an employer must offer.