What type of plans does ERISA cover?

The choice highlighting qualified pension plans and group insurance accurately reflects the scope of the Employee Retirement Income Security Act (ERISA). ERISA primarily regulates employee benefit plans, which include both defined benefit plans (such as traditional pension plans) and defined contribution plans (like 401(k) plans). Additionally, it covers group health insurance plans that provide health benefits to employees.

What makes this choice the correct one is that ERISA specifically addresses the management and protection of these types of employee benefits, ensuring that employees are informed of their rights and that their benefits are secure. While ERISA does not cover all employee benefits, such as certain welfare plans or fringe benefits, its focus remains on the types mentioned in this option, making it a fitting representation of the law's coverage.

The other choices do not fully capture the extent of ERISA's regulations. For example, saying that ERISA covers only group health insurance plans overlooks the significant aspect of pension plans that are also included under ERISA's umbrella. Similarly, stating that it covers all employee benefits disregards the specific criteria and definitions established by the act, while stating it's limited to savings accounts misrepresents what ERISA regulates.