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.
This is why the Employee Retirement Income Security Act (ERISA) was enacted. ERISA was put in place in 1974 to ensure that employee benefit plans were regulated and so that employees did not fall victim to poorly managed plans. The following are some of your rights as an employee under ERISA.
You have the right to be notified on how to file a claim
If you want to file a claim for benefits from an employee benefits plan, you cannot take action without knowing how. ERISA makes it mandatory for employees to gain information about deadlines for making a claim and how to file.
You are protected from fiduciary wrongdoing
If a fiduciary acts against the best interests of plan participants, they can be held personally responsible. This means that plan participants are protected from losses due to this type of wrongdoing.
You can receive health care coverage after resigning
One important amendment to ERISA is the Consolidated Omnibus Budget Reconciliation Act (COBRA). This act makes it possible for those who left a company to continue to benefit from their health care coverage plan for a certain amount of time in many circumstances.
If you have questions about your rights in regard to your employee pension or benefits plan, it is important that you fully understand how ERISA can protect you. In many cases, it can empower you to take the appropriate legal action.