How does ERISA affect ESOPs and severance pay conflicts?
Martin D. Haverly, Attorney at Law Blog » ERISA & Employee Benefits
by bkabritsor
1M ago
The Employee Retirement Income Security Act (ERISA) plays a significant role in governing employee benefits, including severance pay and ESOPs. Understanding how ERISA applies to these areas is crucial for both employers and employees involved in disputes. ERISA and severance pay disputes ERISA governs severance plans if they meet specific criteria, such as requiring ongoing administration by an employer. Employees… The post How does ERISA affect ESOPs and severance pay conflicts? first appeared on Martin D. Haverly, Attorney at Law ..read more
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What happens if a fiduciary mismanages ERISA funds?
Martin D. Haverly, Attorney at Law Blog » ERISA & Employee Benefits
by bkabritsor
3M ago
When fiduciaries mismanage Employee Retirement Income Security Act (ERISA) funds, the consequences can be severe. Understanding the consequences is crucial for anyone involved in managing ERISA-governed plans. Fiduciary responsibilities under ERISA Under ERISA, fiduciaries manage employee benefit plans and their assets, including IRAs, 401ks, and others. Fiduciaries must act solely in the interest of the plan participants and beneficiaries. They must adhere to standards of conduct, prudence, and diversification to safeguard the funds. Types of fiduciary mismanagement Mismanagement of ERISA fun ..read more
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Specific protections ERISA provides against plan mismanagement
Martin D. Haverly, Attorney at Law Blog » ERISA & Employee Benefits
by bkabritsor
3M ago
The Employee Retirement Income Security Act (ERISA) protects employee benefit plans in Delaware. ERISA keeps employee retirement savings and benefits safe from mismanagement and loss. It can be helpful to review a breakdown of how ERISA works to safeguard these plans. Protecting retirement savings ERISA mandates responsible management of employee benefit plans like pensions and 401(k) plans. It also requires proper funding for these plans. This ensures employees receive the benefits promised to them. Fiduciary responsibility ERISA requires plan administrators to act only in the best interests ..read more
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ERISA’s impact on employee benefits
Martin D. Haverly, Attorney at Law Blog » ERISA & Employee Benefits
by bkabritsor
7M ago
Employee benefits play an important role in the lives of workers, offering financial security and peace of mind. The Employee Retirement Income Security Act significantly impacts these benefits. It ensures that employees receive fair treatment and protection. Pension plans ERISA sets standards for private pension plans. It mandates that employers need to provide information about plan features and funding. This helps employees to make informed decisions. Additionally, ERISA outlines the fiduciary responsibilities of plan managers. They need to act in the best interests of their participants. H ..read more
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4 signs of an ERISA fiduciary breach
Martin D. Haverly, Attorney at Law Blog » ERISA & Employee Benefits
by bkabritsor
9M ago
As an employee, it is important to be aware of your rights and protections under the Employee Retirement Income Security Act. ERISA ensures that those responsible for managing your retirement funds act in your best interest. However, breaches of fiduciary duty can occur, potentially putting your retirement savings at risk. 1. Lack of transparency One of the most common signs of a potential ERISA fiduciary breach is a lack of transparency regarding your retirement plan. If you find it difficult to obtain clear and understandable information about your plan’s fees, investment options or performa ..read more
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The truth behind common misconceptions about ERISA
Martin D. Haverly, Attorney at Law Blog » ERISA & Employee Benefits
by bkabritsor
11M ago
The Employee Retirement Income Security Act is a federal law to protect employees participating in employer-sponsored benefit plans. However, several misconceptions surround ERISA, which can make it difficult to understand your rights and responsibilities. Understanding the truth behind these myths is essential for employees. Myth: ERISA only covers pensions You may have heard that ERISA only protects your pension. However, ERISA actually covers many benefits in addition to pension plans. It protects your employer-sponsored health, life and disability insurance. However, ERISA provides varying ..read more
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Can I appeal an ERISA claim denial?
Martin D. Haverly, Attorney at Law Blog » ERISA & Employee Benefits
by bkabritsor
1y ago
When facing the denial of an Employee Retirement Income Security Act claim, individuals often wonder about their options for appeal. ERISA governs employee benefit plans offered by employers, encompassing health insurance, disability benefits and retirement savings. To navigate this process effectively, it is important to know the steps to take. 1. Examine the denial letter The first step involves comprehending the reasons behind the denial. ERISA mandates that plan administrators provide written explanations for claim denials. Analyze this letter carefully to identify the specific issues or i ..read more
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What are the employer requirements under ERISA?
Martin D. Haverly, Attorney at Law Blog » ERISA & Employee Benefits
by bkabritsor
1y ago
The Employee Retirement Income Security Act of 1974 protects the rights of private industry employees by setting standards for health and retirement plans. The U.S. Department of Labor reported ERISA covers plans for about 141 million workers. By familiarizing themselves with these requirements, employers can ensure compliance. Employees should also be aware of their employers’ responsibilities to safeguard their rights. Furnish plan information One key obligation under ERISA is the provision to provide comprehensive plan information. Employers must furnish employees with clear details about t ..read more
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Is your employer committing ERISA violations?
Martin D. Haverly, Attorney at Law Blog » ERISA & Employee Benefits
by bkabritsor
1y ago
The Employee Retirement Income Security Act establishes standards to protect your retirement, health and other work-related benefits. If your Delaware employer fails to adhere to these standards, they might be committing ERISA violations. Recognizing these violations empowers you to safeguard your rights. This knowledge will provide you with the means to assess if your employer is breaching ERISA standards. Understanding ERISA and its purpose ERISA ensures that your employer upholds the terms of the plan it offers, provides you with plan information and manages the plan’s assets responsib ..read more
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Fiduciary responsibilities under ERISA
Martin D. Haverly, Attorney at Law Blog » ERISA & Employee Benefits
by bkabritsor
1y ago
The Employee Retirement Income Security Act of 1974 protects your retirement plan from abuse, fraud and mismanagement. Under ERISA, the people who manage your retirement plan have certain duties, including fiduciary responsibility. If you have a retirement account, you should understand what this means. Who are fiduciaries and what are their responsibilities? According to the U.S. Department of Labor, fiduciaries are the people or entities who are responsible for managing your retirement plan or providing investment advice for the plan. Fiduciaries may include trustees, administrators and comm ..read more
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