What do you know about the ERISA Act and how it can affect you and your pension plan? ERISA is the acronym for the Employee Retirement Income Security Act of 1974. This act covers the rules, regulations, and minimum standards that are required for private industry pension plans. The ERISA Act was signed into law by President Gerald Ford on September 2, 1974.
The main goal of the ERISA Act is the protection of the interest of employees and their benefit plans. It requires that all financial information is to be disclosed to any and all plan beneficiaries. The ERISA Act also includes a code of conduct for plan fiduciaries. It also includes legal remedies that can be made through the federal court systems.
There are certain benefits that are guaranteed to be paid under the ERISA Act. Retirement and pension plan participants are also to receive information about the funding of their individual plans. One of the rules of the ERISA Act states that a summer of the plan must be give to employees within 120 days of the activation of the policy.
The ERISA Act is becoming increasingly important because statistics show that one third of disabled Americans are over the age of 65. These people often seek the assistance of disabilities lawyers due to employers attempting to reduce or discontinue benefits. Sometimes employers will claim that the benefits have been overpaid, and are demanding repayment.
Under the ERISA Act, plan beneficiaries can sue for benefits or breaches of fiduciary duties. This rule is important to those who have seen their benefits reduced or eliminated.
If you think that you are qualified for benefits, or you have been denied, you should find an attorney who is experienced in working with the ERISA Act and ERISA Laws. Due to the complexities of these rules and regulations, it will be to your benefit to have legal representation. For instance, an employer may not actually be trying to skirt the ERISA rules, but rather just does not understand the laws and is looking for a way to reduce costs by eliminating disability payments.
The only way to find out if you are eligible under the ERISA Act is to discuss this with a qualified attorney.
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