Understanding ERISA New York Retirement Issues
Posted on Monday, December 30th, 2019 at 4:05 pm
If you are planning to retire or are currently in the process of claiming retirement benefits, there are a few common retirement issues that you should understand.
The Employment Retirement Income Security Act (ERISA) was passed in 1974 to secure certain rights to retiring workers of private companies, but employers sometimes make it difficult to understand retirement plans. It must be noted, however, that retirement plans provided by the government or religious institutions don’t fall under the protections of ERISA, which only applies to private, for-profit companies.
If your company offers a retirement plan, then they are legally obligated to provide their workers with clear information and resources about how to access and claim benefits. If your company is impeding your retirement by not providing clear instructions on how to navigate their retirement plan, they are violating ERISA. An attorney can help you fight your employer and earn the benefits that you are entitled to.
A skilled attorney can:
- Help you access and understand your retirement plan
- Protect you, your funds, and your ability to access your retirement money
- Set the precedent that workers will not tolerate a company standing in the way of their retirement benefits, ensuring that future workers will not have to endure the same difficult process
Additionally, under ERISA, companies are obligated to:
- Provide workers with necessary benefits calculators and information
- Give participants the ability to sue for breach of benefits or fiduciary duty
An example of a breach of benefit under ERISA would be if your employer improperly denied to pay you the compensation guaranteed to you under their plan. A fiduciary is a person named in the company’s ERISA paperwork who has authority over the administration of the plan and the plan’s assets or gives investment advice regarding plan assets for direct or indirect compensation, according to ERISA Section 3(21).
Contact a New York ERISA Lawyer
If you are already encountering some of these issues, don’t hesitate to reach out to an expert retirement issue attorney to help you navigate the complicated legal process. The professionals at Hach & Rose, LLP have over 100 combined years of experience fighting retirement-related cases and can help you win the benefits you are entitled to. Call our office at (212) 779-0057 to discuss your legal options today.