ERISA sets minimum standards for pension plans primarily in which industry?

The Employee Retirement Income Security Act (ERISA) establishes minimum standards for pension plans in the private industry. This legislation was enacted to protect the interests of employee benefit plan participants and their beneficiaries by setting out specific reporting and disclosure requirements, as well as fiduciary responsibilities for plan administrators.

The primary focus of ERISA is on private-sector employee benefits, which includes a variety of retirement plans, such as defined benefit plans and defined contribution plans. Its regulations ensure that employees retain certain rights to their pension benefits and that these benefits are appropriately funded.

In contrast, ERISA does not apply to government plans, which are instead governed by other regulations, such as those established by the state or federal government. Public sector employees and plans that fall under the jurisdiction of local, state, or federal governments do not fall under ERISA’s umbrella. Similarly, while manufacturing companies can have pension plans subject to ERISA, it's the private sector broadly that the act is particularly designed to regulate.