Retirement Benefits Lawyer Sacramento

Retirement Benefits Lawyers Sacramento

Employers are given a surprising amount of flexibility while designing any employee benefits, including pensions. The Law Office of David A. Martin & Associates inSacramentohas a full understanding of the intricacies of pension rights for employees. Once an employer offers benefits to an employee, then he or she has a right to them. In particular, a retiree relies on employer pledges with regard to longer term benefits. Our government has the necessary laws to make sure these pledges are fulfilled. An employer may have to adapt to any federal and state laws regarding retirement benefits, which includes ERISA.

What is ERISA?

The Employee Retirement Income Security Act (ERISA) became law in 1974 due to the mismanagement of money in direct benefit plans. Every employee who engages in interstate business and provides specific benefits to their employees must follow ERISA guidelines.

Ensuring ERISA Compliance and the Protection of Employee Rights

In this present economic period, employers are trying to save on costs and an employer may try to alter retirement settlements. However, when an employer has made the decision to provide benefits that include retirement benefits, they have to comply with ERISA as well.

Changes to Retirement Benefits

If your current employer or previous employer has altered the amount of your retirement benefit, you might be able to take legal action.

Our firm can take up any alterations made to a retirement plan, which can include:

  • Defined Benefit Plans
  • Defined Contribution Plans

A Defined Benefit Plan is the benefit that an employee is entitled to receive. It is usually calculated based on the period of an employee’s employment and the amount of wages. In this situation, the money used to support the pension is normally administered via a trust set up by the employer.

A Defined Contribution Plan is made when the employer places regular deposits into individual employee accounts. The employee is only given an amount that is held in the account at periodic intervals throughout retirement.

Do I need an Attorney?

Compliance with ERISA is quite complicated, particularly when interpreting what is involved with the different plans.  A lawyer that specializes in pensions can assist employers with creating a plan that complies with ERISA. Any other laws and may also assist employees or any beneficiaries of a pension plan if concerns occur with the way the employer is administering the particular plan.

If you have been promised retirement benefits or a pension plan, and find the terms of the plan have changed, particularly after retirement, you may be able to take the issue to court. This is when our firm will be able to advise you on your position.

If you are in need of assistance with your pension entitlement, contact the Law Office of David A. Martin & Associates at (916) 381-4040 for your free initial consultation.

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