The Employee Retirement Income Security Act (ERISA) was enacted in 1974. It governs how private employers and pension or insurance companies must administer employee benefit plans. The law does not require an employer to provide its employees with any particular benefits; instead, it mandates that once an employer decides to offer such a plan, it must be run in accordance with certain standards designed to protect the interests of employees and other plan beneficiaries (such as family members). ERISA governs benefits such as pension plans, health and disability insurance, death benefits, severance plans, plans providing pre-paid legal services, scholarship funds, apprenticeship and training programs, and employer-operated day care centers. ERISA does not cover plans that are required and administered by state laws, such as workers' compensation or unemployment compensation (sometimes known as reemployment insurance).