The Employee Retirement Income Security Act of 1974 (ERISA) requires that retirement plans be run solely in the interest of plan participants—and for their benefit exclusively—imposing legal and financial penalties if they aren’t. It outlines the rules that plan fiduciaries must follow—including for Taft-Hartley retirement plans—regarding participation, vesting, dissemination of plan information, and, in the case of pensions, benefit accrual. 

ERISA, along with the Internal Revenue Code, defines which retirement plans can take advantage of certain benefits, such as tax-deferred savings. These plans usually fall into one of two categories, defined benefit plans—such as traditional pension plans—and defined contribution plans, such as 401(k) and profit-sharing plans. Both types of plans can provide valuable benefits to members, as well as to employers.

First, you should know whether your plan is a pension plan, an annuity plan, or a 401(k) plan.

Second, you should know what benefits your plan offers, what rights members have to those benefits, and what features it makes available to them.  

Last, you should find out who's responsible for decisions about benefits, investments, and plan structure; these responsibilities may be the plan’s fiduciaries. In most cases, the trustees of the plan are the plan fiduciaries, responsible for managing the investments and administering the plan.

Start by reviewing your plan documents, which will identify the type of plan and the key features of the plan. Then pose any questions to your plan representatives or the plan’s service providers. Finally, your collective bargaining agreement may also contain important information about your retirement benefits.