Pension Lawyers in West Palm Beach, FL
The United States goes to great lengths to protect one of its most valuable assets—its workforce. It has enacted several laws that guarantee equal opportunity, protection from on-the-job perils, and retirement benefits. In fact, the US has a comprehensive employee benefit pension plan that guarantees retirement income or defers income until termination of covered employment.
Types of Retirement Plans
The Employee Benefits Security Administration, or ERISA, is responsible for enforcing the Employee Retirement Income Security Act. The pension plan is managed by the employer or by an employee organization. It is your right to understand what kind of plan you will be entitled to in the future. There are two types of pension plans:
- Defined Benefit Plan. This type of plan promises an exact dollar amount upon your retirement. It calculates according to a specific formula, such as amount times years of service.
- Defined Contribution Plan. This type of plan is one of the more common retirement plans. Unlike a defined benefit plan, it does not promise a specific amount, rather it puts in black and while a contribution between the employer and the employee towards the latter’s individual account. The amount will be subject to contributions and investment gains of the company. The 401(k) plan is an example of this type of plan.
A Simplified Employee Pension Plan or SEP, a Profit Sharing Plan, and an Employee Stock Ownership Plan or ESOP fall under a defined contribution plan.
There are several instances when a pension plan can go awry. Changing jobs and companies that go bankrupt may pose risks to your pension. If you are unsure of the status of your retirement plan, get legal assistance immediately and consult a Florida social security attorney.
Pension Lawsuits in Florida
Many trial attorneys are now being called for help in pursuing legal action over retirement accounts. Doing so can give you the following benefits:
- Secure the correct amount owed to you under your pension plan. You may also get in touch with a Palm Beach lawyer to give you an accurate idea of the amount owed to you.
- If you are not yet of retiring age, you can request a written document that details your pension plan. Your employer is required by law to respond to you within thirty days.
A West Palm Beach attorney will take you through the process of filing a pension lawsuit. Remember, the law mandates a retirement package. Your failure to receive it warrants grounds for a claim.
Expert Assistance from Rosenthal, Levy, Simon & Ryles
The firm is dedicated to pursuing and protecting the rights of workers. A skilled panel of experienced lawyers is ready to help you claim the fruits of your years of labor.
If your claim for retirement has been denied, contact Rosenthal, Levy, Simon & Ryles today. A simple phone call can quickly assess your grounds for the case. You can also fill out the online lead form to send information to the team about your particular circumstance.