ERISA, or the "Employee Retirement Income Security Act," is a federal law designed to protect employees who participate in employer-sponsored health and retirement plans. The law establishes standards to prevent mismanagement of these plans. Key requirements under ERISA include:

1. Providing participants with information about plan features and funding.

2. Assigning fiduciary responsibility to designated individuals who must manage the plan assets according to strict rules.

3. Implementing a grievance and appeals process for participants.

4. Allowing participants to sue for breaches of fiduciary duty.

ERISA applies to various employee benefit plans like health insurance, pension, and profit-sharing plans. Although it doesn't require employers to create these plans, it regulates their management to ensure the protection of employees' investments. Ultimately, ERISA's goal is to safeguard employees from any potential negligence or mismanagement by their employers.