Understanding ERISA New York Retirement Issues

Understanding ERISA New York Retirement Issues 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. It secures certain rights for 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. It only applies to private, for-profit companies.  If your company offers a retirement plan, they are legally obligated to provide their workers with clear information and resources about accessing and claiming benefits. If your company is impeding your retirement by not providing clear instructions on navigating their retirement plan, they are violating ERISA. An attorney can help you fight your employer and earn the benefits you are entitled to. 

A skilled ERISA attorney can: 

• Help you access and understand your retirement plan
• Protect you, your funds, and your ability to access your retirement money
• Set a precedent. Workers will not tolerate a company standing in the way of their retirement benefits.
• Ensure that future workers will not 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

If your employer improperly denied paying you the compensation guaranteed under their plan, that would be an example of a breach of benefit under ERISA. That violation would be considered a breach of fiduciary duties under ERISA. 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. According to ERISA Section 3(21), they also give investment advice regarding plan assets for direct or indirect compensation. 

Contact a New York ERISA Lawyer

If you are already encountering some of these issues, don’t hesitate to contact 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.