You work hard all your life with the hopes of spending time pursuing hobbies and activities you enjoy during your retirement. Retirement and pension plan benefits provided through your employer play a major role in making this lifestyle possible. Unfortunately, when it comes time to collect, disputes, and discrepancies in these plans can jeopardize your dreams as well as your general financial security. The following highlights four common problems you may encounter and the steps you can take to resolve them.
Retirement can last up to 30 years or more, and the Internal Revenue Service (IRS) warns that you will likely need at least 80% of your current wages in order to spend this time comfortably. Retirement plans offered through your employer can help ensure you have the income needed to live the lifestyle you want during this time. These may include 401(k) plans, IRAs, pension plans, profit-sharing, or other payroll deduction and defined benefit plans.
Unfortunately, after paying into these plans for years as a worker and counting on contributions from your employer, it can come as a shock to find these benefits reduced, delayed, or denied. Four common types of disputes that are likely to arise over employer-provided retirement benefits include:
Employer-provided benefits are subject to the Employee Retirement Income Security Act of 1974 (ERISA). This is a federal law that governs how benefit plans are administered and the steps for resolving any disputes that arise. Steps you can take to protect your rights include:
Under ERISA, you have the right to appeal any decisions made in your case regarding your benefits or the amounts paid. You also have the right to file a lawsuit, holding retirement plan administrators accountable for discrimination and mismanagement of funds.
Disputes over retirement benefits could impact you and those you love for years into the future. To ensure you get the maximum amount of benefits you are entitled to, get Bartolic Law on your side. To discuss your case and how we can help, call or contact our Chicago ERISA attorney online and schedule a consultation today.