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When you have an employer that offers a pension plan, whether you contribute to the pension plan from your earnings or not you should know how it operates. In fact, your employer or pension plan administrator is required to give you a booklet, called a ‘Summary Plan Description,’ describing your rights, so you can start by reading this book.
→ Read MoreERISA protections, which are mandated by federal law, specifically prohibit employers from terminating employees prior to the vesting of their retirement plans in order to avoid the payment of a pension or the issuance of other pension benefits to the employee.
→ Read MoreIf you have a retirement plan with an employer, and are then fired from the company, that employer can’t take away any money you have contributed to the retirement plan in the case of a 401(K). In the case of a pension plan where the employer is also contributing to your retirement fund, i.e. through a contribution-matching program or other clause, it’s possible that the employer is legally allowed to take back any contributions they have made to the fund. Whether or not your employer will have the ability to do this will depend on whether you are vested in the retirement plan.
→ Read MoreWhether or not your employer needs to provide you with health insurance while you are off on workers comp is a very complicated question to answer, and one you are going to need a lawyer for. While many states, including Alabama, Alaska, Colorado, Connecticut, Florida, Kansas, Maine, Rhode Island and Washington DC have laws mandating that employers either pay for health insurance for workers comp employees or compensate for lost health insurance benefits along with lost wages, ERISA or the Employee Retirement Income Security Act of 1974 preempts these state laws. Thus, you will need to determine if you and your employer are covered by ERISA.
→ Read MoreAbsent a union contract, or an agreement that runs to the benefit of the employees (such as an employment agreement), employers are generally able to change the employer sponsored insurance policy at any time, with or without permission of employees. Employers never have to put the issue to a vote of employees, and while they are compelled to act in accordance with ERISA and other laws, there is no obligation to stay with the same insurance company for the employer sponsored insurance.
→ Read MoreScams & schemes involving Internal Revenue Code Section 412(i) pension plan fraud have taken many business owners by surprise. Told by insurance companies that contributions to their employee retirement plans could be up to ten times more than a traditional plan, and that withdrawing up to 80% of funds could be done on a pre-tax basis, business owners say that they were taken’ all for big insurance company commissions.
→ Read MoreCompanies who set up IRS Code Section 419 Welfare Benefit Plans that were funded by life insurance are finding they’ve got big problems. Although insurance agents told business owners that their contributions would be tax deductible, they’re actually reportable transactions – which has left many companies owing taxes they simply can’t pay.
→ Read MoreBank of America and its mortgage lender subsidiary, Countrywide Financial Corporation, have agreed to settle a class action lawsuit which alleged that California based Countrywide violated ERISA (Employee Retirement Income Security Act) by misleading employees about its financial situation and causing their pension / 401(k) funds to plunge. While they settled their case for $55 million, how can you tell if you have an ERISA case?
→ Read MoreThe term vesting means that a secured right is in place and cannot be taken away. Vesting commonly refers to whether or not the money that has been set aside for you in a retirement plan is yours to keep if your employment is terminated.
→ Read MoreWhether your pension benefits are taxable depends on several factors. Your pension benefits can be fully or partially taxable depending on how and when you contributed to the fund. It is also important to note that employer-funded pensions are treated somewhat differently than IRA and 401(k) accounts.
→ Read MoreFind the right lawyer for your legal issue.
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