How to Know If You Need a Los Angeles ERISA Attorney?
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Introduction
If you are lucky enough to have an employer that offers benefits, then you may find yourself with access to things like health benefits, mental health benefits, life insurance, long-term disability income, child care assistance, and more.
Retirement benefits are often included in these benefit packages and are promised by employers to employees when they retire. And no matter how much you are depending on these funds, sometimes things don’t always go as planned.
Let’s dig into ERISA and determine when you need to hire a Los Angeles ERISA attorney.
What is ERISA?
ERISA is an acronym that stands for Employee Retirement Income Security Act. It was put in place to protect those employees who are depending on the retirement benefits or pensions that have been promised by their employer.
There are certain guidelines and rules set forth by ERISA in regards to how employers must manage retirement funds and benefit plans. They use strict guidelines to determine exactly how an employee will earn interest in the plans that they are promised.
If any payments or benefits are disputed, ERISA has rules in place that establish a grievance and an appeals process.
Should something go wrong and employees not receive the pension or payments they were promised, the Pension Benefit Guaranty Company will pay these benefits to the employee.
What Benefit Plans Does ERISA Apply To?
ERISA applies to more than just pensions. It encompasses all the benefits that are part of an employer’s retirement package. Sure, there may be a pension payment in there, but there could be so much more.
Here is a list of benefit plans that ERISA applies to:
- Defined-benefit and defined-contribution retirement funds, a.k.a. pensions
- Insurance plans, including HMO/group insurance plans, such as health and medical care insurance.
- 419(e) Welfare Benefits Plans, including and 419(a)(f)(6) plans.
- Health savings accounts (HRAs) that are funded through pre-tax contributions.
- Flexible spending accounts (FSAs).
- Dental insurance plans.
- Prescription drug plans.
- Vision plans.
- Disability insurance.
- Long-term care insurance plans.
- Business travel insurance.
- Unemployment benefits.
- Scholarship plans.
- Housing assistance plans.
- Training plans.
- Vacation plans.
- Pre-paid legal service plans.
Benefits Not Covered by ERISA
While we have discussed the types of benefits that are covered by ERISA, we should point out that there are certain benefits that are not covered. These exceptions are primarily for plans regarding sick pay, short-term disability, and medical leave.
These would not be covered by ERISA if:
- There were no contributions made by the employee
- They are paid out to individual employees
- They are paid out as part of the payroll practice.
- The funds come from the employer and not a pre-funded account or insurance policy.
If you are not sure whether or not your benefits should be covered by ERISA, contact your attorney for review and clarification.
Are All Employers Covered by ERISA?
ERISA’s coverage is very large and very broad. It covers all private employers and companies. That means if you work for a business that is a:
- Partnership
- Sole Proprietorship
- LLC
- S-Corp
- C-Corp
- Non-profit corporations
There is no set number of employees that an employer has to have either. Even if you are the only employee, you should be covered by ERISA.
Though, it should be noted that ERISA does not cover all employees at all employers. There are a few exceptions that include:
- Governmental employers/government entities
- Churches, synagogues, mosques, temples, or other religious sanctuaries.
- Plans that are in place solely for complying with worker’s compensation, disability, or unemployment laws
- Unfunded excess benefit plans
- Plans that are maintained outside of the U.S.
If you are not sure whether or not you are covered and protected by ERISA, speak to an attorney. He or she will be able to review your employer and determine how it relates to the legislation.
Employer Standards
There are a few standards that employers must follow as part of ensuring employee benefits under ERISA. A few of these are:
- Detailed reporting and accountability to the federal government
- Full disclosures must be provided to plan members about the specifics of benefits.
- Following the proper procedures on how claims are filed and appealed.
Speaking to an attorney will help you gain a better understanding of what these employer standards are in more depth.
What an ERISA Attorney Handles
There may be laws and guidelines set in place for employers to follow when it comes to your benefits. But that doesn’t always mean they are actually followed. Maybe it is an honest mistake by your employer. Maybe it is an oversight. Or maybe your employer has some shady practices going on. Whatever the reason, there are instances that arise in which an attorney needs to step in to make sure ERISA protections are in place and being followed.
- Benefits were lost due to employer negligence – which includes negligent investments.
- Wrongful Termination as a means to avoid having to pay you what you are owed.
- Pension benefits that have been misrepresented.
- A breach of fiduciary duty by the one or ones in control of the retirement or benefit plan.
Do I Need a Los Angeles ERISA Attorney?
If you have been the victim of fraudulent practices, negligent behavior, have been wrongfully terminated, or any other of the above – you need a Los Angeles ERISA attorney. If you are not receiving your benefits – or believe you aren’t receiving the proper benefits – you may also have the need for an attorney.
You work hard as an employee and your benefits and retirement package were part of your compensation. You should make sure that you receive all of these benefits. If you don’t, it is time to take action.
Reach out to an attorney that is experienced in ERISA law. He or she will review your situation and determine whether or not your employer is not following through with his or her responsibilities. From there, you can discuss any necessary actions that can be taken to ensure you get what you are owed.
Remember ERISA is put in place to protect you and your future. Let an attorney help protect your rights so that you can enjoy retirement how you have always planned.
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