What Is the ERISA Law?
The full form of ERISA Law is the Employee Retirement Income Security Act. It came into existence in the year 1974. This law is applicable for all the private employers apart from the employers who have qualified for the exemption. More specifically, this is all about describing the standard for a pension plan, benefits enjoyed like life, health, and disability insurance. There are some set guidelines for this law so that workers can receive benefits.
ERISA law is only applicable for the private employers offering benefits. Every government employer is exempted. Also, private employers who do not offer any benefits are also exempted.
Benefits of ERISA Law
According to my sources, ERISA law is made for providing benefits to the employees with respect to the retirement and pension plans, but this law has a big reach. There are several benefits you can receive under ERISA law. ERISA is significant when you deal with an employee welfare benefit plan. Some of the other benefits include
- Retirement plans, pension plans, and 401K plans
- Disability benefits, such as long term disability benefits
- Healthcare benefits
- Company stock benefits
- Life insurance benefits
- Vacation leave benefits
- Sick leave benefits
If your company refuses to pay any of the above-stated plan benefits, you can claim against your employer and the insurance company.
Reasons Why You May Need an ERISA Attorney
There are several reasons when you need an ERISA lawyer. Some of the important reasons are stated below:
- If you were injured at your workplace but you did not receive short term disability claim by the insurance company. if you have been through this and in search of a good lawyer check for Florida ERISA lawyer.
- You may also need an ERISA attorney, say Crossville bankruptcy lawyers, if you have participated in the stock option plan of your company in order to find out that they are involved in any illegal business practice. Moreover, it is hurting their stock performance along with your retirement plans. you need an experience a lawyer by your side.
- if your company refuses to pay the pension once they promised to pay. also, it is not about the promise every time but if the pension is your right and you deserve it, you must get it. An experienced and highly knowledgeable Florida ERISA lawyer will guide you in the right way.
- Increase your wife experiences an unexpected death and her company e denies to pay the claim of the life insurance plan. You will definitely need a lawyer by your side because you can be in mental trauma and would not be fit for fighting for your case alone.
The most important thing is to hire the right ERISA attorney because there are many people who are not familiar with ERISA law and ERISA lawyers. If you are suffering from any of the above-mentioned reason, you need to speak to an experienced lawyer in this case. Make sure that the lawyer you hire is awarded in handling cases for employees benefits that they deserve.