Pension Plans

Is Your Retirement Plan Governed by ERISA?

by Mark Debofsky | May 13, 2021 | ERISA, Pension Plans

The Employee Retirement Income Security Act (ERISA) of 1974 was passed by Congress primarily to protect employee retirement benefits by establishing requirements to assure that promised benefits are delivered. One of the principal reasons that Congress was spurred to pass the ERISA law was the bankruptcy of the Studebaker car company in the 1960s. When the car maker failed, its workers learned to their surprise and disappointment that their promised pensions were not going to be paid to them […]

How Long Does Disability Retirement Last?

by Martina Sherman | Mar 5, 2021 | Disability Benefits, Pension Plans

If you suffer a disabling injury or illness and are a government employee or participate in a defined benefit pension plan, such as through a union, you may be eligible for a disability retirement pension, as distinct from or in conjunction with disability insurance. Disability pensions provide monthly payments to workers who are not yet […]

401(k) Litigation Is Rising. What Could Change?

by Mark Debofsky | Jun 29, 2018 | ERISA, Fiduciary Duties, Pension Plans

According to USA Today, the stock market gained 20 percent last year, making 2017 one of the best years for stocks since Y2K. A natural result of these gains was a rise in the value of 401(k) or 403(b) investments for consumers around the country. While the money in 401(k) and 403(b) accounts grew, so […]

What is the Employee Benefits Security Administration?

by Mark Debofsky | Nov 17, 2016 | ERISA, Pension Plans

You have likely heard of the Employee Retirement Income Security Act (ERISA) that establishes minimum standards for pension plans in private industry. But, do you know anything about the agency that manages it? To best understand ERISA, it is important to know the history and structure of the agency that manages it. Pensions have a […]

Pension obligations vs. religious exemptions: Does this make sense?

by Mark Debofsky | Dec 23, 2015 | ERISA, Pension Plans

Pension plans consist of contractual promises made by employers to reward employees for their faithful and devoted service and also serve as a retention incentive to encourage employees to remain with their employers. However, the traditional defined benefit pension plan that promises a monthly lifetime annuity to workers and their spouses has been rapidly disappearing, […]

Supreme Court to Hear ERISA Case on Retirement Plan Mismanagement

by Mark Debofsky | Oct 10, 2014 | ERISA, Pension Plans

The nation’s highest court has agreed to hear a case that considers when pension plan participants under ERISA can sue their plan administrators for mismanagement, even years after the alleged misconduct took place. It is the first case the Supreme Court will hear regarding excessive 401(k) fees. The Employee Retirement Income Security Act of 1974 […]