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BS Law Exam IIQ6 - BS Law Exam II Q 6 James Tilley BAA 3210...

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BS Law Exam II, Q 6 James Tilley BAA 3210 The Employee Retirement Income Security act (ERISA) is designed to prevent fraud and other illegal action with private retirement funds. Employers are not required to offer any type of retirement plan for their employees. The retirement plan that Sam is offering is legal and is called a defined benefit plan. This plan promises a specified monthly benefit at retirement. Sam’s plan promise $1,000 per year for every year work. This plan puts the retirement amount in the employee’s hands as to how long they will work. The total year’s times $1000 divided by 12 months will equal their monthly retirement. Sam also stated that he will put half of the advanced retirement into the stock of the company retaining control and adding growth to the company. I think Sam’s ideas are online with a small business to encourage his employees to invest in the company and to work had to build their retirements.
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