The Employee Retirement Income Security Act of 1974, also known as the ERISA act, establishes minimum standards for privatized pension plans and also provides a set of guidelines for ensuring privatized pension plans are properly filed with the IRS and are lawful. ERISA laws also deal with elderly disabled persons, who are sometimes awarded benefits for injuries sustained on the job. But what is ERISA law?
At its very core, ERISA requires plans to provide participants with important information about funding and regulations. Under ERISA, a plan participant must also be given at least 180 days to complete an application for benefits. Interestingly, there were 2,820,812 applications submitted for disability benefits during 2012.
If someone is denied ERISA benefits, the denial letter must include “the specific reason for such denial, written in a manner calculated to be understood by the plan participant.” The majority of people who file for ERISA benefits should consult an ERISA lawyer before filing anything.
There are over 32 million disabled Americans over the age of 65 living in the United States. Many Americans are entitled to benefits as stipulated by Social Security laws, and it pays to get in touch with a lawyer to see if you are eligible to file for disability benefits. At the end of the day, it can be a very smart thing to do.
An ERISA lawyer can answer a variety of questions, such as “what is ERISA law” or “am I getting the right benefits I deserve from my employer now that I’m retired?” Talking to an ERISA lawyer might just be the smartest things you do this year. Continue your research here.