The Employee Retirement Income Security Act (ERISA) defines the rules that protect employees and their benefits. It includes 401(k) plans, retirement plans, severance plans, healthcare, and disability insurance. Under the ERISA Act and its amendments, you are eligible for protection of these benefits as an employee. However, some situations arise where your employer may overlook your rights.
Contact an ERISA attorney if you find yourself in the situations listed below.
1. To Break Down ERISA Laws
The regulations on ERISA are complex and challenging to understand. Moreover, they are rigid in terms of definitions to prevent room for error. Thus, when an employer hands you ERISA compliance-related information and documentation, you may not be able to follow the description and understand its claims. Therefore, a lawyer comes in handy to help you interpret the meaning.
An ERISA lawyer will come in handy to help you understand pension and health plans, features, and funding. ERISA outlines the fiduciary responsibilities of the managers of your plan assets to ensure compliance on investment decisions, diversification of investments, and reducing expenses. However, the technical terms present may discourage you as you might not understand what gets stated.
ERISA requires mandatory procedures in outlining the information that your employers must follow. However, instead of this information overwhelming you, you can always consult an ERISA attorney to break down these requirements into a form you can understand.
2. To Handle Funds Mismanagement
Situations can arise where employers embezzle employee funds, improperly charge pension plans, or cause losses on 401(K)s. This may be because of malice or mistakes in processing your finances. If your data is incorrect, you should speak with an ERISA attorney.
The ERISA provides various protections that make it easy for you to get disability benefits. It outlines information on whether you are eligible for benefits, guidelines on changes to your benefits, and the health conditions the plan covers. An employer violates ERISA laws if they do not abide by these rules as outlined.
Another situation can happen when plan managers fail to act in your best interest. For example, this issue arises when you have incurred investment losses in a pension plan you were not warned of. Again, if you feel your investments went unmonitored, neglected, and mismanaged, you can hire an ERISA advocate to protect your rights and interests.
Your employer can face civil and criminal penalties depending on the circumstances. However, you will need the expertise of an advocate to ensure you recover your benefits and their interests.
3. To Handle ERISA Case Proceedings
ERISA claims are common scenarios where you require an attorney. In addition, these claims need considerable investment in an attorney's time, effort, and experience. An ERISA lawyer represents you in your claims. In such cases, you must use proper communication channels, as you might need the documents you used for future reference.
An ERISA lawyer is responsible for collecting all evidence to support your claims. Their benefit is that they can build your arguments regarding breach of contract, bad faith, or fraud. They offer you discretionary authority and control over the information you provide in a court of law. In addition, they protect you from intimidation and ensure fairness in how your shares get treated.
Conclusion
It is advisable to consult an ERISA lawyer for all your ERISA-related questions, concerns, and claims. In particular, you do not need to hire an ERISA lawyer to get help with some of your questions. Also, some advocate companies offer specialized lawyers for specific sections within ERISA. Whether you need formal or informal aid, you can consult The Law Offices of James B. Gillespie, Jr., PLLC, and get your needs sorted.
