ERISA

These days, health care, pensions and retirement plans can cause a lot of headaches- people close to retiring are figuring out that they don’t have enough saved up, or economic downturns have caused them to lose half of their earnings. The Employment Retirement Income Security Act, or ERISA, was signed into law in 1974. ERISA doesn’t require companies to provide pension or retirement plans; rather it requires that those companies who do offer such benefits, including health plans, meet a variety of standards.

As benefits start to dwindle and shift due to cutting costs, it is more vital than ever to start to learn and understand your benefits and your rights to them. Understanding ERISA and how it affects you is the first step in ensuring that you receive all the benefits you are entitled to.

What is ERISA?

ERISA is one of several labor laws protecting employees that have been enacted in the last 30 years. These laws are designed to provide job, benefit and retirement protection to employees. ERISA provides protection to you by:

• Requiring disclosure of financial and other information regarding your benefits plan
• Establishing minimum standards for plan fiduciaries, or trustees
• Providing appropriate access to federal courts
• Providing the vesting of employees’ pension benefits after a certain number of years

Under ERISA you are entitled to information on how to file your insurance claims. If your claim for benefits is denied, under ERISA you have certain rights that must be met. The reasoning for the denial of your claim must be provided to you in writing in a manner that is comprehensible to you. An opportunity for a reasonable review of the decision must also be provided.

Why do I Need an Attorney for ERISA?

ERISA, like other labor laws passed, is complex and extensive. It has caused a lot of confusion regarding what it entails and guarantees to employees. An attorney who is familiar with labor laws is your best opportunity to guide you through the legal challenges and paperwork that filing a claim requires. There are typically two types of claims: benefit claims and fiduciary breach claims.

Benefit claims deal with issues surrounding:

• Health care
• Disability
• Life insurance
• COBRA
• Vacation

Fiduciary breach claims occur when your financial retirement plans are mismanaged by poor investment choices or when they are incorrectly represented to you.

If you feel like your benefits are being denied to you under ERISA please visit the website of The Cochran Firm to meet with any one of our qualified attorneys at offices nationwide.

If you feel like your benefits are being denied to you under ERISA please visit the website of The Cochran Firm to meet with any one of our qualified attorneys at offices nationwide.

Article Source:http://www.articlesbase.com/personal-injury-articles/erisa-1522899.html