The importance of retirement benefits
Pensions and other retirement benefits such as 401(k) plans are some of the most important benefits offered in an employee benefit package. Employees rely on promised retirement benefits, and after dutifully contributing to retirement benefits while actively employed, they expect to receive their payments without any problems. However, many employees are surprised to find that their employer depleted their pension, or wants to renegotiate certain aspects of the plan.
Whether you are still working or retiring, you should seek the guidance of an Illinois retirement benefit attorney if you have any concerns about your retirement benefits. At the law office of DeBofsky, Sherman & Casciari, PC , our Chicago pension lawyers are highly experienced in employment and benefit laws. We work hard to help employees protect their valued retirement benefits.
Using ERISA to protect your pension and other retirement benefits
Employers are not required to maintain a retirement benefit plan for their employees but when they do offer one, they must follow the rules established by the Employee Retirement Income Security Act of 1974 (ERISA). The types of issues ERISA regulate include the following:
- When an employee must be allowed to participate in a retirement benefit plan
- How long employees must work to accumulate benefits
- How long employees must work to have a non-forfeitable interest in their retirement benefits
- How long employees can be away from their job before it can affect their benefit
- Whether an employee's spouse has a right to part of the retirement benefits if the employee divorces or passes away
An Illinois ERISA lawyer can help make sure your employer abides by these regulations and others. Employers have a fiduciary duty to their retirement plan participants, including providing participating employees with regular information about their plan and ensuring that plans are properly funded, so that your benefits are available when you are ready to retire. If the employer breaches its fiduciary duty, a Chicago ERISA lawyer at DeBofsky, Sherman & Casciari, PC can sue the employer on your behalf to recover pension and other retirement benefits.
Illinois attorneys protecting your pension and other retirement benefits
You worked for years to save for retirement. Now make sure your retirement benefits are there when you need it. At DeBofsky, Sherman & Casciari, PC , our Illinois retirement benefit lawyers concentrate our practice on employment and benefits laws in order to build a wealth of knowledge and skill to protect your retirement benefits. Contact a Chicago pension plan lawyer today to develop a strategy to protect your retirement benefits.