Retirement plans are extremely important for ensuring that all workers are financially secure for their entire lives. Many workers know that they are putting aside funds for retirement, but they often do not have a lot of information about their plans.
As an employee of any age, you should be thinking about how your employer is contributing to your retirement plan. This is something that younger generations tend not to concern themselves with. However, many people approaching retirement begin to realize that they should have placed more importance on it throughout the entire duration of their careers.
When people in California elect to participate in their employer's retirement account program, they should be able to trust that their money and best interests will be properly taken care of. Every fund that falls under the jurisdiction of the Employee Retirement Income Security Act is supposed to be administered in a way that meets the rules of the program. Unfortunately, this does not always happen and innocent people can be at risk of losing valuable retirement savings or paying too much for their plans.
If you are like a lot of people in California, you have a retirement fund that is governed by the Employee Retirement Income Security Act. Since it was first enacted in 1974, this act has provided protection for countless employees by outlining the responsibilities of retirement plan administrators and sponsors. These responsibilities include communication with participants as well as protection of assets. The law also identifies activities that may be deemed as civil violations.
Among the many benefits offered to employees by companies in California is the ability to participate in a retirement plan such as a 401K. These are often governed by the Employee Retirement Income Security Act. What many employees may not be aware of is that if they ever disagree with the benefits they are to receive under an ERISA plan, their employer might be able to dictate the court that would have jurisdiction over the matter with no regard whatsoever to the where the employee works or lives.
Even if you enjoy your job in California, you probably do not want to do it forever. Like many employees, you probably have aspirations of retiring someday. To that end, you may participate in a pension plan that provides benefits when you stop working, but you may have doubts or fears about your ability to access that money when the time comes.
New regulations will now govern the ERISA disability claims and their appeals proceedings. These regulations will take effect on all disability claims that will be filed in 2018 - starting from the very first day of January.
The Employee Retirement Income Security Act (ERISA) has been a headache for many people who have been hurt on the job since it was passed by U.S. Congress in 1974. Before the law was passed, many employees would try to file long-term disability claims from companies who promised them rock solid insurance policies and benefits, only to find out the company that owed them money was bankrupt or out of business.
Some insurance companies offer lifetime disability benefits. They usually come at an additional fee (or premium) and are attached to the policy as an "endorsement" or "rider" to the policy. But not all lifetime coverage is created equal. Some policies - usually those that were issued in the 1980's or 1990's - merely continue your benefits for life without any restrictions or limitations. Benefits under these policies can even increase over time pursuant to a Cost of Living Adjustment (COLA) provision. These policies offer the broadest possible coverage. Other policies are not so generous. Their coverage may be contingent on when you become disabled or the type of disability that you are suffering from. For instance, some policies provide reduced benefits if you are disabled after age 60. Others provide for reduced benefits if you are disabled as a result of a sickness rather than an injury. The point: it pays to read your policy and know your rights.
Many workers will have their disability insurance policies governed by ERISA. ERISA is extremely complicated and there are several things that must be done in order for the claims to be approved. Frequently, these claims are denied, leaving workers in a terrible position. This posting discusses some of the things that you should do to ensure that you are taking the appropriate steps with your ERISA disability coverage claim.