Which of the following areas of state regulation is NOT protected by the savings clause in ERISA?

The correct understanding revolves around the savings clause in the Employee Retirement Income Security Act (ERISA), which serves to protect certain state regulations from being preempted by federal law. The savings clause specifically indicates that ERISA does not preempt state laws that regulate insurance, banking, or securities, meaning states retain the authority to regulate these areas.

Commerce, on the other hand, is not included under the protections of the savings clause. This means that regulations pertaining to commerce may be preempted by ERISA, allowing for fewer state-level regulations in that area, thus distinguishing it from the other options like insurance, banking, and securities, which enjoy specific protections.

This distinction is crucial for understanding the balance of state and federal powers, as it underscores how ERISA interacts with various sectors within the economy.