South Carolina Life and Health Practice Exam 2025 – 400 Free Practice Questions to Pass the Exam

The correct choice is pension plans because they are specifically governed by the Employee Retirement Income Security Act (ERISA) of 1974. ERISA was created to set minimum standards for pension plans in both the private sector and in some cases, health benefit plans, ensuring that participants receive the benefits they are promised. This includes requiring plans to provide information to participants, establishing fiduciary responsibilities for those who manage and control plan assets, and ensuring a grievance and appeals process for participants to receive their benefits.

In contrast, workers' compensation plans, unemployment insurance plans, and health and safety plans are generally regulated by state laws, not by ERISA. This means they do not receive the federal protections and regulations imposed by ERISA, which specifically addresses private pension and health plans to secure the benefits for employees. By understanding these distinctions, one can see the unique role that ERISA plays in the landscape of employee benefits, particularly regarding pension plans.