The Employee Retirement Income Security Act (ERISA) is a federal law established in 1974 that provides protection to workers with employer-maintained pension plans. ERISA regulations protect your retirement funds by requiring certain information to be disclosed as well as adequate funding and guaranteed payments of benefits.
Unfortunately, there are many cases where ERISA regulations are not upheld, either by your employer or by the insurance companies. A St. Louis ERISA lawyer can help you fight these cases should any misconduct arise in relation to your employee benefits.
Who and What are Protected by ERISA Regulations
The ERISA regulations protect pension plans in private industry from being unfairly maintained. They are effective for any pensions that began on or after January 1, 1975. The ERISA regulations do not mandate that all employers establish pension plans, they only regulate the conduct for those that choose to do so.
If your employer has established a pension plan for your benefit, the ERISA regulations protect you and your family or beneficiaries. Your rights to disclosure about the pension plan information, standards for funding, accountability of fiduciaries, entitlement to benefits, and how the plan is handled upon your death are all parts of the ERISA regulations.
ERISA Regulations Give You Access to Information
The ERISA regulations not only require your pension plan to furnish certain pieces of information about your plan on a regular basis, but also give you the right to request information at any time. When you need to file a claim in relation to a violation of your employee rights your St. Louis ERISA lawyer may use this right to obtain the information necessary to validate your claim.
ERISA regulations also allow you the right to sue for benefits and breaches of fiduciary duty. The actions of the pension plan's fiduciary members must be monitored and if they are found to have breached their responsibilities to the plan they must be held accountable. You are entitled to the information regarding their conduct in managing the pension plan and providing investment advice, and should you need to file a grievance against the plan, a St. Louis ERISA lawyer can help.
Participation Requirements Set Forth by ERISA Regulations
There are minimum standards for participation that both the employee and pension plan sponsors must follow to satisfy ERISA regulations. As an employee you must work a certain amount of time for an employer before becoming eligible for participation in a pension plan.
The ERISA regulations specify the timeframe in which an employer must offer their pension plan vesting to an employee, when benefit eligibility becomes available, and the rights to those benefits. The law also regulates the funding rules that define how the pension plan sponsors must provide funding to the plan.
If there are any breaches in these requirements, a St. Louis ERISA lawyer can help you file a claim against the parties responsible for ERISA violations. The ERISA regulations help secure your right to certain benefits if the plan is terminated or if you experience difficulty filing for benefits such as disability through your pension plan.
Protecting Your Pension Plan Benefits With a St. Louis ERISA Lawyer
While most workers don't worry about their pension plan until it's time for retirement the truth is you may need to access benefits earlier than that. In cases of disability, most pension plans have a disability benefits program to help you and your family cope financially with early retirement due to disability.
Unfortunately, in some cases these benefits are not easily obtained, and require the guidance of a St. Louis ERISA lawyer to secure. An experienced St. Louis ERISA lawyer can help explain the ERISA regulations to you and apply the law to your own specific case.
Cases involving instances of ERISA violations are shrouded in lots of legal red tape and difficult-to-decipher legislation. It's easy for a worker to miss out on some of their ERISA regulated benefits - including disability benefits - if they are unaware of the full breadth of their rights. A St. Louis ERISA lawyer can work hand-in-hand with you to determine whether you are receiving your full benefits under the law.
Contacting a St. Louis ERISA Lawyer to Protect Your Rights
If your ERISA-controlled disability benefits, life insurance or accidental death benefits have been unfairly denied it's important that you seek legal guidance from a St. Louis ERISA attorney who understands the intricacies of these very complex cases. The Missouri ERISA attorney team at Bollwerk & Associates, LLC fights for Missouri workers. Contact us today - 314-794-5252.