Not every private employer in the U.S. is required to provide access to an employer-sponsored pension or retirement plan. However, if a private sector employer does choose to do so, they do not have the discretion to completely design a plan however they wish. Instead, such pension funds and plans must comply with the Employee Retirement Income Security Act of 1974, commonly known as ERISA. The following is some information regarding pension funds and plans under ERISA in Chicago.
Not all pension plans are the same. Employers can choose from different types of plans, each of which has its own requirements under the law. The two main options include:
No matter what type of pension fund or plan an employer chooses to provide, ERISA has several requirements for them, including the following:
If an employer fails to comply with a provision of ERISA, and it affects employee benefits in some way, the employee has the right to file a legal claim against his or her employer. Claims may involve many different types of retirement plans, and may arise from breach of fiduciary duty, to appeal a benefits denial, to clarify future benefits, to recover benefits owed to an employee, and many more violations of ERISA.
Pension plans and funds can be confusing, as the laws surrounding these plans are complex, and employers often do not provide adequate information to employees. If you believe that your rights under ERISA have been violated, or have other legal questions regarding your employer-provided pension plan, you should consult with a highly experienced Chicago ERISA lawyer as soon as possible. Other attorneys who handle employment-related matters may not fully understand the legal implications of ERISA. Please call Bartolic Law in Chicago today at 312-646-4366.