An acronym that we often hear but is rarely explained is ERISA. If you work for a company that offers a benefits package, especially if it includes a retirement plan, you should familiarize yourself with ERISA and how it protects you.
What does ERISA stand for?
ERISA stands for the Employee Retirement Income Security Act of 1974.
What is an ERISA plan?
An ERISA plan is a pension plan designed by an employer to provide retirement income to retirees. It can also be a welfare plan that provides income to employees in the case of unexpected needs due to medical, accident, disability, death or unemployment situations.
Does ERISA protect my rights as an employee?
Yes, ERISA protects employees in the case of mismanaged or unethical practices by employers. If you feel that you have reason to question your ERISA rights contact an attorney. Do not delay, as ERISA statute of limitations can hinder your ability to seek restitution.
Will it cost money to pursue my ERISA rights?
ERISA lawsuits are generally tried at the federal level, and you would probably require the assistance of an attorney. However, ERISA generally allows you to receive reimbursement for attorney’s fees in the case where you are vilified in court.
For additional information about your ERISA rights contact a trusted attorney.