Pros

• ERISA protects plan participants. ERISA requires plans to provide participants with plan information including important information about plan features and funding; provides fiduciary responsibilities for those who manage and control plan assets; requires plans to establish a grievance and appeals process for participants to get benefits from their plans; and gives participants the right to sue for benefits and breaches of fiduciary duty.
• Provides COBRA protections. Under ERISA plan participants are given the right to continue their health coverage for a limited time after certain events, such as the loss of a job.
• Provides HIPPA protections. Under ERISA, HIPPA provides important protections for working Americans and their families who might otherwise suffer discrimination in health coverage based on factors that relate to an individual's health.
• ERISA establishes standards of conduct for employers and makes protections for employees, even if the organization becomes insolvent. 

Cons

• The organization would need to file Form 5500 and would be responsible for all ERISA administration duties. (However, the organization could hire a TPA to handle administrative tasks and disclosures). 
• If the organization is a church sponsor, they would also need to attach a written statement to either the Form 5500 that is filed for the first plan year for which the election is effective or a written request for a determination letter relating to qualification of the plan. This is the only way they elect ERISA coverage.