Let’s talk about ERISA law and what it means to you. The most common misconception of what the Employee Retirement Income Security Act actually means to you and your employer.
ERISA was not created to make every single company that doesn’t have a pension plan be required to obtain one. It was set forth to monitor and regulate the functional operation of the pension once it was started and has been established.
Regulating the pension plans requires employers who have pension plans established to provide vesting. This means that an employee accrues the rights over any employer provided stock or contributions made by the company to the employee that is paid into your pension plan or pension account. Employers will frequently use these options for the employee to continue growth and obtain employment longer with a company. It provides an incentive to remain “vested” with the company. Each plan is different and once established is monitored and regulated by the Employee Retirement Income Security Act also known as “ERISA”. Remember that being vested does not mean you can “cash out” whenever you wish. You are still subject to the rules and adopted regulations for your plan. There can be stiff penalties for making early withdrawals from your vested pension.
We want to be there for you and helping you with your benefits with your pension plans. We are also here to help with your long and short-term disability denials or insurance appeals. Contact our attorneys today for a FREE nationwide consultation today from attorneys representing the disabled nationwide!