What Are Your Rights Under ERISA Law

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You were injured on the job site, but you are having trouble getting a hold of your former employer. It might be time for you to figure out what is ERISA Law. Getting the right settlement is crucial to your long-term financial success, contact a lawyer who has a strong understanding of ERISA Law.

The ERISA Act was enacted in 1974 and establishes minimum standards for pension plans in private industry and provides for extensive rules for federal income tax effects associated with employee benefit plans. ERISA was originally developed to protect pension and retirement plans in the United States. The Department of Labor recommends you review your SPD to make sure you are entitled to receive your plan’s benefits, and meet all the requirements. Millions of Americans are injured at work every year. According to the Social Security Administration, there were 8,827,795 Americans receiving disability benefits in 2012. Unfortunately, too many people do not know the ERISA requirements and it can lead to financial ruin.

ERISA requires plans to provide participants with important information about funding, and regulations on a regular basis. It is important for the claimant to remember the latest time to hire an attorney is during the appeal of a benefit denial. It would be best for the claimant to consult with an attorney before the application is made. The attorney must be involved soon after a denial of benefits occur. ERISA does not require that plans provide a minimum level of benefits. Under ERISA, pension plans must provide for vesting of employees pension benefits after a specified number of years.

Under ERISA, a benefit denial letter must include “the specific reason for such denial, written in a manner calculated to be understood by the plan participant.” ERISA can be a complicated law if you do not know your rights. There are parts of the ERISA law that favor the company, so make sure to work with a trained legal professional. Congress seemingly passed a statute to protect an employee, but it does not. The statute is a trap for the unwary and favors the employer.

It is important for you to work with a trained legal professional if you want to know your rights in a ERISA Law case. ERISA Law is complicated and it can be easy to lose a judgement to a strong company. Make sure to meet with the right lawyer and protect yourself in an ERISA Law case. Read this website for more information.

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