Retirement Plan Benefit Claims Lawyer Chicago

As a dedicated employee, retirement and other benefits are a requisite part of your compensation package. When and if the time comes and you need to file a benefits claim under your policy, you deserve to know that those benefits will be available. The Employee Retirement Income Security Act (ERISA) was drafted to provide greater protections to workers who file benefits claims. Unfortunately, it’s common for claims to be denied by employers or their insurers. As such, it’s imperative to understand what your legal rights are and when you are entitled to receive the benefits you’ve earned.

At Bartolic Law, we can help you if:

• Haven’t received adequate information about your job-related benefits or your eligibility to receive them
• You were unfairly denied benefits to which you are entitled
• You believe that your retirement or other benefits are being mishandled

Types of “Qualified” Retirement Plans

It’s crucial to understand the different types of retirement plans available to you, as well as which ones are covered under ERISA. 

401(k) Plans

A 401(k) plan is one type of deferred compensation plan. You can contribute about $10,000 of your annual earnings to this type of plan. Some employers match a percentage of what their employees contribute. You aren’t taxed on your contributions until you receive distributions. However, there are hefty penalties for withdrawals before the age of 59.5. One appealing quality of such a plan is that contributions can continue to grow and accumulate until withdrawal, all on a pre-tax basis.

Profit-Sharing Plans

With a profit-sharing plan, employers can supplement other retirement benefits by letting employees share in profits. The employer gets to determine its contributions; however, they must be on a non-discriminatory basis. Typically, employers make contributions based on a percentage of their total annual payroll.

Pension Plans

The two basic qualified pension plans are:

• Defined benefit plans: Provide retirement benefits where the employer promises retirees a pension in a specific amount, with the benefit set by a formula based on years of service X final average salary X a percentage figure. The employer must contribute to the plan regularly so that ample funds are available to pay required benefits to all retired employees as they come due. The employer assumes the risk of having sufficient funds to pay pensions.
• Defined contribution plans: Require an employer to contribute only a specific amount to their plans. Typically, employees are also required to make contributions. Each employee has an account. When they retire, the total amount of money that is in the account is available to them. However, the employee bears the investment risk

Meet with a Knowledgeable Retirement Plan Benefit Claims Lawyer Chicago

Bartolic Law can assist you with quality legal advice and representation regarding the interpretation of defined benefit retirement plans, helping you avoid expensive mistakes and even lawsuits. If you need a retirement plan benefit claims attorney in Chicago, look no further than our firm. We are well-versed in the various types of retirement plans available to employees in our state and country. 

When combined with our vast knowledge of ERISA law and other laws, we have what it takes to fight tirelessly and effectively to get you the best outcome possible. Contact us today to receive a no-obligation, confidential case review. We serve clients in the Chicago area and throughout the state of Illinois.