When someone suffers an injury, it can be devastating to their career. Oftentimes people find that an injury prevents them from working in their field at all, either because they are physically incapable of doing so or because they can no longer efficiently do so. These injuries don’t mean the end of a person’s financial stability, however. The Employee Retirement Security Income Act of 1974 was enacted by Ford on September 2nd, 1974, and allows the IRS, the Department of Labor, and the Pension Benefit Guaranty Corporation to enforce standards for compensation. This applies to both those who are injured and those who are eligible to retire, of course. While for many this is the end of the story, some other people are later challenged by their former employers about their compensation in an attempt to lessen or remove it. There is no need to submit to these demands without a fight, however. Whether you are trying to get compensation or retain compensation, ERISA is there to protect you. Here are three things you may not know about the relationship between a company and its former employee:
1. The ERISA Laws Spell Out Everything
The ERISA act sets a minimum standard for pension plans, which is where many people start and stop looking at it, but it also describes the full set of laws and regulations for all sorts of employee benefit plans. It isn’t just the place to look for whether or not you are eligible to receive benefits; it is also the place you would look to see if your employer is acting completely up to ERISA requirements, what the punishment might be for a specific infraction, and whether it would be worth investing in a lawyer to fully pursue this option. Speaking of lawyers…
1. You Can Sue for Your Rights
ERISA allows people who operate within it the right to sue either to gain benefits or to punish the employer for not acting in accordance with the ERISA requirements. Oftentimes this can mean restoring the benefits that were put into jeopardy as well as securing an additional financial compensation for the breach. It is important to be sure that you are making the strongest case you can, since this is also a fight for lifetime financial security; ERISA requirements are ultimately there to protect you, but you need to be sure that they are being used in the best way possible for you. That is why it is important to know that…
3. There Are Lawyers Specifically for You
There are many lawyers that specifically study ERISA law just because it is so important. It would be very useful to make sure that you seek out one of these lawyers because they are the people who are most familiar with ERISA requirements and how they have been used and spoken about in the past. These lawyers will be your best bet at securing a financially stable future. Did you learn anything new about compensation plans? Check out this site for more: herbertmhill.com
