In the State of New York, as in other states, there are different pension plan types. Pension plans are usually related to an individual’s employment.
When an individual has a pension plan, their employer will take some of their funds and invest them on behalf of the individual with the pension plan. When the individual retires, they can receive a certain amount of their funds, as well as the funds that were earned from the investment.
This money, which includes the amount the employee was due in addition to their investment income, is called retirement income. It is common for this income to be guaranteed until the employee dies.
There are differences between pension plans and retirement plans, as well as similarities. An individual may be able to obtain some retirement plans through their employer, such as a 401k.
401ks and similar plans make the employee responsible for contributing to their own retirement plan. The employee also chooses their own retirement investments.
In contrast, a pension plan will provide an employee with a specific income amount when they retire. With these plans, the risk of the investments sit with the employer and not the employee.
For more information about the types of retirement plans available in New York, including pension plans, it is important to have a legal consultation in New York.
What Are Pension Plan Disputes?
Pension plan disputes are issues that come up related to an individual’s pension plan. They often involve a former employer and a retiree, but they can also include other individuals or parties.
Some examples that commonly arise involve disputes about denial of benefits, insurance, taxes, or other related issues, and disagreements about the timing or amount of the payment. Many disputes involving payment may arise due to calculating the retiree’s years of service, salary, or other factors.
Retirement benefit disputes can also apply to pension plans, such as premature or forced retirement. These issues can affect the status of a worker and, therefore, their retirement.
An employee’s pension plan benefits can often be given to immediate family members, such as spouses, when they pass away. Because of this, in a divorce, these pension benefits may be at issue.
A New York pension plan lawyer can help an individual with any type of pension plan question, concern, or dispute that they have. An attorney with experience in pension plan cases will have an understanding of the laws that apply to pensions and will be able to give advice on the next steps to take.
How Are Pension Plan Disputes Resolved?
When there is a dispute involving a pension plan, it may be resolved in different ways. There are laws that employers must follow to ensure these plans are properly funded, including the Pension Protection Act of 2006 (PPA).
The Employee Retirement Income Security Act (ERISA) also applies to pension plans. It governs pension plans for those working in the private sector.
ERISA sets forth the minimum standards for pension plans so they are not unfairly revoked or denied. Both ERISA and the PPA protect employees when their plan cannot provide all of the benefits to which they are entitled.
When disputes do occur, typically the worker must start trying to resolve them through the human resources department at their employer or former employer. If the dispute cannot be resolved through this department, an individual may be able to file a claim in court to recover their lost benefits.
What Are the Claim Procedures for a Pension Plan Dispute?
To begin the process of resolving a pension plan dispute, an individual should follow the requirements outlined in their plan summary. This may require the individual to file a complaint with their plan administrator, wait for a response, and then take further legal action.
Pension plans are required to have procedures for resolving claim disputes. If an individual files a claim, they have to get a written decision about their issue in a reasonable time frame.
What is a reasonable time frame will depend on the type of plan they have and the nature of their claim. After they receive their written decision, they have 60 days to appeal in writing.
The individual’s pension plan summary will provide them with the proper procedures for filing an appeal. If the individual’s appeal is also denied, they may be able to pursue a claim in federal or state court.
Even though it may be possible for the individual to handle internal claims and appeals on their own, having a lawyer involved as early as possible increases the chances of success. A New York pension plan lawyer can communicate with the individual’s employer as well as handle their claim, appeal, and lawsuit.
If an employee is successful in their claim, their employer may be required to review and change their pension plan policies as well as provide the individual with the benefits they are due. If the employer engaged in misrepresentation or fraud, they can also face criminal charges.
It is important to consult with a New York lawyer to find out more information about the ways a pension plan dispute can be handled.
Do I Need a Lawyer for Help To Resolve a Pension Plan Dispute in New York?
Whenever you have any questions about your New York pension plan or any type of dispute, you can reach out to a New York workers’ compensation lawyer for help and advice. Your lawyer will help provide you with the best possible chance for an efficient and successful resolution for your issue.
Your New York pension plan attorney can help you understand your benefits, benefit calculations, and ensure your beneficiaries are properly named. If you do have to take your employer to court, your pension plan lawyer will appear with you and speak on your behalf.
If you are concerned about having your pension plan included in your estate plan, a lawyer can help ensure it is properly included in your will. In addition, if you are going through a divorce, your lawyer can ensure that your benefits are protected and fairly divided, if necessary.
Your New York pension plan attorney may also be able to encourage your employer to resolve the issue outside of the courtroom, saving everyone time and money. You can find a New York pension plan attorney who fits your needs and budget in as little as 15 minutes using LegalMatch’s no cost lawyer matching services.
After you submit your question or concern on the website, you will get messages from member pension plan attorneys near you in New York who are licensed, pre-screened, and ready to begin working on resolving your issue. With each response, you can see the attorney’s fees, background, and previous client reviews.
There are also many LegalMatch lawyers who offer free consultations, which means you can discuss your concerns with several New York attorneys before determining who is the best fit for you. Whether you just need help understanding your pension plan or you are having trouble obtaining your benefits, take a few minutes today and let LegalMatch do the work of finding a lawyer in your area of New York who can help you resolve your pension plan concerns.
