Theft or embezzlement from employee benefit plan
Official text prohibited actmental stateif conditionpenaltylegal term
Any person who , steals, or unlawfully and abstracts or converts to his own use or to the use of another, any of the moneys, funds, securities, premiums, credits, property, or other assets of any employee welfare benefit plan or employee pension benefit plan, or of any fund connected therewith, shall be , or imprisoned not more than five years, or both.
As used in this section, the term "any employee welfare benefit plan or employee pension benefit plan" means any employee benefit plan subject to any provision of title I of the Employee Retirement Income Security Act of 1974.
History: (Added Pub. L. 87–420, §17(a), Mar. 20, 1962, 76 Stat. 41 (PDF, 1.8 MB); amended Pub. L. 93–406, title I, §112(a)(2)(A), formerly §111(a)(2)(A), Sept. 2, 1974, 88 Stat. 851 (PDF, 37 MB), renumbered §112(a)(2)(A), Pub. L. 117–328, div. T, title III, §320(a)(1), Dec. 29, 2022, 136 Stat. 5354; Pub. L. 103–322, title XXXIII, §330016(1)(L), Sept. 13, 1994, 108 Stat. 2147 (PDF, 52 MB).)
Simplified explanation
It is a federal crime to embezzle, steal, or willfully take money or property belonging to an employee benefit or pension plan covered by the federal ERISA law (a law governing workplace benefit plans).