Pensions and Benefits Lawyers

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Pensions and Benefits

A pension plan is a form of retirement plan where an employer contributes to a fund for employees' retirement. Retirement plans are a major incentive for employees to stay with the same company for a long time.

Legal issues concerning pension plans usually arise when an employee leaves a company.  

Employee Benefit Programs

An employee is often eligible for a wide variety of benefits programs that come with their employment. The employer pays some of these benefits programs, while others require a contribution from the employee. An employer should let the employee know how long they need to work at the job before they are eligible for the benefits.

Employee Pension Programs

A pension is a monetary compensation from the employer after the employee retires. There are two primary types of employee pensions:

Who Can Participate in the Employee Pension and Benefit Plan?

Federal law allows employers to exclude some employees from retirement plans. For example, an employer can reserve retirement benefits exclusively for salaried employees.

To qualify for a pension program, employees must generally wait for their rights to the plan to vest. Rights usually vest when an employee has worked five to ten years with the same employer. An employee can lose the rights to the pension if they leave the job before the rights have vested.

Once the pension has vested and the employee has rights to the money, the employee can either keep the money in the pension account until the employee retires, or remove the money early. If the money is removed before the age of retirement, tax penalties will result.

Protection of Employee Pension and Benefit Plans

The Employee Retirement Income Security Act (ERISA) was created to monitor health plans and pensions offered by private employers. Specifically, ERISA provides protections to health plan recipients and beneficiaries by requiring employers to maintain and manage plans appropriately. ERISA ensures compliance through monitoring and prosecution of violators and empowers plan members and beneficiaries to file claims for ERISA violations when necessary.

Do I Need an Experienced Pension and Benefits Attorney?

ERISA is complicated because it regulates many aspects and details of contribution and defined benefit plans. An employment lawyer can assist an employer in creating a pension plan that complies with ERISA. A lawyer can also assist an employee or beneficiary of a health or pension plan if any difficulties arise with the employer administering the plan.

Vea esta página en español: Pensiones y Beneficios o visita para más información legal.

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Last Modified: 03-31-2017 02:12 AM PDT

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