ERISA: Employee Retirement Income Security Act of 1974

ERISA: Employee Retirement Income Security Act

In an attempt to insure the present and future security of America's job market, the federal government passed the Employee Retirement Income Security Act (ERISA) in 1974. By definition, the ERISA is a United States federal law establishing the rights of pension plan participants, the standards for the investment of pension plan assets, and the requirements for the disclosure of plan provisions and funding.

ERISA does not require any and all private industry employers to establish a pension plan. It only requires that those who establish plans must meet certain minimum standards. The law generally does not specify how much money a participant must be paid as a benefit, and as a result, some employers will use that to their advantage by capping benefits at a fixed priced.

Anyone who feels their employer has failed to adhere to the standards established by the ERISA is encouraged to seek legal representation immediately, as many people have been victimized by the unscrupulous practices of private business owners looking to maximize personal profit. Understanding your available course of legal action can help eliminate feelings of anger and frustration towards your employer, and pave the way to the secure financial future you were originally promised.

Employee Benefits

The intended purpose of an employee benefit is to increase the economic security of employees. Employer-provided benefits are normally tax-deductible to the employer and non-taxable to the employee. Employee benefits are also thought of as the costs of keeping employees other than salary. These benefit rates are typically calculated using fixed percentages that vary depending on the employee's classification and often change from year to year. Generally, employee benefits are offered in one of the following forms:

• Group Insurance (i.e. health, dental and/or life insurance)
• Income Protection
• Retirement Benefits
• Tuition reimbursement
• Sick leave
• Vacation
• Social Security
• Worker's Compensation

In this day and age, employee loyalty and service should be rewarded. Sadly however, business owners looking to enhance their company's bottom line have been known to take irresponsible action in regards to their employee's hard-earned benefits. Aggressive attorneys with an impressive track record in employee benefits claims litigation will help you begin the process by which you can bring those who would jeopardize your financial future to justice.

Disability Claims

Those who have had to deal with an illness or affliction that prevents them from completing their job duties are likely to file a disability claim. The design of a disability claim is to compensate insured individuals who have suffered some form of debilitation, yet some insurance companies refuse to honor the claim, basing their reasoning on findings they have acquired through private investigation.

For example, insurance carriers will use their own investigators and medical consultants to review the claim contract, hoping to find any example of an illness or injury that the individual failed to acknowledge when originally acquiring the disability insurance policy. Furthermore, insurance companies will deny claims that are not filed within a certain time period of the injury or illness diagnosis.

While protective laws are in place for disabled workers, there are still a host of employers and insurance carriers who continue to use confusing legal jargon and clandestine investigation practices to their advantage when attempting to deny an employee their hard-earned benefits.

Those who attempt to confront insurance agencies without legal aid are likely to face a myriad of trials and tribulations related to their case. However, those who consult with experienced and aggressive legal counsel prior to their action are more likely to obtain the compensation they deserve. Knowing your rights as an employee will go a long way in correcting your current personal and financial troubles, but action must be taken quickly, as there is a limited amount of time available for employees seeking legal action against those who would deny their disability claims.

Life Insurance Claims

A life insurance policy is designed to provide financial protection for those impacted by the loss of a loved one. What can make a tragic situation all the more difficult is an insurance company's unwillingness to provide those affected with the compensation they deserve and are due in their hour of need.

In most cases, insurance companies will conduct a full investigation into the cause of death, as well as the full medical history of the deceased. The purpose of this action is to make sure that the deceased disclosed all previous medical conditions on their life insurance application. Failure to do so can result in a forfeiture of payment to the family and others designated to receive compensation.

Quite simply, the benefits of a life insurance policy should never be unjustly denied by companies who care more about their bottom line than the lives of those they serve. Those who have been frustrated by the denial of a life insurance policy are encouraged to discuss their situation with attorneys experienced in the nuances of ERISA litigation. In many cases, there is a limited amount of time available to pursue legal action against insurance companies who fail to honor their financial commitments to you and your loved ones, so action must be taken as quickly as possible.

ERISA: Denied Benefits - Law facts and Attorneys

Insurance companies deny benefits to company employees for a variety of reasons, and this unsavory practice has been going on for decades. Beginning in the 1970s, some insurers oversold disability policies to younger professionals, anticipating that few claims would mount from such a seemingly low risk population. However as the policyholders aged and became disabled, the claims mounted steadily. As a result, some of the companies decided to cope by unfairly denying claims to employees in order to cut their losses.

The excuses they've concocted for their actions have been as outlandish as the reasons they have given for denying benefits to hard-working employees. Excuses range from failing to receive documentation on time to medical reports that are unreflective of "severe personal trauma." These bad faith claims are basically a breach of the insurance contract, or an excuse for insurers to use non-legitimate reasons to deny claims. Insurers have a duty to the insured to examine claims in good faith and use fair dealing when evaluating those claims. Ultimately, the denial of benefits should be based on fair and accurate findings, but big business greed often prevents that from occurring.

Companies and insurance carriers who deny employees access to a benefits package must have irrefutable proof that the employee is seeking undue compensation. Knowledgeable, aggressive attorneys will use all available resources to refute those allegations, as well as make it their personal goal to punish those who refuse to deal fairly with hard-working employees like you.

Terminated Benefits

Employee benefits are one of the most important components of maintaining full-time employment. However, recent adjustments to employee wage laws have led major corporations to change the status of their employees, so as to avoid excessive costs associated with employee-related expenses. Additionally, changing a full-time employee's status to part-time in many cases allows the company to void that employee's rights to a comprehensive benefits package. Tragically, many employees who were under the assumption that they and their families were covered are now being forced to pay excessive out-of-pocket costs in order to secure their physical and financial future.

In August 2004, lawmakers decided to amend the Fair Labor Standards Act (FLSA) and clearly establish which jobs entitle employees to a benefits package. As a result, millions of Americans who were once eligible for benefits had now been 'reclassified' into professional categories which disqualified them for the receiving a comprehensive benefits package from their employer. This reform led a host of companies to modify the status of their employees, significantly limiting the number of workers who were eligible for benefits, and terminating the benefits of those who were no longer eligible by definition of their position.

Hundreds and thousands of hard-working Americans have been adversely impacted by the unscrupulous business practices of companies looking to accentuate their bottom line at the expense of employee security. Terminating your hard-earned benefits is in many cases illegal, and hard-working and aggressive attorneys will help you fight for the compensation you deserve from those who chose profit over professionalism.

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