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What are Pensions and Benefits?
Upon retirement many workers continue to receive monetary compensation from their employer in the form of a pension. Pensions and benefits is the area of law dealing with compensation under given conditions to workers following retirement from employment or to their surviving dependents. There are mainly two types of pensions: a defined benefit plan and a defined contribution plan. Pensions are governed primarily by federal statutory law. Congress passed the Employee Retirement Income Security Act (ERISA) under its Constitutional mandate to regulate interstate commerce.
- Defined Benefit Plan: the benefit that an employee receives is normally based on the length of a workers employment and the wages that were received. Each employee does not have a separate account in these programs, as the money to support the pensions is generally administered through a trust established by the employer.
- Defined Contribution Plan: the employer makes regular deposits into an account established for each employee. The employee is not guaranteed to receive a given amount during retirement but only the amount in the account.
What is ERISA?
The Employee Retirement Income Security Act (ERISA) was passed in 1974 in response to the mismanagement of funds in direct benefit plans. All employers who engage in interstate commerce and provide defined benefit plans to their employees must abide by ERISA guidelines. The provisions of ERISA do not apply to defined compensation plans. See ERISA for more information.
Should I hire a lawyer?
ERISA and other pension benefit plans are complicate because of the regulations and details involved with contributions and benefit plan definitions, as well as other issues. A pensions and benefits lawyer can help employers create and operate ERISA and other pension benefit plans that comply with applicable laws. An attorney can also help individual employees or beneficiaries of a pension plan if legal difficulties arise with the employer adminstering the plan. Use the form on this page to find a pensions and benefits lawyer to best suit your needs and legal situation.
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