Why ERISA Was Enacted And How It Should Benefit You Today
The Employee Retirement Income Security Act of 1974 (“ERISA”) was enacted to protect you. Let’s explore how. Consider what life was like for those with retirement plans before ERISA. Companies could establish pension plans for their hardworking employees, motivating them to put their all into their jobs each and every day. But what if hard times hit unexpectedly? Everything had the potential to go south, with those at the bottom suffering the most. Potentially, one could have spent many years working and counting on their pension. However, the employer could break the promise of providing the pension benefits, in some circumstances, with little consequence.
While you previously may not have even known ERISA existed, once there is a dispute over your benefits, all that ERISA encompasses becomes much more relevant. Here are some examples of protections that ERISA provides:
Employers must provide retirement plan participants with information about the plan each year.
ERISA plan administrators must follow the plan’s vesting and funding rules.
Those responsible for administering the plan—plan fiduciaries—can be held accountable if they breach their fiduciary duty to you, the plan beneficiary.
If your benefits have been wrongly withheld or mismanaged, you have the right to an appeal.
Have your retirement benefits been wrongly denied? The ERISA attorneys at Chisholm Chisholm & Kilpatrick have successfully litigating cases against large businesses and insurance companies. We will work diligently to see that you receive the benefits you are owed. Call us now at 401-331-6300 or contact us online.
Category: ERISA Law