New Haven ERISA Lawyer

Understanding ERISA

The Employee Retirement Income Security Act of 1974 (ERISA) is a federal statute that mainly protects participants in employee benefit plans, such as health benefit plans and pension plans. Other retirement plans run by ERISA include 401k plans, defined benefit pension plans, employee stock ownership plans (ESOPs), and a variety of employer-sponsored medical and disability plans. ERISA defends both plan participants and beneficiaries from the denial of benefits, benefit changes, failure of proper disclosure of plan terms and other violations of fiduciary duties.

Employers must comply with the specified requirements when they set up their employees with plan investment options and investing plan assets that best suit the needs of the employees. Unfortunately, upon investigation some of the plans that look great on paper have a shockingly different reality.

The Secrets Behind Your Benefit Plan

Many companies today are undergoing scrutiny for good reason. It is not uncommon for an employer to invest millions into their own company stock with the money from plan assets and then offer their own employees the chance to invest their plan contributions into it as well. Furthermore, it is startling that employers will also actively involve themselves in illegal and high-risk accounting and business practices. Employers often distort these issues in order to throw off employees and investors. Poor decisions of an employer can lead to utter financial collapse of the company. The employees who participate in the benefit plan will face severe losses.

ERISA law recognizes such actions as illegal. With the help of a New Haven ERISA attorney, employees can take the first step to hold irresponsible employers accountable for violations resulting in losses. After years of dedicated service, it can be a frightening and concerning situation to face the loss of all your years of investment and saving towards retirement. In many cases, with fast and effective action, we can those who have lost their saving to recover their investment through a variety of potential legal actions. Our firm can assist in any such case throughout the areas of New Haven, Stamford, Branford, Meriden, Waterbury and Bridgeport.

There is no reason for you to suffer from any form of employment discrimination. Axelrod & Associates has over 34 years of experience in helping clients with ERISA issues.

Contact a New Haven ERISA attorney immediately if your feel that your employer has infringed upon your ERISA rights.