A company is not required to offer a retirement plan, however there are numerous laws and regulations ("rules") related to these plans. Retirement plans in the United States are regulated by he Department of Labor ("DOL") and the Internal Revenue Service ("IRS"). There are rules which must be followed should a retirement plan be offered to employees related to the manner in which the benefits are offered to employees. There are also rules which must be followed should an existing retirement plan be terminated by the company. While the company is allowed to terminate a plan, there are rules governing the manner in which this must be done, and typically existing vested employee benefits related to the plan must be preserved.
Your company cannot "do away with" vested retirement benefits
in the sense of taking those benefits away or making them disappear.
"Vested" means that you now own or are entitled to those benefits. However,
there's nothing preventing a company from making changes or winding down a
retirement plan, provided they follow the rules in doing so. The rules will
differ depending on if its a defined-benefit pension, a defined contribution
plan such as a 401(k) or profit sharing plan, or a small business retirement
plan such as a SIMPLE IRA or SEP-IRA. For
further information, here are some FAQs about
retirement plans from the US Department of Labor.
Hope that helps.
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