The Employee and Retiree Access to Justice Act would ban mandatory arbitration clauses, class action waivers, and representation waivers in employee retirement plans covered by federal law. The bill makes it illegal for employers, plan sponsors, and plan administrators to require workers or retirees to agree to arbitration before a dispute arises, and severely restricts their ability to require arbitration after a dispute occurs by imposing strict conditions including a 45-day waiting period, written notice, and affirmative written consent. The legislation also prohibits provisions that give plan administrators broad discretion in benefit decisions, requiring courts instead to review such decisions from scratch rather than deferring to administrator interpretations. The changes take effect immediately upon enactment and apply to any dispute or claim arising after that date, though employers have until one year after enactment to update their plan documents to comply. The Department of Labor is authorized to issue regulations implementing these requirements.