New Jersey Employee Retirement Lawyers
Employee Retirement Income Security Act of 1974 (ERISA)
For generations, the working people have depended on certain benefits to ensure a comfortable retirement and working years. But, nowadays, employers are more ruthless than ever when it comes to denying retirees and employees the benefits to which they are entitled. If you have a retirement package, life insurance or health benefits that are being denied by your employer, you may need the intervention of a highly qualified attorney.
The NJ law firm of Aiello, Harris, Marth, Tunnero & Schiffman exclusively represents employees in employment law matters. We are ready to stand in your corner and fight for every penny you deserve.
What is the Employee Retirement Income Security Act (ERISA)?
Enacted in 1974, ERISA sets minimum federal standards for employers who offer pension plans, healthcare plans and other employee benefits. ERISA does not require any company to offer these benefits. Instead, it is designed to protect the interests of plan-holding employees and their beneficiaries.
Some of the main functions of ERISA are:
- Providing rules on the federal income tax effects of transactions
- Providing giving participants with plan information
- Requiring the disclosure concerning the plan to beneficiaries
- Establishing standards of conduct for plan fiduciaries
- Offering compensation for employees of employers who violate ERISA
- Offering access to federal courts for employees of employers who violate ERISA
So what exactly does ERISA coverage mean?
In short, it means:
- You must be given a copy of your annual reports (Form 5500), summary plan descriptions and participant benefit information
- Your funds must be held in trust
- You cannot make prohibited transactions
- You must meet your income tax obligations
- Your fiduciary must meet certain duties and responsibilities
ERISA requirements & coverage
ERISA is a very broad piece of legislation, but not everyone is covered by ERISA and not every fringe benefit is covered. However, almost every private sector employer is governed by ERISA regardless of the number of employees. Most public sector employees are not covered by ERISA.
The statutes set forth specific rules governing:
- Health insurance
- Group life insurance
- Long-term disability income
- Severance pay
- Apprenticeship and other training programs
- Funded vacation benefits, prepaid legal services, day care centers and scholarship funds
- Any benefit described in section 302(c) of the Labor Management Relations Act
Contact our New Jersey employee retirement lawyers
When your employers denies a claim you believe is covered by your employment plan, call an attorney who focuses in ERISA compliance. If your employer refuses to give you information regarding your plan, you may also need to speak with an attorney.
The employment lawyers at Aiello, Harris, Marth, Tunnero & Schiffman, P.C. are on your side. If you believe you have been the victim of an ERISA violation, call us today at (908) 561-5577 or contact us online to set up your free initial consultation.