Handling Pension Disputes For South Florida Workers And Retirees
Pension plans are the central safety net for most American workers. Funds that multiply each year or held during our many years of employment are precious resources many people rely on to support themselves during retirement.
Types Of Pensions
Most employees have one of two types of pensions:
- Defined Benefit Plans
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 Plans
Unlike a defined benefit plan, this type of plan does not promise or pay out a specific dollar amount upon retirement. Rather, an employee contributes a certain amount to a fund and the amounts are subject to the contributions and investment gains of the company. The 401(k) plan is a common example of this type of plan.
A Simplified Employee Pension Plan (SEP), a Profit Sharing Plan and an Employee Stock Ownership Plan (ESOP) are all considered defined contribution plans.
Understanding Pension Law And Employee Rights
The pension of the American workforce is governed by provisions of the Employee Retirement Income Security Act known as ERISA, and enforced by the Employee Benefits Security Administration.
The law outlines several provisions that are designed to protect employees’ interests. Employers are mandated to provide employees plan summaries, a calculation of vested pension benefits and other important financial information, among other stipulations.
When Pension Plans Go Awry
There are several instances when a pension plan can go awry and legal assistance is needed.
Perhaps you experienced an issue with your pension upon changing jobs. Or, your pension is in jeopardy as a result of a company bankruptcy.
Whatever the issue, finding an experienced legal team to handle your dispute is crucial. This area of law is extremely complex.
Help Filing A Pension Lawsuit
At Rosenthal, Levy, Simon & Sosa, we have helped many individuals in South Florida, including West Palm Beach, Port St. Lucie, and Palm Beach County, with pension disputes. We can help you:
- Secure the correct amount owed to you under your pension plan
- Request a written document that details your pension plan if you are not yet of retiring age. Your employer is required by law to respond to you within 30 days.
Dedicated Attorneys Here To Protect Your Rights As A Worker
Our firm is dedicated to pursuing and protecting the rights of workers. If your claim for retirement has been denied, reach out to us today.